Author: AgentInsure

What is covered under bodily injury liability coverage?

Posted on by AgentInsure

Drivers, whether driving a motorcycle, a truck, or car, need protection in the event an accident should occur. These drivers need insurance coverage that will protect them in the event they are at fault for an accident that causes an injury or death of another driver or passenger. Bodily injury liability coverage, or BIL as it is sometimes called by insurance providers, will provide that protection.

BIL insurance helps drivers with the monetary costs that result from injuries that happen from a recent accident. The accident must be determined to be the fault of the driver in order for this insurance to provide protection.

BIL insurance will help pay for a number of different things. Items that may be covered under BIL insurance include:

  • Any hospital or medical bills
  • Follow-up care
  • Rehabilitation – physical or occupational therapy
  • Long-term nursing care – for rehabilitation purposes

In addition to these items, the BIL insurance portion of your auto insurance will help pay for the costs of the following:

  • Funeral expenses
  • Lost wages
  • Pain and suffering

Medical bills and other expenses are not the only things that will be covered by BIL insurance. BIL insurance can also help with any legal costs that you may accumulate as a result of the accident.

Legal expenses may be covered because the insurance company has an interest in the outcome of the lawsuit/trial. They will want to make sure that you are being properly represented during these legal proceedings.

BIL insurance often comes with limits. Most insurance companies have a limit per person impact by the accident and a limit for a single situation. Each insurance company’s limits will vary depending upon the policy that is purchased.

Make sure you are protected against potential accidents that may occur in Maryland by purchasing the right insurance policies. Work closely with one of our independent insurance agents to explore policies for various insurance companies and find the best auto insurance for your current situation.

Am I Entitled to a Discount on My Homeowners Policy for Adding More Security to My Home?

Posted on by AgentInsure

Adding extra security to your home can definitely help you get a discount on your home insurance policy. The discount can vary by policy and by insurance provider, but you can ask your agent for a list of exactly what type of security measures that you can take to make sure you are able to get the lower policy rates.

The amount of your discount can vary by situation, but in general you will be able to secure a policy discount of at least 5 percent for adding one of the basic security upgrades. Some of those security upgrades include smoke detectors, burglar alarms, and dead bolt door locks.

If you are willing to significantly ramp up the security in your house you can potentially get even bigger discounts. For example, if you get a sprinkler system that activates in case of fire, you may be eligible for a higher discount. If you have a more advanced security system, for example the type of system that automatically calls the police and other emergency personnel when the alarm is triggered, you could get discounts as high as 15 percent or even more.

If you are considering security upgrades in your home and you want to know how they will impact your insurance rates, it is essential that you give your insurance agent the information about the exact upgrades you are considering. Your agent can tell you exactly how much this new security will reduce your insurance costs and you can then decide whether it is cost effective for you.

Our experienced home insurance agents are available to do custom quotes for you today. Be sure that your security upgrades will really count for something by getting the right policy today!

I am shopping for a house. What do I need to know about homeowner’s insurance before I buy?

Posted on by AgentInsure

When you’re shopping for a new home, it only makes sense to protect your biggest investment with a homeowners policy. But before you buy a new policy, it’s important to understand how it protects your home and what you can expect from your policy.

It’s important to understand the definitions of a “covered property,” which can vary depending on your state, policy provider and policy type:

Dwelling – Considered the structure of the house.

Other structures – Tool sheds, detached garages and other structures separate from the house.

Personal property – The contents of your home, including furniture, clothing and appliances.

Covered peril – Considered a cause of loss, such as a theft, fire or other peril named in your policy.

Loss of use – Provides protection in the event your dwelling becomes uninhabitable. Your provider may cover any necessary increase in living expenses to maintain your normal standard of living.

The average homeowners insurance policy usually comes in two parts:

Property coverage – This coverage takes care of your home and its contents in the event of a loss stemming from theft, vandalism, fire, tornado or other natural disaster.

Liability coverage – If something happens in your home that results in another party’s injury, liability coverage can offer protection against lawsuits.

As a general rule, most providers will not fully cover the cost of damage to a house unless you purchase coverage equaling 80 percent or more of the house’s total replacement value. Otherwise, you’ll only receive reimbursement for a proportionate amount of the required minimum.

Keep in mind that your policy should also be reviewed every so often to keep up with the 80-percent rule, due to inflation, market events and capital improvements that cause a home’s value to increase over time. Speaking to one of our independent agents can help put you on the right footing when it comes to your homeowners insurance.

My four-wheeler that I purchased for my son was stolen two days later. Will it be covered under my policy?

Posted on by AgentInsure

After purchasing an ATV for your son, it is important to buy insurance coverage for the vehicle. Since the policies in Maryland can cover a variety of different situations, your plan may or may not cover the vehicle from theft.

Basic Liability Plans

A liability policy on an ATV is similar to the coverage you can expect for any other vehicle. It will protect against high-cost property damages if you or your son accidentally crash into someone else’s property. It can also protect against high-cost medical bills if you accidentally cause an injury.

Since the policy is designed to address liability, it may not offer any protection for the vehicle. A theft may not be covered with a basic policy because it does not protect the vehicle from most situations.

Comprehensive ATV Insurance

A comprehensive plan will usually offer protection against most situations that may arise. Theft is usually covered if you have the right type of comprehensive policy, but the amount of coverage that you may obtain can vary.

Some insurers may offer the full replacement cost of the vehicle if it was stolen while others pay the cost of a comparable model based on the year and estimated value. It can also be calculated as the replacement cost after subtracting any depreciation rates. After only two days, the amount that you may receive may be similar to the amount you paid for the vehicle.

It does not matter how long you have owned the vehicle if it is stolen and you have protection for that situation. As long as you have a policy and it is active, you can make a claim. Contact us to talk to an agent for more information.

If I have my car financed, do I need to purchase auto insurance?

Posted on by AgentInsure

The auto loan company holds a lien on your vehicle when you finance it through their company. This lien denotes the financing company’s interest in the vehicle, which does not get released until you have paid off the loan in full. Because of their interest in the vehicle as an asset, insurance lowers the risk of them losing out on their money due to an accident or another issue.

A common requirement for getting a car financed is auto insurance coverage. Since the financed vehicle secures the loan you have with the company, it’s in their best financial interests for the vehicle to have insurance coverage on it at all times. Some financing companies may mandate a specific amount of auto insurance above and beyond the state required minimums to properly protect their interests. Ensure that you have the right type of insurance to meet the financing company’s needs.

If you fail to hold auto insurance on the car while it’s still financed, the financing company has several paths they can take. They may choose to repossess the car, as your financing is contingent on adhering to all of the contract terms. A repossession damages your credit and, if the car is sold for less than the loan amount, still leaves you on the hook for the difference in payments.

The financing company may also purchase coverage on your behalf for the vehicle. This coverage is far more expensive than the plans you can purchase directly, and it’s added to your loan. When the amount gets added to your loan, you pay interest on the insurance as well as the car payment.

What is not covered on my property according to my homeowners policy?

Posted on by AgentInsure

Insurance policies do differ depending on the carrier and the level of protection you choose. However, the plan for your property and home in Maryland will most likely have some common items and situations that are not covered. You can choose to add separate insurance or riders for the additional protections.

Property Exclusions

Certain items on your property may be excluded in a regular home insurance policy. These items include trampolines, tree houses and large swimming pools. The concern for the company is not so much the cost of the item, but the liability for injuries. You should consider an umbrella policy for liability protection.

While your personal property is covered against normal perils, most policies have a dollar limit on the coverage. High value items including expensive jewelry, fine art and coin or stamp collections require additional insurance.

If you rent out a room in your home, the renter’s possessions are not covered. If you are running a business from your home, your inventory may not be protected. If your business is conducted in a separate structure on your property, it will not be covered. While separate structures, like garages or sheds are protected, business use changes the category.

Events

Floods and earthquakes are two of the perils that are not covered understand standard homeowner’s insurance. If your car is broken into and damaged on your property, the damage may or may not be covered. However, most home policies will cover personal possession inside the vehicle.

Please contact us with any questions regarding your homeowner’s insurance. We will be glad to help you understand what is covered and what is not. You do not need surprises and do not want to get caught without enough coverage. You can also compare quotes online to select the best insurance plan for your unique needs.

Do I get coverage for any damage by pets under my home insurance policy?

Posted on by AgentInsure

Selecting a home insurance policy means that you may need to consider the possible damage that your pet can cause to the property. Unfortunately, most home insurance policies will not protect your property from any damages that your dog or cat causes. Damages from pets are your responsibility unless the particular situation is mentioned and covered in your policy.

Common Coverage

Most insurers do not offer coverage to protect your property from pets; however, you may have liability protection in case your pet causes damages to another individual’s property or injures a guest in your home.

Coverage that is related to a dog or cat may be limited, so read your plan thoroughly to determine the situations that are protected. Generally, you will not have protection against common damages to your personal property, so it is best to train your pets to limit the risks.

Differences Between Policy Options

Even though many insurers may not offer protection against damages that your pets cause to your home, it is possible that some insurers may offer solutions to help ensure that your home is safe.

Determine your current protection plan by reading your policy and learning about the situations that are covered. In some cases, you may have slight coverage for damages caused by a dog or cat if it meets certain situational factors. Otherwise, it may be necessary to purchase additional protection to ensure that your house is property protected.

Dogs, cats and other pets can cause damages to your home, but that does not always mean that you have no options. Depending on the plan that you purchased, it may be possible to seek assistance for the repairs. Contact us to talk to an agent for more details.

Is double indemnity a standard provision of all life insurance policies in Laurel, Maryland?

Posted on by AgentInsure

Although for some years, double indemnity was often a standard provision of most life insurance policies in Laurel, Maryland and everywhere else. However, in modern years, this benefit is typically offered as an optional add-on to life insurance policies for an additional premium.

Double indemnity is a provision in some life insurance contracts that requires the carrier to pay up to double the amount of the policy if you die because of accidental causes. Historically, companies paid the amount of a standard policy times two. For example, a $50,000 death benefit would be increased to $100,000 if the insured died by accidental means, including murder, but not suicide.

In more recent times, the term double indemnity term is often a misnomer, as your beneficiaries often receive somewhat less than double the policy face amount. Multiple indemnities would be a more accurate term. However, double (or multiple) indemnity is no longer a standard provision of most life insurance coverage.

Increased payouts for accidental death are more commonly low-cost options that you can add to your coverage. Many companies offer separate accidental death policies in addition to this optional coverage. Accidental death policies are also inexpensive, since the statistics that you’ll pass away from a covered accident are very low.

Almost all of this coverage, whether add-on or separate policy, does not apply to suicide, you’re proven gross negligence or death by natural causes, such as disease. Although demise by murder is typically an accident you’d like to avoid, some double indemnity coverage also excludes this cause. Some accidental death policy language specifically states those accidents that are covered, excluding all other causes.

When you’re interested in or have questions about adding double indemnity or accidental death provisions to your life insurance policy, contact your trusted independent agent in the Laurel, Maryland or Washington, District of Columbia area. You’ll get all the answers and explanations you need from us, your independent agent, along with multiple online quotes from our insurance companies.

How much does my home need to be insured for in Laurel, MD?

Posted on by AgentInsure

When thinking about how much insurance you need for your home in Laurel, Maryland, you should always think about the worst case scenario. Will you be covered if the worst happens and a fire burns your house, and all of the contents inside, down to the ground? In addition to worrying about your dwelling and all of your personal property, your homeowners insurance should also provide adequate protection against liability.

When you have a mortgage on a home in Laurel or in nearby Washington (District of Columbia), your lender will require you to carry homeowners insurance on your dwelling that is at least equal to the amount you owe on he mortgage. For many reasons, you may want to have more than the absolute minimum.

Liability coverage is a very important part of a homeowners policy because if someone gets seriously hurt or even dies while on your property, your liability could be enormous. If you have inadequate liability insurance, you could lose your house and any other assets that you may have.

You should also make sure your home in Maryland or the District of Columbia has the right type of home insurance. You want to be covered with replacement cost insurance and not insurance based on depreciated value. As an independent agent, we have seen many instances where people got burned when they had to file a claim and did not have replacement cost home insurance.

If a covered peril ruins your 5-year old mattress, you will get a cash payment equivalent to the current market value of a used, 5-year old mattress. If you were insured with replacement coverage (at a slightly higher premium), you could go to the store and get a similar, brand new mattress.

Always think about replacement cost and the cost to rebuild. Construction and material costs can be double or more of the amount when you bought your home. Your home insurance should be enough to build the same house today that you originally built twenty years ago.

We are always here ready to answer any of your questions about home insurance. Please give us a call and an independent agent will make sure you get the homeowners policy you need at a price you can afford.

How can I insure my home-based business in Laurel, MD?

Posted on by AgentInsure

Owners of Fortune 500 companies aren’t the only ones who need business insurance. If you operate a business from your Laurel, Maryland home, no matter the size, you will find that insurance is critical to protect you from loss. One lawsuit or accident that damages your home office can cause you to go bankrupt or cause a major setback. The following types of insurance keep your business covered in times of emergency.

Liability Insurance

Liability insurance protects your business from a lawsuit in the case that you accidently cause loss for a client, employee, or business visitor. If a visitor to your home gets into an accident and is injured, liability insurance steps in to cover the medical bills and protect you from incurring any financial burdens.

If you are a doctor, lawyer, or other type of licensed professional, then professional liability insurance for your business is a must. This form of coverage will protect you from accusations of negligence that might be made by your clients.

Product liability coverage is another form of liability coverage that protects you from lawsuits that might arise if a product that you design or fail causes injury or damages another person’s property. This form of liability coverage is essential if you develop, manufacture, or supply any type of product from your home.

Business Automobile insurance

If you use a vehicle to conduct business from your home, be sure to note that your regular auto insurance policy might not cover your losses if you get into an accident. If you are conducting business when you are involved in an accident, you will typically need business automobile insurance to cover the damages to your car and any items or equipment that are associated with your business.

How an Independent Agent Can Help

Because every business is unique, the types of commercial coverage you will need for your home based business will vary. If you contact us today, an independent agent can help you assess the insurance needs for your business.