Month: July 2019

Understanding the Three Most Common Types of Auto Insurance

Posted on by AgentInsure

If you operate a motor vehicle in Laurel, MD, you must carry auto insurance. There are several types of auto insurance to choose from; each of which has its advantages and disadvantages with regard to cost and coverage. Before contacting Mid Atlantic Insurance Financial to purchase a policy for automobile insurance, it’s beneficial to know and understand the different options. To help you get started, here is some brief information on the three most common types of auto insurance.

Comprehensive Auto Insurance

Comprehensive, also known as full coverage, is just like it sounds-it covers almost any type of damage and/or injuries to you, other drivers and/or property.  With a comprehensive insurance policy, if you are involved in an accident, whether it is your fault or not, after paying the deductible, the policy will cover the costs incurred. For instance, if your involved in an accident with an uninsured driver,  your comprehensive insurance will cover the costs of damages to your vehicle. Regardless of how undervalued you think your vehicle is, comprehensive insurance is the best option to ensure you and your vehicle are protected in any type of auto accident.

Liability Auto Insurance

Liability is the minimum requirement for most states, including MD. Liability insurance is generally the lowest cost option, but it will only cover damages to another person’s property; this policy will not cover damages to you or your vehicle. If you have financed your vehicle through a bank or loan company, most will require you to carry more than a liability on the vehicle. If you have an older vehicle that is not driven very often, liability may be a good option; however, it’s important to talk to your insurance representative to ensure that this type of insurance is suitable for your needs.

SR22

SR22 insurance is also known as an SR22 bond, which means you have agreed to provide a “bond” with the state in order to operate a motor vehicle. This type of coverage is generally required if you have been involved in a situation that cost you driving privileges for any amount of time. For instance, if you have multiple driving under the influence charges or were involved in an automobile accident and you did not have insurance at the time of the accident. Before your driving privileges are reissued, you will be required to obtain an SR22 insurance bond.

Residents of Laurel, MD who want to learn more information about or to purchase automobile insurance should contact Mid Atlantic Insurance Financial.

Home Insurance For Maryland Homes

Posted on by AgentInsure

To decide about home insurance in Maryland, consider the risks covered, whether you need extra coverage for floods and earthquakes, the value to be insured, and the deductible that you can accept.

Types of Basic Maryland Home Insurance

There are two general categories of home insurance offered in the state of Maryland. One type is the HO-2 Broad Form that identifies the covered risks called “named perils.” The other type is the HO-3 Special Form that is an “open peril” type, which covers whatever is not specifically stated in the policy as being excluded. Condominiums have a special category of their own called HO-6.

Floods and Earthquakes

Flood and earthquake insurance are each separate policies from home insurance. Homeowners probably want to consider getting flood insurance no matter where the home is located because the risk of flooding is increasing due to climate change.

Flood plain maps from FEMA are outdated. They are no longer accurate when used for predicting flood zones. There have been many floods in the past few years that statistically were not supposed to happen but once in 100 years or once in 500 years.

If a home is anywhere near the coastline or within 30 miles of a river, having flood insurance is a critical consideration at this time.

Market Value and Replacement Value

Market value insurance is usually used for older homes that are built in such a way that replacing the actual materials used in the original construction would be cost-prohibitive. Instead, newer construction materials are used to recreate the home to a standard of livability.

Replacement value insurance can be between 80% to 100% of the replacement cost for a newer home to be rebuilt as close to the same condition as it was before any damage.

Deductible

The other thing to decide is the amount of the deductible. This is the amount a homeowner pays out-of-pocket before any insurance claim is paid. Higher deductibles lower the monthly insurance premiums.

Conclusion

Work with your agent at Mid Atlantic Insurance Financial, serving Laurel, MD and the nearby communities, to understand exactly what coverage is offered by the home insurance policy you select. Add extra coverage as necessary to supplement the home insurance.

To get a quote for home insurance contact an agent at Mid Atlantic Insurance Financial in Laurel, MD by calling 301-604-4444 or use the online quote request form.