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Lee Insurance Agency LLC

119 W South Railroad St, PO Box 1212
Four Oaks, NC 27524

How Term Life Insurance Works

Term life insurance is one of the two main types of life insurance. It’s a type that many people prefer for its advantages, and it can be good protection for many policyholders. It does have its drawbacks, however, and the policies don’t typically last as long as a whole life policy. However, the benefits outweigh the drawbacks for many people. If you want to know more about term life insurance, call us at Lee Insurance Agency LLC in North Carolina. 

The Insurance Term

Term life insurance has this name because it’s written for a very specific term. This term is generally a specific number of years that the policy will be in force. When the end of the term comes, the policy will hit its expiration date and will no longer be in effect. When that happens, the policyholder will have to seek out a new policy so that they can be covered by life insurance again. This drawback can make this type of insurance the wrong type for some people, but many people choose it because of its main advantage. 

Saving Money

One of the big advantages of this type of life insurance is that it costs so much less than the other main type. Term life tends to be affordable for a wider segment of the population than a whole life policy. There are many people who wouldn’t be able to afford life insurance at all if it weren’t for term life policies. If you have a tight budget, this may be the right choice to keep you insured so that your family won’t face financial hardship later. 

Get Term Life Insurance

If you don’t have a life insurance policy, don’t wait to get one. To find out more, call us at Lee Insurance Agency LLC in North Carolina. 

Do I Need a Separate Insurance Policy if I Use My Vehicle For Work?

Whether you travel to see clients for a company, run an on-demand or freelance business, or use your vehicle for some other job-related reason, your personal auto insurance policy in North Carolina will most likely not cover business-related accidents and incidents. A single accident while driving for business in a personal vehicle could cost you thousands of dollars in unexpected costs.  The agents at Lee Insurance Agency LLC can guide you on protecting yourself.

Hired and Non-Owned Auto Coverage (HNOA)

Not having the proper vehicle insurance in place is a common mistake many small businesses make because they don’t have a fleet of delivery trucks, work vans or similar vehicles. Even if you only use personal vehicles for business purposes, you should consider an HNOA to protect yourself and any employees. Consider one of these policies if you do the following:

  • Visiting clients
  • Make small deliveries or pick up supplies
  • Run business errands
  • Transporting work tools or small equipment

Who Needs Additional Business Auto Insurance?

Many businesses do not provide company vehicles for their employees. If yours does not, ask whether they have insurance coverage for vehicle use while working. Freelancers and independent contractors should also consider an HNOA policy to avoid unexpected costs.

Rideshare and food delivery drivers typically are not covered under their parent company’s insurance policy. Others who may need coverage include:

  • Cleaning workers
  • Food service workers
  • Construction workers
  • Freelance journalists and writers

Remember, if you drive for business and don’t have some kind of commercial auto policy, you are essentially driving uninsured and are at risk.

The agents at Lee Insurance Agency LLC, serving North Carolina, can help you select a suitable policy to cover your business driving needs. Contact us today to get started on this essential protection.

Do small businesses need commercial insurance and commercial vehicle insurance?

Controlling risk is especially important for small business owners; using insurance to help manage your risk is good business. Unfortunately, some small business owners mistakenly believe personal insurance policies can cover business risks. If you own a small business and want to avoid that mistake, contact the Lee Insurance Agency LLC team serving North Carolina to create a commercial insurance plan that meets your business’s needs.

Commercial Versus Commercial Vehicle Insurance

Small business owners typically realize the need for standard commercial insurance policies covering workers’ compensation, commercial property, and general liability. Many also acquire additional coverage appropriate for their industry or profession. While they acknowledge their business needs commercial insurance to cover business assets and activities, some do not apply the same approach to all motor vehicles used for business activities.

Consider what could happen, for example, if an accident occurred while a small business owner drove a client to lunch following a business meeting. If the client suffered an injury, the owner’s personal insurance policy would not cover those expenses. Neither would the personal policy cover damages or injuries to others or the owner’s vehicle while being used for business during the accident. 

Although an insurance company could unknowingly cover a fender bender, accidents that result in substantial liability are investigated and are not covered when found to be business-related.

Regardless of your business, talk with your agent about your insurance needs. Don’t wait for an accident to learn you are not fully protected.

Reach Out To Us

Lee Insurance Agency LLC handles the business and personal insurance needs of many small business owners in North Carolina. Please stop in, email, or call us today to build an insurance plan to protect your business and personal assets.

Restoration Assurance: How Classic Car Insurance Supports Restoration Projects

Classic cars in North Carolina are vintage treasures representing an automotive history, boasting elegant designs, and engineering craft skills. For many classic car fanatics, restoring and preserving these iconic vehicles is a labor of love. However, classic car restoration is a complex and often expensive endeavor. Classic car insurance protects the restoration process.  

Key Benefits of Classic Car Insurance for Restoration Projects

These are the benefits you will want to consider while restoring a classic.

  • Agreed Value Coverage: Classic car insurance policies typically offer agreed value coverage. This means the insurer and the policyholder agree on the car’s value before issuing the policy. In the context of restoration, this agreed-upon value considers the car’s condition, rarity, and potential post-restoration value. In the event of a covered loss, the agreed value is paid to the policyholder, providing essential financial support for restoration projects.
  • Coverage for Restoration Work: Classic car insurance can extend coverage to the restoration process itself. If a covered loss occurs while the car is undergoing restoration, the policy can help cover the cost of repairs or replacements. This protects the time and resources invested in the restoration project.
  • Safeguarding Rare Parts: Classic car restorations often require rare or vintage parts that can be difficult to source. Classic car insurance policies can include spare parts and original equipment coverage, ensuring that these valuable components are safeguarded against loss or damage.
  • Specialized Expertise: Classic car insurance providers typically have expertise in restoring and preserving vintage vehicles. This expertise can be a valuable resource for classic car enthusiasts, offering guidance and support throughout the restoration.

Lee Insurance Agency LLC Can Help You

At Lee Insurance Agency LLC, we can help answer questions concerning classic car insurance. We serve North Carolina. Contact us today. 

Three Major Parts of a Renter’s Insurance Policy

One of the biggest misconceptions that renters face is they frequently believe that their landlord is financially responsible for their belongings if a theft, fire, or another mishap occurs. Your landlord will have insurance to protect the building where you live in North Carolina, but protecting your items is your responsibility. The agents at Lee Insurance Agency LLC will gladly help you understand why you need renter’s insurance.

Renter’s Insurance is Similar to Homeowner’s Insurance

The most significant difference between renter’s and homeowner’s insurance is the latter covers the physical building in which the policy owner lives. As a tenant, you don’t own the building, so you don’t need such coverage. Renter’s insurance to protect you against disasters and unexpected events has three primary sections:

  • Personal possessions
  • Liability
  • Additional living expenses

Coverage for personal possessions involves your clothes, furniture, and other personal belongings from theft, fire, smoke, water damage,  storms, lighting, and other mishaps as noted in your policy. Protection from floods and earthquakes is extra. Liability protects you from bodily injury that you or family members cause to other people, as well as property damage. It will also pay for damages your pet may cause to the property. Some people are surprised by additional living expenses coverage, but if your apartment or rental home suffers a fire or another disaster and you’re temporarily displaced, the policy will pay for your additional living costs.

How Much Renter’s Insurance Do I Need?

The most significant variable in your policy involves your possessions. Creating an inventory of your possessions can help you determine an appropriate level of coverage.

We Are Here To Help

Lee Insurance Agency LLC, serving North Carolina residents, will gladly help you determine appropriate renter insurance coverage levels for all three categories. Contact our office today to get started on your policy.

Securing Your Travels: The Importance of RV Insurance

Traveling in an RV is a dream come true for many adventure seekers. There’s no better way to explore the great outdoors than from the comfort of your own home on wheels. However, it’s essential to make sure your travel experience remains secure. That’s why Lee Insurance Agency LLC recommends RV insurance for our North Carolina neighbors.

The Importance of RV Insurance

1) Accidents Happen:

Imagine being involved in an accident with your RV in the middle of nowhere. No one can predict when an accident will occur, but it’s crucial to be prepared and protected. With appropriate RV insurance, you’re covered for any damages incurred to your RV and any injuries sustained by you or others involved in the accident. 

2) Theft and Vandalism:

Despite taking all precautions, theft and vandalism can occur. If you have RV insurance, you are protected against theft, damage, or any malicious act that may occur due to vandals. Your insurance covers the repair as well as the replacement costs, depending on the extent of the damage.

3) Medical Coverage:

Another vital factor in RV insurance is medical coverage. While traveling, it’s essential to ensure that you and your loved ones are medically covered in case of an accident. The insurance covers medical expenses such as hospital stays, physical therapy, and emergency medical transportation. With proper coverage, you get more security and save yourself from financial headaches.

Schedule A Consultation Today!

If you’re an RV owner in North Carolina, securing your travels and adventures is critical. You cannot control the safety of your travels or predict the uncertainties that may occur. However, good RV insurance will provide you with the reassurance and security you need to guarantee your RV adventures are protected and uninterrupted. Contact Lee Insurance Agency LLC today.

The Three Most Costly Floods in American History

Floods rank among the most powerful forces on earth, capable of wiping entire communities and even regions away. A devastating flood can quickly swamp rivers and local drainage systems, among other things. Traditional property insurance often doesn’t cover flooding, making flood insurance a must. Contact Lee Insurance Agency LLC to discuss flood insurance in North Carolina.

Flooding caused by Hurricane Katrina remains the most expensive in American history.

In 2005, Hurricane Katrina etched its name in the history books by causing extensive damage in New Orleans and beyond. When you first think of hurricanes, you may envision the damage caused by high winds, but in practice, storm surges and flooding may wreak the most havoc.

The flood damage caused by Hurricane Katrina certainly was devastating, with the storm overwhelming more than a hundred levees. The National Flood Insurance Program alone paid about $16 billion in damages.

Hurricane Harvey Sets the Record Per Average Paid Loss.

Hurricane Harvey slammed into East Texas and the Gulf Coast, causing widespread flooding and devastation. In total, the storm is estimated to have caused over $9 billion in National Flood Insurance Program payouts alone. The average payment for losses topped $115,000, making this the most expensive per capita hurricane in American history.

Hurricane Florence was likely the costliest in North Carolina history.

In North Carolina, the most costly flooding in state history was likely caused by Hurricane Florence in 2018. It’s always hard to separate flood damage from wind and other factors, but in total, it’s believed that surge water, flooding, and wind damage caused $22 billion worth of damage in the state. Tragically, 15 people in North Carolina perished due to the hurricane.

North Carolina and many other states experience countless floods per year. While many may not set records or make history, they can cause immense damage. As such, flood insurance is crucial. Get in touch with Lee Insurance Agency LLC to explore flood insurance in North Carolina.

Determining the Right Coverage Amount for Your Life Insurance

Life insurance provides financial security to your loved ones after an untimely death. Lee Insurance Agency LLC explains that the right life insurance coverage amount in North Carolina depends on several factors that you need to consider, such as your income earnings, outstanding debts, mortgage payments, education expenses, and financial goals. 

Determining Your Life Insurance

1) Calculate Your Income Replacement Needs:

The first factor to consider while deciding on the life insurance coverage amount must be your income replacement needs.

Remember, the coverage amount should be sufficient to replace at least 10-12 years of your income. For instance, if you are making an annual income of $50,000, multiplying this by 12 years means your life insurance coverage should be a minimum of $500,000.

2) Outstanding Debts:

After calculating the income replacement needs, the next factor to consider is outstanding debts. A life insurance policy can help your family pay off outstanding debts such as a car, credit card, or personal loan.

3) Mortgage Payments:

If you have a mortgage on your house, include the amount required to pay off the mortgage. Losing a breadwinner can be stressful enough, and the sizeable mortgage payments could take a big chunk out of your family’s finances.

4) Education Expenses:

If you have children, include their education expenses when calculating the life insurance coverage amount. College can be expensive, and you want to ensure your children can complete their education. Review the estimated costs of their education and include this amount in your coverage.

We Are Here To Help

Determining the right life insurance coverage amount can be a difficult task to undertake in North Carolina. Remember that having enough coverage can save you and your family from a significant financial crisis. Contact Lee Insurance Agency LLC today, and we’ll help you.

Does my auto insurance cover my business travel?

Sometimes you may need to drive your personal vehicle for business. At Lee Insurance Agency LLC, we want you to understand when that happens occasionally, your personal auto insurance probably covers you. We want you to know when it does and when it doesn’t.

Personal Use Defined

Your personal auto insurance covers you whenever you drive in North Carolina for pleasure or household reasons. This means your trip relates in no way to business. In these cases, any policy coverages you choose, such as comprehensive or collision, protect you.

Occasional Use Defined

When you use your auto for occasional business trips, such as driving to a conference, auto insurance covers it. Occasional means on an irregular schedule, typically months apart in use. If you drive your personal vehicle to your industry’s national conference, which occurs once per year and lasts just a few days, your trip falls under occasional use.

Every Day Use Defined

If you drive it every day for business, such as delivering decorated cakes in it, you need a separate policy for commercial auto. Driving it to provide a service, such as visiting the homes or businesses of clients to repair something or deliver something, offers another example of everyday use. In these cases, personal auto insurance does not cover your driving.

Drivers for Uber and Lyft differ from most individuals using their vehicles every day for business purposes, but that’s thanks to the companies through which they drive. Uber and Lyft provide corporate commercial insurance policies to cover the liability of those who drive through their service.

Driving Your Personal Vehicle with Coverage

To remain safely covered by your auto insurance, drive your personal vehicle only for personal reasons. If you need to drive a vehicle every day for work reasons, purchase commercial auto coverage for it. If you drive your personal vehicle for work without a separate commercial auto policy and you’re in an accident, your personal auto policy will not cover it.

Drive safely in North Carolina and beyond, and contact Lee Insurance Agency LLC for auto coverage to keep your vehicle and financial security protected.

Protect Your North Carolina Business with Business Interruption Insurance

Unforeseen events can significantly impact businesses, making it crucial to have the right insurance coverage in place. Business interruption insurance offers essential financial support during unexpected events like natural disasters or supply chain disruptions. Here are the benefits of this type of coverage and the value of partnering with a knowledgeable insurance agency like Lee Insurance Agency LLC to find the right policy for your North Carolina business.

Benefits of Business Interruption Insurance

Natural disasters:

Hurricanes, tornadoes, and severe storms can cause extensive damage to your business’s physical location, equipment, and inventory. Business interruption insurance can help cover lost income and operating expenses while your business recovers from the damage.

Supply chain disruptions:

If a critical supplier or vendor experiences an issue that affects your business operations, business interruption insurance can help cover the resulting financial losses. This coverage can be especially valuable in cases where your business relies on a single supplier for essential materials or services.

Utility disruptions:

Prolonged power outages or water main breaks can significantly disrupt business operations. Business interruption insurance can provide financial support during these unexpected events, helping you cover ongoing expenses and recover lost income.

Forced closures:

Sometimes, your business may be required to close due to government-mandated shutdowns or other uncontrollable factors. Business interruption insurance can help cover the costs associated with these closures, allowing you to focus on recovering and reopening as quickly as possible.

Reach Out To Us

Partnering with a knowledgeable insurance agent is essential for securing comprehensive business interruption insurance tailored to the needs of North Carolina businesses. Our experienced team understands the unique challenges faced in the state and can help you navigate the complexities of business interruption insurance. Ensure the protection and financial stability of your business by reaching out to Lee Insurance Agency LLC for guidance on securing the right coverage for your future.

Partner Carriers

  • AAA
  • American Modern
  • ASI
  • Cabrillo Coastal
  • Dairyland
  • Foremost
  • Hagerty
  • Kemper
  • MetLife
  • monthly payment plan
  • National General
  • NC Grange
  • Progressive
  • RLI
  • Safeco
  • The Hartford
  • Tower Hill
  • Travelers
  • Universal Property & Casualty
  • UPC
  • Wright Flood