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

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?

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

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. 

Prepare For the unexpected: Commercial Insurance Products That Can Help

Running a business is both exciting and challenging, but unexpected events can quickly disrupt your plans. At L M Insurance & Financial Services LLC, we proudly provide various insurance products, including commercial insurance, to the greater Bronx, NY area. We understand the significance of protecting your business. Here’s a review of crucial commercial insurance products offering peace of mind and financial security.

General Liability Insurance

General liability insurance is pivotal for any business. It deals with legal expenses and potential damages if your business is liable for causing injury or damaging property. Whether a customer has an accident on your premises or a product causes harm, this insurance can prevent financial upheaval.

Property Insurance

Your business’s physical assets are vital to its operations. Property insurance protects your infrastructure, equipment, and inventory from risks like theft, fire, and natural disasters. Without this coverage, replacing damaged items or repairing premises might be overwhelming.

Workers’ Compensation Insurance

Your employees significantly contribute to your business’s success. Workers’ compensation insurance benefits employees affected by work-related illnesses or injuries. It includes coverage for medical bills, rehabilitation costs, and lost wages. Furthermore, it helps protect your business from potential legal liabilities.

Business Interruption Insurance

Sometimes, the aftermath of an incident can inflict more damage than the event itself. Business interruption insurance compensates for income loss if a covered event disrupts your operations. This coverage helps you keep up with expenses like bills and payroll while you recover.

Secure your business from unexpected situations with comprehensive commercial insurance. Contact L M Insurance & Financial Services LLC, serving the greater Bronx, NY area. Learn more about how we can help secure your business’s future today.

Is Your Homeowner’s Liability Coverage Enough?

At L M Insurance &Financial Services LLC, we provide homeowners coverage in the Bronx, NY, and throughout the New York metropolitan area. Homeowner coverage always incorporates liability coverage.

Liability insurance covers you in case of a claim following an injury to a guest in your home due to something you did or failed to do.

In New York, a vast number of homeowner insurance policy claims are related to slips and falls. For instance, someone could claim they fell because you didn’t clear ice or snow from your steps or sidewalk. Injuries could also occur if a guest trips over a cord on the floor or when a spill is left unattended. A crumbling stoop or a rotting board could also lead to actionable injury.

Claims relating to bites and other injuries caused by pets are also common. This can occur on your premises or while you’re out walking your pets.

New York operates on the principles of comparative negligence. That means that even if your guest was 99% responsible for their injury, you can be held liable for 1% of their injuries.

Your homeowner policy will cover court-awarded damages for these kinds of claims up to policy limits. However, there are situations where you might need a higher limit than most homeowner policies provide. For instance, a lawyer will seek the highest award possible if you have substantial financial assets and the plaintiff has a severe injury.

You might want to consider umbrella coverage if:

  • You have a large stock and bond portfolio.
  • You’re cashing out a retirement plan.
  • You’re a high-income individual due to your profession or any other reason.

Your L M Insurance & Financial Services LLC agent can review your homeowner policy to ensure you’re covered for all potential hazards in the Bronx or anywhere else in New York. Contact us today to review your coverage!

How to Budget For Auto Insurance

Budgeting is tough, but you can make it work with careful thought and planning. Some expenses are more of a priority than others. For instance, car insurance is a top priority because you don’t have a choice. If you want to drive a vehicle, you must pay for insurance. Here at L M Insurance & Financial Services LLC, serving Bronx, NY, and the surrounding areas, we want to help you figure out creative ways to make insurance budgeting work.

Do Your Research

If you’re concerned about budgeting for auto insurance, you should do some research first. You’ll want to compare rates at different companies to see who will meet your needs in the most affordable way. If you haven’t purchased a vehicle yet, you’ll also want to research how much insurance will be for certain makes, models, and years of vehicles. 

Uncover Discounts

Most insurance companies provide discounts for certain things. Each company is different, so the best way to learn about insurance discounts is to meet with an insurance rep from a few different providers and see what’s available. You’ll then want to compare those discounts to see what will benefit you the most.

Prioritize

Since insurance is a non-negotiable expense, you’re required by law to carry it; you’ll need to prioritize this expense. You should evaluate all of your monthly payments, and if the budget is too tight, you’ll want to see what other expenses could be cut out to make room for your insurance.

If you’d like to learn more about auto insurance, don’t hesitate to contact us at L M Insurance & Financial Services LLC, serving Bronx, NY, and the surrounding areas.

The Differences Between Term and Whole Life Insurance Policies

When you are in need of life insurance, it’s best to know about the two main types so that you can make an informed decision about which type to choose. The two types, whole life, and term life are very different from each other. They each have their own advantages as well as disadvantages. If you want to know more about life insurance and get started with a policy, call us at L M Insurance & Financial Services LLC in Bronx, NY.

Term Life and Whole Life Time Periods

One of the biggest differences between these two types of policies is the amount of time that each type lasts. If you have a term life policy, it’s written with a certain term during which the policy will stay good. A term life policy is written for a specific number of years. It stays in force during those years. But at the end of that term, it will expire. However, when you have a whole life policy, it never expires. With a term life policy, you have to apply to get another policy after yours expires. If you don’t mind your policy expiring, you can get a term life policy. If you do, you might think about a whole life policy. 

Financial Differences

One of the reasons that so many people get a term life policy is that it’s less expensive. A whole life policy will still be in effect when you’re elderly, so these policies cost more. However, a whole life policy also creates a cash value. You’re able to borrow this amount if needed.

Get Life Insurance

Life insurance is important for your loved ones and their needs after you’re gone. Call us at L M Insurance & Financial Services LLC in Bronx, NY to get started.

The Diversity of Commercial Insurance

Ensuring your Bronx, NY business with commercial insurance is not optional but a necessary responsibility. However, with a broad range of commercial insurance types available, you may be wondering which one fits your needs best. At L M Insurance & Financial Services LLC, we offer over 20 types of key commercial insurance tailored to various businesses.

Insurance Policies for Small Businesses

In the U.S., nearly 98% of businesses fall under the ‘small businesses’ category designated by the U.S. Small Business Administration. These businesses, comprising the backbone of the American economy, are our focus! For starters, these businesses may consider the Business Owners’ Policy (BOP), an insurance bundle that offers four majorly needed policies for a reduced premium than separately purchased coverages. A BOP covers liability, perils, property damage, and business interruption. A qualifying business can add more coverage, such as spoilage coverage, glass insurance, or boiler and machinery insurance, to a BOP.

Other Coverage Options

Not all small businesses require a BOP. For instance, businesses that operate from home as independent contractors might not meet the BOP criteria but suggest acquiring a business liability policy if client meetings are regularly scheduled at home. Professions such as lawyers and doctors necessitate malpractice and umbrella insurance. Businesses that have operational vehicles undoubtedly require commercial auto coverage.

Workers Compensation Insurance

New York law mandates that all businesses with employees carry a workers’ compensation policy. Workers’ compensation coverage will be required if your businesses operate outside of New York but employ individuals operating in New York. This applies if one or more employees cumulatively spend at least 25 days there in the given year, regardless of the composition.

We at L M Insurance & Financial Services LLC in Bronx, NY, strive to ensure your business carries the appropriate insurance coverage, safeguarding your financial security. Call us today to schedule a consultation, and let us help you identify the types of commercial coverage your business needs to form a custom policy package.

Home Insurance for Your Home Office

The Partnership for New York interviewed thousands of employers to find out that about one in ten employees in the Bronx work entirely at home. Over 60,000 people in the Bronx work at home for outside employers. Add to that the thousands of caterers, web designers, salespeople, interior decorators, and other professionals who work from their home offices, and that’s a lot of home offices to ensure.

Here are the five home insurance issues L M Insurance & Financial Services LLC most frequently encounters while serving Bronx, NY.

  • Most homeowner and renter policies don’t cover everything in the home office. Technology, files, and commercial equipment are often excluded.
  • Homeowner policies don’t cover personal injuries incurred when a customer visits your home. General liability or business liability policies will.
  • Homeowner policies don’t cover data breaches. You can incur huge expenses when your computer is hacked. You can be liable for breaches of customer information, like addresses and credit card numbers. L M Insurance & Financial Services LLC can write cybersecurity insurance for the greater Bronx, NY, area.
  • Homeowner policies don’t cover loss of income. Business continuity insurance can help you stay afloat after a fire, a break-in, or a cyberattack.
  • Homeowner policies don’t cover employment practice claims. We can insure you against claims for unlawful employment practices. We can also write liability insurance to cover the actions of your employees when they are working for you.

Who needs home office insurance the most? 

Anyone who works at home needs, a minimum, coverage for computer equipment and hack attacks. Anyone with a home studio with expensive equipment needs additional property insurance, and anyone who deals with the public needs liability insurance.

Let L M Insurance & Financial Services LLC assess your business insurance needs. If you are in the Bronx, NY, or nearby, make your appointment with us today.

What Happens With Your Insurance After an Accident You Didn’t Cause?

L M Insurance & Financial Services LLC is the kind of insurance company that Bronx, NY residents need to handle challenging and emotionally upsetting claims. For example, if you’re in a car crash that you didn’t cause, it can be hard to know what to do. Thankfully, there are ways to protect yourself.

New York is a No-Fault State

The concept of no-fault insurance might seem confusing at first, but it is actually quite simple. A mandatory no-fault state means that your coverage will protect you in a crash, no matter who’s to blame. As a result, you don’t have to rely on another person’s coverage if you’re not at fault. 

However, some people may want to avoid this route to minimize their claim amounts and to keep their policy-protected. As a result, it’s critical to know that you can pursue compensation from the at-fault party, depending on your situation and your willingness to try various types of legal action.

Other Insurance Protection is Available

If you don’t want to use your insurance to pay for a car crash you didn’t cause, that’s understandable. You’ll have to make sure that the at-fault party is willing to help you with their policy. If they try to dispute this situation, you could potentially have a lawsuit on your hands that could take time to resolve.

It’s situations like this that no-fault insurance was designed to mitigate. By letting your policy cover your damages, it’s possible to get help without having to turn into a sue-me-sue-you blues. That said, lawsuits are still an option if you don’t want your policy to be affected by a claim.

Get Help Today!

With the help of our team at L M Insurance & Financial Services LLC, you can get the help you need to get through a car crash. Our Bronx, NY team will provide the long-term support that you need and work directly with you to ensure you get the high-quality policy that makes sense for your coverage.

"Proudly servicing the New York, Tri-State Area for nearly 20 years. Miami FL office coming soon.."

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