Why is Umbrella Insurance Referred to as Gap Insurance?

Most people think that their insurance is enough to cover their potential risk. But no one ever really knows how bad an accident or other incident might be that would require you to pay out-of-pocket for the surplus amount. This can leave you with additional expenses that you thought your insurance would cover.

The goal of insurance is to pay all (not part) of the financial loss of a particular incident such as auto collisions, rental insurance, and home insurance. But what if your current coverage is not enough?

Umbrella Insurance

Umbrella insurance (also referred to as "gap" insurance), kicks in to cover what your other insurance does not cover. It can increase the level of coverage in various situations such as auto insurance or housing insurance, or it may cover other areas of potential risk such as vandalism or theft that other policies do not cover.

What coverage you will get will depend on the company you deal with and the types of policies you are looking to put in place. 

Who Are We?

The Leo Insurance Group does offer gap or umbrella insurance, as well as many other types of coverage. You can speak with them anytime if you live in the Las Vegas NV area. They are focused on your needs and they consider every customer as important as a member of their family.

Weigh Your Risks

The most important factor in determining how much insurance you should carry has to do with your level of risk. Think about your daily activities, how much you drive or travel to other locations, and the number of your investments. 

Then turn to the experts with Leo Insurance Group, covering the Las Vegas, NV area for all of your insurance needs. Because today is the day to purchase insurance. Tomorrow might be too late. 

Las Vegas Nevada Flood Insurance: Do i Need It?

When you mention flood insurance to people in Florida or on the coast of the Atlantic, they say, "Of course I have flood insurance!" You will get the same response from people in the Ohio Valley who are close to the Mississippi River or other large bodies of water. But when you ask someone in Las Vegas, Nevada if they have flood insurance, the answer might be a blank stare.

That’s because they don’t live on the coast and they are not right next to rivers that might overflow their banks at the first sign of rain.  However, if you study the map of Las Vegas, you will find that they are only 30 miles from a large lake known as Lake Mead. In addition, there are a number of other smaller water inlets and streams, creeks, and small water sources that, when combined with hours of downpours, could end up flooding the Las Vegas area.

Learn from the Past

Many people have learned from other towns and states that were taken by surprise such as the state of Colorado that, in 2013, was covered with a huge flood that took hundreds of lives, farm animals, and property practically overnight when the Redstone River and other bodies of water converged after a 3-day flood. 

Who are We?

The professionals at Leo Insurance Group realize the insurance is not always something someone wants to add to their budget. But it is necessary to protect you from the unknown. In Las Vegas, NV, Leo Insurance Group can handle all of your flood insurance needs. Whether you are a business or personal property owner, it is important to make sure you are covered when that rainy day comes!

For more information, contact Leo Insurance Group if you live or work in the Las Vegas, NV area.

Do I need to do a home inventory of my condo?

Owning a condo in Las Vegas is a dream come true. Once you have accomplished your dream, it is hard to imagine anything happening to shatter that dream. Unfortunately, bad things do happen and when you have to file a claim with your insurance company it is never fun. But it can be easier if you have a home inventory. At Leo Insurance Group in Las Vegas, NV, we are a full-service independent insurance agency with an experienced team to help you with all your insurance needs. 

If your condo is damaged, and you lose some or all of your possessions, you will be asked to provide some proof of what you had prior to the damage. In this type of situation, you may be rather traumatized by what has happened to you and trying to remember all the things you had before it happened. Not to mention the time trying to reconstruct everything from memory. 

Filing a claim isn’t easy or enjoyable, but it can be less stressful if you have an inventory you did prior to the damage. You can document every room with pictures and a written list. Look in every drawer, closet, and cabinet. Take pictures especially of more expensive items. Attach sales slips or invoices to the page for that room. Give as much detail as possible. 

For larger items like appliances and electronics, include brand, model, and serial number. If you have jewelry, art, or antiques, having an appraisal is important to prove the value. Once your inventory is complete, place it in a safe place where you will be able to safely access it when your condo is damaged.

You don’t need to have an inventory but having one will save time and effort in the event you file a claim. Contact Leo Insurance Group in Las Vegas, NV to learn more about condo coverage. 

Who Can Be My Beneficiary in My Life Insurance Policy?

Buying life insurance in Las Vegas, NV means making critical life decisions such as choosing a beneficiary. If you have never sat down and thought about it, you will have difficulty filling that “required field.” You will be required to name multiple names if the primary beneficiary is unavailable to receive the death benefit. So what is the process of choosing a beneficiary? Who can you choose as your primary beneficiary? Leo Insurance Group will help answer these questions and others that you may have about beneficiaries.

Anyone Can Be Your Beneficiary

A beneficiary can be any person, institution, charity, business, or trust. If you choose a person to be your beneficiary, they can be your child, spouse, sibling, parent, friend, neighbor, or a needy person you feel deserves your wealth. There are really no restrictions to whom you can name. However, in Nevada, a rule requires your spouse to waive their rights if you decide to designate someone else as the beneficiary.

Primary and Contingent Beneficiaries

Insurance experts always recommend having at least two names when buying life insurance. The first and most important name is the primary beneficiary. This is the person who will receive the death benefit. If the person dies before you, the second name—contingent beneficiary will receive the death benefit on behalf of the primary beneficiary.

What if You Want To Have Multiple Beneficiaries?

It’s essential to be specific when choosing beneficiaries to avoid conflict with your loved ones. If you have to include all of them—let’s say ten names, make sure they are well-written and spelled correctly to avoid future problems. You also need to assign the percentage of the death benefit each will receive. Don’t forget to update these names frequently based on circumstances.

At Leo Insurance Group, we advise, guide, and take you through the entire process of acquiring life insurance. If you would like to learn more about beneficiaries, call or visit our Las Vegas, NV offices.

Commercial Insurance Basics

When you open a business in Las Vegas, NV, you might first think of buying office furniture or computers. Still, one of your first purchases should be business insurance, also called commercial insurance. Leo Insurance Group wants you to understand the complexities of commercial insurance.

That sounds simple, but many types of commercial insurance exist, and the types you need for your business may differ vastly from what your best friend’s business does. Every business needs a liability policy and property damage insurance. As long as you hire employees, it would be best to carry a worker’s compensation policy. The remaining types of policy coverage required to adequately reduce your business risk and protect your finances vary by the type of business.

For example, a dentist, ophthalmologist, or physician would need a malpractice policy, one of the many specialties. A dry-cleaning business requires an inland marine policy to protect its customers’ clothing while on its property or in transit to or from their home if it offers a pickup or delivery service. While both might benefit from business interruption insurance, neither would require a boiler insurance policy which typically serves manufacturing and other industrial companies.

The best method for developing the appropriate business insurance policy for your company is to meet with your insurance agent to discuss your business, review your business plan, especially your risk analysis, and determine which types of property and liability policies you need. These might include:

  • Business owner’s policy
  • Builder’s risk/construction insurance
  • Business interruption insurance
  • Commercial auto
  • Crime insurance
  • Debris removal
  • Directors’ and officers’ liability policy
  • Equipment breakdown/boiler & machinery insurance
  • Errors and omissions insurance (E & O)
  • Glass insurance
  • Inland marine insurance
  • Malpractice/professional liability
  • Ordinance or law policy
  • Tenant’s policy

Stop by or call Leo Insurance Group serving Las Vegas, NV today to learn how to protect your business best. Our free consultation helps you determine which insurance policy types will best suit your business endeavor.

A Guide To Help Las Vegas Residents Find The Right Auto Insurance Policy

For over 12 years, Leo Insurance Group has helped Las Vegas, NV residents find coverage. We want to make sure that our clients find the policies they need to protect their assets. Offering exceptional customer service is one of our primary goals.

Nevada Auto Insurance Guide

Auto insurance helps protect you as you travel around Las Vegas, NV, and other parts of the state. An accident can happen at any time regardless if you are driving safely. You have to think about the other drivers as well as the road conditions. Basic collision coverage protects you when your vehicle suffers damage from impact with another vehicle or object. Comprehensive coverage protects your vehicle in other ways. You are covered if someone tries to steal your car or vandalize it. Comprehensive coverage also gives you a safety net when unexpected accidents occur, such as fires or natural disasters.

Liability Coverage

Liability coverage is a significant part of the policy. You are protected if your vehicle injures someone or damages their property. You are also protected if one of your passengers suffers an injury while riding with you.

Other Things To Consider

If you have any accessories or custom parts on your vehicle, you’ll have to amend your policy to cover those items fully. If you use your vehicle to assist with your profession, consider adding commercial coverage. This ensures that your vehicle is covered if something happens on the job. You also have the option to add emergency assistance coverage to your policy. If you are suffering car troubles or your tire deflates, you can receive towing service. You’ll also receive help replacing the flat tire.

Leo Insurance Group Can Help You Find The Right Policy

Visit our website to learn more information about auto insurance.  

Home insurance tips for new homeowners in Las Vegas, NV

Buying a home for the first time can be one of the most memorable moments in your life. It is usually connected to other major life decisions such as having children, getting married, or moving from a parent’s home. Apart from the lengthy paperwork, there are plenty of negotiations, inspections, and financial preparations to be done. That’s why Leo Insurance Group encourages the discussion of buying home insurance to protect your investment.  Here are a few tips to get you started and help you learn more about buying home insurance.

Do Your Homework

If you are a first time home buyer, the chances are that you are also a first time home insurance buyer. Before making any purchases, you may want to go the extra mile and conduct enough research. Familiarize yourself with your Las Vegas, NV neighborhood and know some of the most common home insurance claims in the area.

Know Your Home’s Value

Even though you might have bought the house at a lower or higher price than the market value, it is critical to know the real value of your home. You can check with an assessor or local builder who can give you an accurate home value. The last thing you want is to insure a house for more than it’s worth. Keep an updated inventory of your personal belongings to be recorded during the insurance purchase. This makes it easier to prove ownership to your insurance company when filing a claim.

Understand Your Policy

Accidents can happen anytime, and nature is sometimes unpredictable. That’s why most mother nature perils are not covered in a home insurance policy. Check what is covered in your approach and make sure it matches with your insurance needs and risks.

Don’t ignore your insurance purchase to the last minute; there is a lot more to home insurance than just signing several papers. Contact Leo Insurance Group for more tips on buying home insurance for the first time.