Name: L M Insurance & Financial Services, LLC
Address: The Bronx, NY
Telephone: 347-263-9403

Should I Carry Collision on an Older Car?

Posted on May 30, 2025May 27, 2025 by admin

As your vehicle ages, it’s essential to reassess whether maintaining collision coverage is worthwhile. Collision insurance covers repair or replacement costs if your car is damaged in an accident. However, as your vehicle depreciates, the premiums can sometimes equal the car’s actual value. This makes the coverage less appealing. The decision to keep or drop collision coverage depends on individual factors that you and your insurance agent at L M Insurance & Financial Services LLC in Bronx, NY, should consider.

Deciphering Coverage Cost

The cost of collision insurance for an older car may remain relatively constant, especially in areas with high traffic, high accident rates, or elevated repair costs, such as New York. These factors influence the decision to retain collision coverage.

Appraising Repair and Replacement Value

As vehicles rack up mileage, their market value decreases. If the cost to repair damage, plus the deductible, approaches or exceeds the car’s trade-in or resale value, the car might be considered a total loss.

Evaluating Financial Risk

Aside from the statistical probabilities of accidents, drivers must also consider their financial resilience. A collision can result in unexpected expenses, including towing, rental vehicles, and bodywork. If funds are limited, maintaining collision coverage can prevent sudden financial stress. Conversely, those with emergency savings may choose to self-insure minor incidents.

In many cases, collision coverage for older vehicles represents an expense that may outweigh its benefits, particularly when repair costs exceed the vehicle’s value. However, individual circumstances, such as budget constraints, risk tolerance, and local driving conditions, play a significant role in determining the choice. By comparing insurance costs against potential out-of-pocket repair expenses, drivers can make an informed decision that balances protection with affordability. This ensures their choice aligns with both financial goals and a sense of security. Reach out to L M Insurance & Financial Services LLC in Bronx, NY, to learn more.

How to Choose the Right Life Insurance Policy

Posted on April 30, 2025April 22, 2025 by admin

Life insurance provides a safety net for your family in Bronx, NY, but deciding what type of policy to get can be confusing, especially for first-time buyers. Life insurance policies fall into two major categories: term and cash value. However, within this latter category are several subtypes that you may want to consider. L M Insurance & Financial Services LLC can guide you on which policy best fits your needs.

Can I Afford the Premiums?

When evaluating life insurance policies, you must ask yourself if you can afford the monthly premiums. The higher the payout, the larger the premiums. Term life insurance is the least expensive policy type, but it has no cash value if you outlive the policy term. You specify the length of time you want the policy to be in effect, typically one, five, 10, 15, 20, 25, or 30 years. Some policies allow you to renew them at the end of the term.

What are Cash Value Policies?

Cash value policies, also known as permanent life insurance, are a valuable investment in your future. The premiums you pay allow the value of your benefits to grow over time, while also offering lifelong coverage. The main types of cash value policies are:

Whole life
Universal life
Variable universal life
Indexed universal life
Final expense life

The differences between these policies vary in their flexibility, investment options, cash value growth, and premiums. Whole life offers a guaranteed growth rate at a fixed premium, while universal life policies generally have investment options and variable rates.

Determining your financial goals and affordability can help determine the right policy for your needs. Learn which policy type may be right for you by contacting L M Insurance & Financial Services LLC, serving Bronx, NY.

Commercial Insurance: A Great Selling Point for Your Company

Posted on March 28, 2025March 25, 2025 by admin

If you’re a business owner, you likely already understand the sense of security and protection that commercial insurance provides. Regardless of whether you’re a small business, a larger company, a startup, or celebrating another decade of business, commercial insurance solutions are a crucial aspect of supporting your company. That’s why so many business owners from the Bronx, NY area rely on the professional and proven team at L M Insurance & Financial Services LLC for all their commercial insurance needs.

Commercial Insurance: A Valuable Asset for Your Company

What some business owners may not realize or fully leverage is the value commercial insurance can add to their business. When consumers see that a company is insured, it adds a layer of comfort and promotes trust. When affiliates know your business is insured, it strengthens relationships and fosters more comfortable partnerships.

Indeed, commercial insurance is a safety net for many companies, but it can also provide so much more. That’s why it’s a good idea to work with experienced and professional agents who can help you protect your business and maximize the benefits of your commercial insurance.

Commercial Insurance Solutions for Business Owners in the Bronx, NY

If you own a business in or around the Bronx and have questions or would like to learn more about commercial insurance solutions for your business, we can help. Contact us to schedule an appointment today at L M Insurance & Financial Services LLC and get the benefits and protection that commercial insurance offers and that your company deserves.

How does remodeling affect my home insurance?

Posted on February 28, 2025February 23, 2025 by admin

Completing a remodeling project often comes after a period of planning and saving and results in a home you have made your own. However, remodeling increases your risks, so every remodeler should handle it by speaking with their insurance agent. If you live in or near The Bronx, NY, let L M Insurance & Financial Services LLC help you obtain insurance coverage that protects your family and home.

Update Your Insurance Before Remodeling

Home insurance policies typically offer basic protection for homes during the remodeling process. However, the likelihood of accidents in your home increases during remodeling, so it is important to supplement your policy before starting any work. Some home insurance policies require that you notify the agent before starting; failing to do so can impact your coverage. The start of the remodeling process is also a time to consider adding an umbrella insurance policy to provide extra protection against certain hazards and injury risks.

After completing the project, your home may have increased square footage, the latest appliances, and fixtures, or other improvements that enhance your home’s value, so you should update your policy to reflect those changes.

In addition, specific home additions, such as pools and hot tubs, bring additional risks that must be identified on your policy. Conversely, updating the plumbing, HVAC, and electrical systems can reduce your risks and premiums.

Regardless of the changes, talk with your agent so your home has the right coverage before, during, and after remodeling.

Working with L M Insurance & Financial Services LLC

Homes are often our most significant investments and should be protected. Let our L M Insurance & Financial Services LLC team, serving the Bronx, NY, area, assist with your insurance needs. Call (347) 263-9403 to discuss your options.

Involved in an Accident? Do You Have to Use the Auto Body Shop Recommended By Your Insurance Company?

Posted on January 27, 2025January 24, 2025 by admin

Being involved in a car accident can be stressful, and dealing with repairs often adds to the complexity. Many insurance companies recommend specific auto body shops for repairs, but are you obligated to use the one they suggest? At L M Insurance & Financial Services LLC in Bronx, NY, we want to ensure you understand your rights regarding auto body repairs.

Do You Have to Use the Recommended Shop?

The simple answer is no—you are not obligated to use the auto body shop recommended by your insurance company. While insurers often have a network of preferred shops, you have the right to choose where your vehicle is repaired. However, there are factors to consider before making that decision.

Why Do Insurance Companies Recommend Certain Shops?

Insurance companies often form partnerships with specific repair shops, allowing them to negotiate lower rates and streamline the claims process. These shops, known as Direct Repair Programs (DRPs), are typically vetted by the insurer for quality and reliability. Opting for one of these shops can expedite the process, as they often work directly with your insurer to complete the repairs.

What If You Choose a Different Shop?

If you decide to use a shop outside your insurer’s network, you can still get your car repaired, but you might face a few additional steps. Also, the insurer might not guarantee the workmanship if the shop isn’t part of their network.

At L M Insurance & Financial Services LLC in Bronx, NY, we’re here to answer your auto insurance questions and ensure you’re fully informed. Contact us today to learn more about your coverage and repair options!

How Life Insurance Helps Protect Families with Special Needs or Dependents

Posted on December 23, 2024December 21, 2024 by admin

Caring for a loved one with special needs or dependents comes with unique challenges and responsibilities. As a parent or guardian, you’ve likely already thought about how to ensure their future is secure, especially in the event you’re no longer around to provide care. At L M Insurance & Financial Services LLC in Bronx, NY, we understand the importance of creating a safety net for your family, and life insurance can play a critical role in that process.

Ensuring Financial Stability for the Future

Raising and supporting someone with special needs often involves ongoing expenses, from medical care and therapies to specialized education and housing. These costs can add up quickly. Life insurance helps provide a financial cushion that can cover these expenses, ensuring your loved one has the resources they need even after you’re gone. The right policy can help cover immediate needs, such as funeral costs, while also offering long-term financial protection for your dependent’s care and well-being.

Planning for Special Needs Trusts

Life insurance is also valuable for families looking to fund a special needs trust. These trusts are specifically designed to provide financial support while protecting your dependent’s eligibility for government benefits like Medicaid or Supplemental Security Income (SSI). Using a life insurance policy to fund the trust, you can ensure your loved one continues receiving the care and support they need without jeopardizing their access to critical programs.

Don’t leave your family’s future to chance. Contact L M Insurance & Financial Services LLC in Bronx, NY, today to learn how life insurance can help protect your loved ones and provide peace of mind for years to come. Your family deserves nothing less.

Your Small Business Insurance Checklist

Posted on November 25, 2024November 22, 2024 by admin

Preparing an insurance checklist will help you determine whether you currently have enough insurance coverage. A checklist can also assist first-time business owners with deciding how much coverage to attain.

The Reasons Behind Using A Checklist

Using a checklist will help you stay focused when you inspect your place of business. As you refer to the checklist, you will be reminded of the areas that you should focus on.

As long as you address all the key items listed on the checklist, you won’t overlook anything important that could affect the amount of commercial insurance coverage that is needed to protect your place of business.

Your Custom Checklist

Consider the assets within your business that you want to add to your insurance policy. Think about the risks that could affect how you operate your business.

Natural disasters, acts of vandalism, or theft could threaten your business operations. Add each situation that you are concerned about to your insurance checklist.

A Scheduled Inspection

Schedule an insurance inspection. This inspection could be overseen by a licensed insurance inspector or conducted informally.

During the inspection, note your discoveries. For example, if you observe inadequate drainage, write this down.

Once your inspection is over, focus on the areas of concern. The results can help you choose specific types of commercial coverage to protect your business.

Contact An Agent Who Serves Bronx, NY

After you have assessed your insurance checklist, you may be ready to compare insurance products. Contact one of our agents at L M Insurance & Financial Services LLC. An agent will set up a time to speak to you one-on-one about business insurance products.

Do You Need to Replace Your Floors? Comparing Hardwood vs. Vinyl Flooring

Posted on October 28, 2024October 23, 2024 by admin

Replacing your floors is one of the most significant renovation projects you’ll undertake as a homeowner. For many, the decision comes down to hardwood flooring versus vinyl flooring. If you’re struggling with this decision, keep reading to understand the differences between the two and determine which is the right option for your home.

Comparing Durability

When it comes to durability, hardwood is the more durable option, capable of lasting for many decades, while vinyl flooring will need to be replaced more frequently. However, this doesn’t mean that vinyl flooring isn’t durable. You will get many years out of it before it needs to be replaced.

Maintenance Demands

Vinyl flooring requires no additional maintenance beyond your normal sweeping and mopping chores. It will remain resistant to water and spills until the color starts to fade or the vinyl buckles and needs to be replaced. On the other hand, hardwood floors do require periodic refinishing maintenance to address any scratches and wear that have occurred over time. You’ll also need to ensure you’re using a cleaner designed for hardwood when mopping the floor.

What’s the Cost?

Hardwood floors will cost more than vinyl flooring. This isn’t just for the material but also for the cost of labor and installation. They do not install as easily as vinyl flooring planks. Vinyl flooring is more affordable due to the material and the ease of installation. In many cases, vinyl flooring can be installed by the homeowner without the need for a professional.

If you’re in the market for home insurance in the Bronx, NY area and surrounding communities, let us get you a personal quote today. Contact us at L M Insurance & Financial Services LLC today for more information.

Can You Include Car Modifications As Part of Your Insurance Policy?

Posted on September 30, 2024September 27, 2024 by admin

Car enthusiasts often personalize their vehicles with modifications, but how do these changes influence your insurance? At L M Insurance & Financial Services LLC, serving the Bronx, NY area, we aim to help you understand insuring your customized ride.

Understanding Car Modifications

Car modifications can range from aesthetic enhancements like custom paint jobs to performance upgrades like turbocharges. While these changes can make your car unique, they also impact your insurance policy. Make sure you inform your insurer about modifications to ensure you’re suitably covered.

Insurance Coverage for Modifications

When you add features to your vehicle, your insurance premiums might increase. This is because modifications can raise the vehicle’s value or alter its safety profile. However, many insurance companies offer special coverage tailored for modified cars. Discuss these options with your insurance provider to ensure the added features are covered.

Importance of Documentation

Maintaining detailed records of all modifications, including receipts and installation details, is beneficial. This documentation assists in accurately assessing the car’s value and ensuring all enhancements are included in your policy. It also aids in the claims process if needed.

Communicate with Your Insurance Provider

It is vital to keep open lines of communication with your insurance company. Make sure they know about current or future planned modifications. This helps avoid potential issues with claims and ensures your policy remains valid.

At L M Insurance & Financial Services LLC, serving the greater Bronx, NY region, we’re here to help you navigate the complexities of insuring a modified vehicle. Contact us today to explore your options and ensure your car is fully protected.

Common Lifestyle Changes That Impact Life Insurance

Posted on August 30, 2024August 27, 2024 by admin

Life insurance is a beautiful way to protect your loved ones in the event of your untimely death. An insurance policy can help pay for a funeral, ensuring your loved ones can grieve instead of worrying about funeral costs. It can cover debt and ensure family members don’t have to worry about the electric bill. However, several things may impact your insurance, including your lifestyle.

Dangerous Habits

Several habits can impact your health, life, and insurance premiums. Aggressive driving often leads to a poor driving record. Abusing illegal substances or picking up smoking cigarettes can also impact insurance. Once you start smoking cigarettes, you must remain a non-smoker for an extended period before you can be re-classified as a non-smoker. Ask L M Insurance & Financial Services LLC agents how your habits impact your premiums.

Your Health Matters

While some health conditions are beyond your control, it’s important to note that some can affect your life insurance. Unhealthy eating may lead to obesity, which can increase your premiums. The onset of various health conditions, including diabetes, heart disease, and cancer, may impact your insurance. Instead, opt for a healthy lifestyle in Bronx, NY.

Dangerous Hobbies

Rock climbing, scuba diving, and sky diving can impact your life insurance. However, it does depend on the company you have. Some companies view these as high-risk hobbies and may increase premiums. Others decide this on a person-to-person basis.

Contact L M Insurance & Financial Services LLC

We understand you want to enjoy the lowest premiums possible while ensuring enough coverage to protect your loved ones. L M Insurance & Financial Services LLC currently serves the Bronx, NY, area. Our experienced agents can help you learn more about factors that impact life insurance. Contact us for more information about coverage options today.

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