Is Umbrella Insurance A Viable Risk Reduction for You?

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Umbrella Insurance is all about reducing your company’s risk in the event of specific events to add increased protection for your business. The Sirover Agency LLC serves the Wayne, PA regional area with quality insurance services. We want to help you to have the individualized coverage that you need for peace of mind in good times and protection in those rainy times. 

Is Umbrella Insurance Worth It?

Yes, umbrella insurance is worth it when it comes to providing further protection for your company and reducing or even negating specific risks. 

To understand why umbrella insurance is valuable think of your current commercial insurance policy. It likely covers your basic insurance needs and protects you and any employees in case of an emergency. Often though when it comes down to numbers, it is difficult to fully protect every possible situation within a unique business without a more individualized umbrella policy.

An umbrella policy may increase the amount of coverage for a situation where the initial numbers simply do not suit the needs of your company. An umbrella policy is useful outside commercial policies as well. For example, if you have a collection of something that has more value than your basic home insurance policy covers, then an umbrella policy may be a good idea for fuller protection. 

We Are Here To Help!

Contact us at The Sirover Agency LLC if you own your own business or have a unique vehicle or home situation that may require an additional umbrella in or around Wayne, PA. We will be happy to answer any questions you have about your unique policy needs. 

How to Minimize the Chances of an Accident When Driving on Wet Roads

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At The Sirover Agency LLC, providing residents in the greater Wayne, PA region with insurance products, we have seen many accidents happen because of the rain. Roads get slick, and people are more likely to be involved in an accident. As such, we want to share a few tips with you on ways you can minimize the chances of being in an accident when roads are slick.

Here are three of those tips:

Slow Down and Avoid Following Too Closely

One of the best ways to minimize the chances of an accident when driving on wet roads is to slow down and avoid following other vehicles too closely. Speed and wet roads do not mix, nor do wet roads and following another vehicle too closely. Always slow down in the rain and give yourself more space than you normally would when you are behind other vehicles. 

Properly Maintain Your Tires

Another tip to help minimize the chances of an accident when you are driving on wet roads is to properly maintain your tires. If your tires are not properly inflated or do not have enough tread, you greatly decrease your tires’ ability to grip the road, which can lead to sliding on wet roads. 

Avoid Slamming on Your Brakes

Lastly, try to avoid slamming on your brakes when roads are wet, slick or icy. Try to remove your foot from the gas and allow your car to naturally slow as much as possible to help reduce the chances of your car sliding or fishtailing on wet or icy roads. 

Get Auto Insurance

While you can minimize your chances of being in an accident, you cannot prevent every accident. This is why having enough auto insurance to cover you, your car and any damage you cause to another vehicle or person, is important. At The Sirover Agency LLC, providing auto insurance in the Wayne, PA region, we can help you get the best insurance policy for your needs. Call us now to learn more. 

Why Mortgage Lenders Often Require Home Insurance

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Owning a home is a dream come true for many. Yet owning a home also means taking on many responsibilities. Many homeowners will have to take out a mortgage from a lender, such as a bank or credit union. Typically, lenders will require that the home also be insured. Contact The Sirover Agency LLC, serving Wayne, PA and other communities, to explore home insurance options.

Here’s Why Lenders Require Home Insurance

Mortgages are typically among the more affordable loans that a person can take out. That’s due, in part, to the fact that the loan is “secured.” A secured loan is backed by collateral, meaning if the borrower stops making payments, the lender can take possession of the home.

This reduces risks for lenders. If a bank extends a mortgage loan, they know that they’ll likely be able to take control of the home. The bank will then be able to sell the home and pocket the money. The amount received could cover the balance of the loan, if not more.

Secured loans are generally less risky for lenders than unsecured loans. However, this security is heavily dependent on the value of the collateral. If an uninsured home burns down or is destroyed by a natural disaster, among other things, the property will frequently lose much of its value.

If the loan is insured, however, damages are often covered by the insurer. This protects not just the homeowner but also the bank (and their collateral). 

Further, if a property is destroyed and there’s no way for the homeowner to recoup their losses, they might stop making payments on the property. After all, who wants to continue making mortgage payments for a home that is no longer inhabitable, and that is now suddenly worth a lot less?

Ultimately, insurance protects lenders and their investments. As such, many banks require that homes be insured.

Contact Us Today

Get in touch with The Sirover Agency LLC to discuss your insurance options. We gladly serve Wayne, PA and surrounding communities.

When should you update your life insurance?

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Life insurance is something you do for your dependents. Making sure that you have the right amount of coverage throughout your life means that you will probably have to update your coverage several times. At The Sirover Agency LLC in  Wayne, PA we will work with you to make sure that you get updates at the right time and for the right amount. 

When should you update your life insurance?

When you change employment

Many types of employment provide some type of life insurance as a benefit of the job. They decide how much you can get. It is always in your best interest to hold the keys to your life insurance within your own control. It is good to have employment life insurance, but it is better to have your own. 

When you get married

When you add a spouse to your life, you now have a dependent. Your spouse may be self-supporting, but chances are you have a mortgage and if owning a home requires two incomes, you need to make sure that you provide your income even when you are not there. 

When you start a family

Children are a long-term investment in the future and making sure that they are cared for if something was to happen to you. It is important that they can stay in the home that they know and the place they know. You may also want to make sure that their college is taken care of. 

When you retire

Once children are grown and have flown the nest, you need to reassess the amount of life insurance that is required to protect your spouse, pay off any debt you may have, and your final expenses. 

Get The Right Coverage For Your Needs Today

When things in your life change, don’t hesitate to call The Sirover Agency LLC in Wayne, PA to make sure your life insurance is up to date. 

What umbrella insurance covers

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Most people know that they need insurance to protect themselves and their families in case of an unexpected event, such as an accident or a death. But many people don’t realize that there are different types of insurance policies available, each one designed to protect you in a different way. One such policy is called umbrella insurance. The Sirover Agency LLC in Wayne, PA can assist you with obtaining this policy. 

What is umbrella insurance and what does it cover?

Umbrella insurance is a type of coverage that goes beyond the limits of your regular homeowners or automobile policy. It provides additional protection in the event that you are sued for more money than your other policies cover. For example, if you are involved in a car accident and the other driver sues you for $1 million, and your automobile policy only has a limit of $500,000, your umbrella policy would kick in and provide the additional coverage needed.

Are there any exclusions to umbrella insurance policies?

Yes, there are a few exclusions to umbrella insurance policies. Generally, umbrella policies do not cover intentional acts, such as arson or assault. They also do not cover losses that occur outside of the United States.

What are the benefits of having an umbrella policy?

The benefits of having an umbrella policy are that it can provide you with much-needed coverage in the event that you are sued for more money than your other policies cover. It can also help to protect your assets, such as your home and your car, in the event that you are found liable for a serious accident.

Contact Us Today

If you are interested in learning more about umbrella insurance and what it can cover for you, please contact The Sirover Agency LLC, proudly serving the Wayne, PA area, today. We would be happy to answer any of your questions and help you find the right policy for your needs.

Auto insurance features you should consider

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The Sirover Agency LLC is proud to serve our friends and neighbors in the greater Wayne, PA area. If you have questions about auto insurance, we are here to help! Give us a call, or stop by our office to find out more about the auto policy options available in our area. 

Consider these great features when renewing your auto insurance

Auto insurance can provide policyholders with a lot more than just accident coverage. If it’s time for you to renew your policy, it makes sense to consider upgrading to add the following features:

  • Roadside assistance – when you have this feature, a car breakdown can be a less stressful experience for you. You’ll know that the tow truck sent to pick up your car and the repair shop that they take it to are both a part of your insurance carrier’s approved network. This can help you avoid a complicated claims process. 
  • Declining premiums – safe drivers love this feature! Choosing a policy that reduces your premiums after periods of claim-free driving is a great way to reward yourself for safe and sound driving!
  • Car rental coverage – if you rely on your vehicle for transportation to and from work, you’ll need to rent a car if yours is in the shop due to a covered event. This feature can make the stress of being in an accident a little less overwhelming. Depending on the policy, all of your car rental expenses could be fully reimbursed. 

Call or stop by today!

Wayne, PA area residents can rely on the folks at The Sirover Agency LLC for all of their insurance needs. If it’s time to renew or upgrade your auto policy, let us help. Contact our office today to find out more.

Breed Restrictions: What breeds won’t home insurance cover?

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At the Sirover Agency LLC in Wayne, PA, we’ve noticed people sometimes don’t realize that their home insurance policy may not cover certain breeds of dogs. The main reason an insurance company might reject an aggressive dog breed is that it is a liability. If the dog harms someone or damages someone’s property, the insurance company could be sued. There are a few breed restrictions when it comes to home insurance that homeowners need to be aware of. 

Here are some breeds that are restricted and why:

Individual Dogs with a History

Homeowner’s insurance policies are almost always rejected if your dog has a history of biting someone. In some cases, though, you may be able to get a waiver that says it is okay for your dog to be on the policy. The same goes for damages. If your dog has destroyed something in your home, it will likely not be allowed coverage under the policy.

Breeds with Aggressive Reputations

There are a few reasons why home insurance companies may restrict certain breeds of dogs. The most common reason is liability. Certain dog breeds have been known to be more aggressive than others, which can result in property damage or personal injury. Home insurance companies handle a lot of liability claims related to dog bites, so they tend to be very cautious when it comes to insuring homes with certain breeds of dogs.

Here are a few of the most common dog breeds that are restricted by home insurance companies in Pennsylvania:

  • Pit Bulls
  • Rottweilers
  • German Shepherds
  • Doberman Pinschers
  • Chows Chows
  • Akitas
  • Wolf Hybrids

Breeds Targeted by Thieves

Another reason why some home insurance companies may restrict certain breeds is because of the increased risk of theft. Some dog breeds are more valuable than others, and therefore are more likely to be targeted by thieves. Home insurance companies take this into consideration when determining which breeds to insure. Here are some breeds most likely to be stolen:

  • French Bulldog
  • Bulldog
  • Chihuahua
  • German Shepherd
  • Maltese
  • Shih Tzu
  • Yorkshire Terrier

If you’re a Wayne, PA homeowner with one of the above dog breeds, you may want to check with the Sirover Agency LLC to see if you’re covered. Most home insurance policies have some sort of restriction regarding dog breeds, so it’s always best to check beforehand. 

How much life insurance is enough?

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Life insurance is different from most other kinds of insurance. It isn’t about protecting you, it is about protecting your loved ones. It is no easy task to determine the amount of life insurance that will make you feel comfortable, but it can be done. At The Sirover Agency LLC in Wayne, PA, we take our roles as independent insurance agents seriously. We are in a position to offer more insurance products from a variety of carriers. 

How much life insurance is enough?

Your stage of life

Part of determining how much life insurance is enough is to take your stage of life into consideration. When you are young and have no dependents, you probably need very little life insurance. As you age and buy a house, get married, and have children, your insurance needs grow exponentially. After the children leave home and you retire, your life insurance needs also decrease. 

Your income

It seems self-evident that the amount of income you make and your family uses will have an effect on the amount of life insurance you will need to replace that income. 

Your lifestyle

Everyone has different needs and what you consider a normal amount of expenditure may seem excessive or lacking to someone else. You need to take a good look at your budget. 

Your dependents

The number and age of your dependents is a major factor in how much life insurance is enough. If you have young children, you may need to provide for them for many years. If you have more than one child, that also adds to your needs. If your spouse is a stay-at-home spouse, that also needs to be considered. 

Give Us A Call

Taking all of these things into consideration, you should be able to come up with a figure. Contact The Sirover Agency LLC in Wayne, PA in person or on the phone to discuss your life insurance and how much is enough for you. 

How Much Umbrella Insurance Do I Need?

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How much umbrella insurance do you need? This is a question that a lot of people are asking these days. The answer, of course, depends on several factors. Umbrella insurance can provide peace of mind in case something happens and you are sued. We’ll discuss some key things to consider when determining how much umbrella insurance you need. . 

Umbrella Insurance: How Much Do You Need?

You Have Assets to Protect

You have a lot to lose if you’re ever sued. If you don’t have umbrella insurance and are found liable for an accident, the court could order you to pay damages exceeding your auto or homeowners insurance policy limits. The Sirover Agency LLC in Wayne, PA can help you choose the right amount of umbrella insurance to protect your assets.

You Have a High-Risk Job Or Hobby

If you have a job or hobby that puts you at greater risk of being sued, you may need umbrella insurance. For example, if you’re a doctor or lawyer, you may be more likely to be sued for professional malpractice. If you’re an investment banker or stockbroker, you may be more likely to be sued for financial losses that your clients suffer. If you’re a celebrity or public figure, you may be more likely to be sued for libel or slander.

You Have a Lot of Visitors to Your Home

If you entertain guests frequently at your home, you may want to consider umbrella insurance. If a guest is injured on your property, you could be held liable. Umbrella insurance can help protect you from having to pay damages out of your own pocket.

You Live in a High-Risk Area

If you live in an area that’s prone to natural disasters, such as hurricanes or earthquakes, you may need umbrella insurance to protect your home and belongings from damage. Umbrella insurance can also help if you’re sued for damages caused by a natural disaster.

Give Us A Call

The amount of umbrella insurance you need depends on your individual circumstances. The Sirover Agency LLC in Wayne, PA can help you determine the right amount of coverage for your needs. Give us a call today to learn more.

The Basics of Auto Insurance Coverage

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No one likes to think about car accidents. But the truth is, they can happen to anyone at any time. That’s why it’s so important to have auto insurance. Auto insurance can help cover the costs of repairs or medical bills in an accident. But with so many different types of coverage available, it can be difficult to know what you need.

The Sirover Agency LLC in Wayne, PA  provides this guide on the basics of auto insurance coverage and help you understand what you need to protect yourself and your vehicle.

Types of Auto Insurance

There are many different types of auto insurance coverage available. The most common type of coverage is liability insurance. This type of insurance will help cover the costs of damages you may cause to another person or vehicle in an accident. It is important to note that liability insurance does not cover the costs of repairs to your own vehicle. Other types of auto insurance coverage include collision insurance and comprehensive.

Deductibles

Another important aspect of auto insurance coverage is the deductible. A deductible can be defined as the amount of money that you are responsible for paying in the event of an accident or other covered event. Your insurance company will typically determine the amount of your deductible, but you may have some control over it. For example, you may be able to choose a higher deductible in exchange for a lower premium.

Coverage Limits

Another important thing to remember when it comes to auto insurance coverage is the coverage limit. This is the maximum amount of money your insurance company will pay out in an accident or other covered event. It is important to ensure that your coverage limit is high enough to cover the cost of any damage that may occur.

Contact Us Today

Auto insurance is an important way to protect yourself and your vehicle. There are many different types of coverage available, and it is important to understand what you need. The Sirover Agency LLC in Wayne, PA can help you find the right auto insurance policy for your needs. Contact us today to learn more.