How can a landlord benefit from Umbrella insurance?

Posted on June 28, 2020June 28, 2020 by admin

Being a landlord in Oklahoma City, OK means dealing with many different types of insurance policies to protect yourself and your tenants. However, many landlords overlook the importance of umbrella insurance. While anyone may benefit from umbrella insurance, landlords stand to benefit the most from umbrella insurance. If you are a landlord and are not sure why you need umbrella insurance, Vance Insurance Group, LLC will share with you instances when a policy can save you financially.

Tenants suing landlord is common

Being a landlord comes with its fair share of challenges. Dealing with difficult tenants is one major challenge, as it all can lead to expensive lawsuits. A tenant can sue you for many things, including:

A child who is playing in your compound trips, falls, and gets injured
A tenant slips and falls on the stairs in your rental property
A tenant who thinks you lied to them or told lies about them
If you wrote something untrue or discriminatory

Sometimes landlords are sued for discrimination. Sometimes things can get bad where you are arrested falsely, detained, or imprisoned. Whatever reason, having personal umbrella insurance can help finance any lawsuit thrown your way.

How else can a landlord benefit from umbrella insurance?

Lawsuits reign in Oklahoma City, OK and across the US. Umbrella insurance does not stop at your rental property because it is a personal policy. That means that umbrella insurance can be used in almost every aspect of your life where lawsuits could be imminent. For instance, if a guest is injured in your home and sues you for injuries, umbrella insurance can come in and fix the legal fees.

Are you looking to buy umbrella insurance soon? Vance Insurance Group, LLC is here to help. Feel free to contact us or visit our office for more information, queries, quotes, or new policy discussions.

Life Insurance Coverage Options for Oklahoma Residents

Posted on May 30, 2020May 30, 2020 by admin

If you are like most people, you’re wondering if life insurance is worth the extra expense each month. Life insurance coverage is essential for different reasons. This type of insurance provides financial security for your loved ones if you pass away. Here are other factors you need to know about life insurance for Edmund and Oklahoma City, OK residents.

Is Life Insurance Necessary?

No law in Oklahoma requires its residents to carry an active life insurance policy, but here at Vance Insurance Group, we think it’s a good idea to get it if you have a family. To help you determine if life insurance is right for you, consider:

The amount of debt you have
The amount of income your family will need to replace
Whether other expenses will be a problem

What Are the Types of Life Insurance?

There is term life insurance and permanent life insurance.

Term Life Insurance

Term life insurance offers coverage for a specific period. This period can be anywhere from one year or thirty years or longer. Term life insurance allows you to choose the term length. If you want a lump sum to be paid to your beneficiaries, called a death benefit, term life insurance is ideal for your situation. This type of life insurance allows you to extend your policy for additional terms without a medical exam. You can also convert your insurance policy from a term policy to a permanent policy without being required to take a medical exam.

Permanent Life Insurance

Permanent life insurance is ideal if you want to build savings over time. You can use these savings in a variety of ways. You can withdraw from these savings, pay premiums, borrow against them, or invest. The two different types of permanent life insurance are whole life and universal insurance.

Here at Vance Insurance Group, we know buying insurance can be complicated. We’re here to help you through the insurance process and get you the coverage you need. Contact us today to inquire about the insurance solutions we provide for Oklahoma City, OK residents.

Protecting Yourself on the Road With Auto Insurance in Oklahoma

Posted on April 27, 2020April 27, 2020 by admin

Work with a team that makes it easy for you to shop for the policy that benefits you. Sometimes shopping for insurance for the first time or switching to a new insurance company/agency can become confusing. While on the road, it is imperative to always have insurance because driving without auto insurance can get you in a lot of trouble (driver’s license suspended, car repossessed from the dealership financing your vehicle, or a $250 fine and up to 30 days in jail). In the state of Oklahoma, it is required for drivers to have auto liability coverage. The latter will cover any other driver’s bodily injury expenses and property damage if you are at-fault for an accident on the road.

Vance Insurance Group, LLC is an independent insurance agency located in Oklahoma City, OK. As an independent agency, we are able to offer the best options for all of our clients. Our staff is highly trained and equipped with the best knowledge and information about auto insurance. Our goals are to make sure that our clients are happy, satisfied, and protected at all times. Details such as your commute, what you plan to use your car for, and more are what our agents look into. Choosing your auto insurance is not a decision that you have to rush into at all, that is why our team will work with you as much as you need us. We provide enhanced and personalized services to ensure the best outcome for the client.

Are you ready to set a consultation meeting with one of our agents? Please feel free to call us at (405) 293-6475. Email or contact our office in Oklahoma City, OK, and an agent will respond to your inquiry as soon as possible. We will be ready to assist you until you are happy with the policy that you acquire.

How to Manage Risks in Your Business

Posted on March 27, 2020March 27, 2020 by admin

Managing risks in a business is an everyday practice. Owners continuously have to juggle multiple tasks if they hope to keep making money by satisfying their many clients, vendors, third-party partners, customers, etc. If you live in Oklahoma City, OK, Vance Insurance Group, LLC wants to provide you with information about how to keep yourself safe.

Keep On Top of Things

There’s a lot of reasons to delegate your responsibilities to your employees. Not only is it recommended, but it’s also often the only way that you can manage every duty. But sometimes, when you give too much over to your managers and right-hand men, you end up out of the loop.

So if someone made a mistake along the way and it was never corrected, you’ll only have so much recourse if you discover it too late. And even if your employees can handle the responsibility, they can’t always be there when you need them. This can lead you to make an error down the line if you’re unaware of what’s going on.

Plan Ahead

Even when you’ve heard it before, this can’t be stressed enough. Having emergency contingency plans may not be able to solve every crisis, but it can mitigate disasters, so the damage isn’t so bad. If you live in Oklahoma City, OK, you have to keep in mind what you would do if the worst-case scenario occurred.

Vance Insurance Group, LLC understands what it means to manage risks — we do it every day. If you have questions about what type of coverage will set your business up for success, we’re here to set the record straight. Give us a call today and tell us about the daily threats you face regularly.

Home Insurance for First Time Buyers: What You Need to Know

Posted on February 17, 2020February 17, 2020 by admin

Your first home is an investment that can increase your comfort, opportunities, and net worth. Part of getting the most out of your new residential property is having the right insurance coverage. Vance Insurance Group of Oklahoma City, OK provides customized home insurance policies for first-time homebuyers.

What Does Home Insurance Cover?

Homeowner’s insurance policies are designed to protect your financial interests. While each contract is different, there are some basic coverages you can expect from most policies.

Liability coverage provides funds that pay for legal fees and court-ordered costs for events that happen on your property. This coverage also gives money to people who are hurt while visiting your property.
Dwelling coverage gives you money to fix your home after it is damaged through a covered event. Talk to the agents at Vance Insurance Group, LLC for a detailed explanation of what your home insurance policy covers.
Personal property protection ensures that you have enough cash to replace your clothing, collectibles, and other personal items after a covered event. Your agent can help you decide how much coverage you need to protect your high-value possessions.

A reliable home insurance policy protects your personal cash flow by providing funds for emergencies. For new home buyers, this is an integral part of ensuring that you can continue to live in your home, no matter what happens.

Do You Need Home Insurance?

While the state of Oklahoma does not require you to have an active home insurance policy, it isn’t a good idea to go without one. One emergency could clear out your savings and leave you struggling to maintain your quality of life.

There are many ways to customize your policy to fit your lifestyle, property, and personal circumstances. Let the expert agents at Vance Insurance Group, LLC guide you to the perfect home insurance plan for your Oklahoma City, OK residence.

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