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What Expenses Will Life Insurance Cover?

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Life insurance is an important financial tool that provides protection and financial security for your loved ones in the event of your passing. It offers a safety net that can help cover various expenses and obligations during the challenging time that follows the death of a loved one. The Sirover Agency LLC in Wayne, PA is here to help. 

Understanding which expenses life insurance can cover is essential for making informed decisions about your coverage.

  1. Funeral and Burial Costs: One of the immediate expenses that life insurance can cover is funeral and burial costs. These expenses can include funeral services, casket or urn expenses, burial plot costs, cremation fees, and memorial services.
  2. Outstanding Debts: Life insurance can also help settle any outstanding debts or liabilities you leave behind, such as mortgages, car loans, credit card debts, and personal loans. This prevents your loved ones from being burdened with these expenses.
  3. Daily Living Expenses: Life insurance can provide a source of income replacement for your family if you are the primary breadwinner. It can help cover everyday living expenses such as mortgage or rent payments, utilities, and groceries.
  4. Education Costs: If you have children or dependents pursuing education, life insurance can be used to fund their educational expenses, including school tuition, books, and other related costs.
  5. Estate Taxes: In some cases, your estate might be subject to taxes upon your passing. Life insurance can be used to cover these estate taxes, ensuring that your beneficiaries receive the intended amount of inheritance.
  6. Medical Bills and Final Medical Expenses: If you have medical bills or any medical expenses related to your final illness, life insurance can help cover these costs, alleviating any financial burden on your family.
  7. Charitable Donations: If you regularly make charitable donations or have specific philanthropic commitments, life insurance can be used to ensure that these contributions continue even after you’re gone.

In most cases, you can use life insurance funds to cover any expense, but it’s important to note that the specific expenses covered by your life insurance policy depend on the type of policy.

To secure your life insurance policy today, visit The Sirover Agency LLC in Wayne, PA today.

How Umbrella Coverage Works to Protect You from Lawsuits

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If you’ve ever been threatened with a lawsuit due to an accident on your Wayne, PA property, you understand the importance of umbrella insurance coverage. Umbrella insurance offers extra liability protection against injuries or property damage to others in the home or in auto accidents that are your fault. It also protects you from lawsuits that may arise from these accidents by covering legal and settlement costs.

You can obtain umbrella insurance coverage at The Sirover Agency LLC.   

How Umbrella Insurance Works  

If you’re responsible for an auto or home accident that causes injury or property damage to others, you’re expected to pay for their medical or property damage costs. These expenses are generally covered by your home or auto liability insurance. If these costs extend beyond the limits of your liability coverage, umbrella insurance will help pay the remaining costs. This saves you from having to pay these expenses out of your own pocket. If you’re sued for damages, umbrella insurance helps cover your legal expenses and the cost of the settlement to save you from financial loss.

Umbrella coverage starts when the limits of your home or auto insurance have been exhausted. Let’s say, for example, that you’re sued for an auto accident that causes serious injury to another driver and the settlement is $500,000. Your auto liability coverage will cover your legal expenses and judgment up to the limits of your policy. If your auto liability limits are $200,000, umbrella insurance will pay the remaining $300,000 minus your deductible.  

In addition to injury and property damage cases, umbrella insurance can protect you from lawsuits related to slander, defamation of character, libel, and invasion of privacy.

Contact Us for Umbrella Insurance Coverage

Interested in purchasing umbrella coverage? Contact The Sirover Agency LLC in Wayne, PA today.

Three special features your auto insurance policy should include

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Special auto insurance features can really come in handy if you get into an accident. Motorists in Wayne, PA can enjoy auto insurance with a variety of special coverage features. Let us meet your auto insurance needs at The Sirover Agency LLC. 

The following are three special features your auto insurance policy should include:

Roadside assistance

With roadside assistance, a tow truck will come to your vehicle if you get in an accident out on the road. You can get your vehicle towed to the nearest repair shop thanks to this special auto insurance policy feature. 

Rental vehicle coverage

Motorists who get in a bad accident might need to leave their vehicle with a mechanic for an extended period of time so repairs can be performed. With rental vehicle coverage, your insurance provider will pay for you to rent a vehicle in the meantime so that you have transportation. 

Gap insurance

Gap insurance is a type of auto insurance coverage that is beneficial for motorists who are still paying off their car loans. If you owe money on your car and it gets totaled, you might end up having to continue making payments on a car that you can’t drive anymore. This happens when the market value of a vehicle is below the owner’s car loan balance.

Gap insurance will compensate you for the difference between the value of your vehicle and the amount you owe on your vehicle so that you can completely pay off your auto loan after a total loss. 

Looking for Auto Insurance?

If you’d like to learn more about special auto insurance features, call us today at The Sirover Agency LLC. We’ll be happy to answer all your questions about insurance options in Wayne, PA. Call us or visit our website to learn more about our company!

Does Home Insurance Cover Stolen Items?

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At The Sirover Agency LLC, we are here for the good times in your home and the hard times, including when your valuable belongings have been stolen. If your Wayne PA home has recently experienced a break-in, burglary, or other theft, the last thing you might want to think about is your home insurance policy.

Still, during this time, having some coverage to help you replace the items can help you move forward from this difficult life event. While it can be scary and unsettling to go through any kind of theft in your own home, our home insurance policies might be able to help make them feel a little less overwhelming.

Does home insurance cover stolen items?

While every policy is different, most home insurance policies do cover some stolen items. Depending on the specific terms of your home insurance policy, you may be able to cover expensive items that have been stolen, such as high-value collectibles or pricey electronics.

If the burglary or theft did not occur at home, then your home insurance policy may not be able to cover replacing the stolen items. Your home insurance policy provider may also place limits on the types of items that they cover or the amount that they will put toward replacing stolen items.

Before committing to an insurance policy, it is important to go over all of the terms of the policy, including terms and limits around replacing stolen items. If you know that you have an item that is highly valuable and therefore desirable to thieves, it could be helpful to discuss what might happen if it were stolen under your home insurance. 

Give Us A Call

For more information on home insurance policies at The Sirover Agency LLC in Wayne, PA, call our office today!

Life Insurance Statistics for 2023

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At The Sirover Agency LLC, serving the greater Wayne, PA community, we understand that life insurance can seem complicated. However, it doesn’t have to be. Let’s take a look at the life insurance statistics for 2023. 

Who Has Life Insurance 

75% of Americans have some life insurance. Women are more likely than men not to have life insurance, with 22% of women and 11% of men without life insurance. 

Factors that Affect Premiums 

Many people are unaware that factors unrelated to health can affect their premiums. Only 35% were aware that their driving record can impact their premiums. 29% were aware that their credit history could be considered. 23% knew that bankruptcy can affect their premiums. 

Why People Get Life Insurance 

Most Americans see life insurance as a way to protect their family from outstanding debts. 64% of white Americans, compared to 37% of African Americans, agreed with this view.  

22% of African Americans and 8% of whites saw life insurance as a way to pass on generational wealth. 

Financial Security 

Less than half of those without life insurance feel financially secure, compared to 68% of those with life insurance. The number increases even more when considering those with a personal and employer life insurance policy, 78% of these individuals feel financially secure. 

The number of people who fear they don’t have enough life insurance has increased by more than two times since 2010. 

44% of households would have serious financial difficulties within six months if they lost their primary income. 28% would be in dire financial straits within one month. 

Get This Important Coverage Today

If you need life insurance in the greater Wayne, PA region, or you are wondering if you have the right coverage, contact us at The Sirover Agency LLC. Our friendly agents will work with you to make sure that you get the best policy for your needs. 

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.