Understanding the Three Most Common Types of Auto Insurance

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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

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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.

Breakdown: How Commercial Insurance Helps When Things Go Awry

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Our local Laurel, MD businesses rely on a marriage of hardware and software to run efficiently. No matter how big or small your company is, chances are you’re dependent on machinery, technology, and communications to keep things going smoothly. But what happens when one of these crucial components stops working? This is a time when a solid commercial insurance policy from Mid Atlantic Insurance Financial can become your life saver in a sea of troubles.

Commercial Insurance for Hardware

Even though you may already have minimum coverage to insure your commercial property and vehicles, that may not be enough protection when your most important hardware breaks down. You may be asking "what exactly is hardware?" or "why do I need to insure it?". Simply put, "hardware" is any physical piece of equipment that you use in the daily running of your business. Hardware can include large machinery used for fabrication, smaller equipment or tools, or even physical components of computers and other office equipment such as printers or copy machines. It’s important to consider how much loss you might encounter should any of your vital hardware break or malfunction. Does your current commercial insurance policy cover repairs, replacements, or time lost?

Commercial Insurance for Software

In the digital age, most companies need a robust cyber presence for success. Unfortunately, the programs that run daily business needs can encounter complex threats that can severely hinder your productivity. Insuring your business software means you’ll be protected if your computer network falls victim to malware, viruses, or even data breaches that can interrupt or even stall your work completely. 

Located in Laurel, MD and having trouble determining the correct coverage of your business? Contact Mid Atlantic Insurance Financial today and let us provide you with certainty!

Does Life Insurance Cover Non-traditional Burial Costs?

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Life insurance is something that we often forget to worry about until it is too late. For the most part, your life insurance policy is going to be used by your beneficiary to cover the end of life expenses and to settle any accounts that you leave. These policies can also cover other costs. For those that live in the Laurel, MD area, the agents with Mid Atlantic Insurance Financial can help you to find the right life insurance policy for you.

In most cases, your life insurance policy is going to cover whatever it is that your beneficiary decides to spend it on. Unless you buy specific burial insurance or insurance that is meant only to cover final expenses, your beneficiary can use the policy to pay whatever they want to pay. This means that if you want to be cremated and buried at sea if you want to be buried in a natural grave with no embalming, or if you want some other non-traditional burial, your beneficiary can use the funds from your life insurance policy to cover the cost of that burial.

Your beneficiary, unless there are specific stipulations put on your life insurance policy, is going to have the ultimate say in what the funds from your life insurance policy payout are used for. You can delegate what you want the funds to be spent on, you can prepay for end of life expenses, or you can put the trust in the hands of your beneficiary to do what you want to be done with your life insurance funds.

For those that live in the Laurel, MD area, the agents with Mid Atlantic Insurance Financial can help you find the life insurance policy that works best for you, for your beneficiary, and for the end outcome you want to see.  

4 Ways Homeowner’s Insurance Protects Your Family

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You already know you need insurance on your Laurel, MD home, but do you know exactly what your policy does to help out in a catastrophe? Our Mid Atlantic Insurance Financial team has put together this short post explaining the importance of property insurance. Here are three ways homeowner’s insurance protects your family.

#1: Protection Against Fire and Theft

While the policy itself can’t keep a fire from breaking out or something breaking into your home, your insurance can protect you if one ever happens. Even small kitchen fires require thousands of dollars in home restoration work due to smoke damage. Replacement of personal property after a break-in can easily become expensive. Having insurance can help alleviate the cost of undergoing this type of process versus having to pay for it yourself.

#2: Rebuilding After Major Damage

An event that causes major damage might require the rebuilding of your home. Homeowner’s insurance protects your family by offering the ability to replace damaged parts of your structure without having to pay for those costs yourself. In the event of a catastrophic incident, this can be an absolute lifesaver and a real benefit to your peace of mind.

#3: A Place to Stay After A Catastrophe

After a major incident, you’ll need a safe place for your family to stay. Most homeowner’s insurance policies cover the costs of either staying in a hotel for the short term or finding a suitable rental home during a major rebuild of your home. By having proper insurance, you can keep from paying for this type of lodging out of your own pocket.

Mid Atlantic Insurance Financial proudly serves the Laurel, MD community and surrounding areas. Please contact us today to schedule an appointment or for a no-obligation coverage review.

3 things to know about car insurance

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Insurance experts will often tell you to purchase as much car insurance as you can afford. Well, that’s pretty off especially for individuals owning cars for the first time. Unless you are well-informed about how auto insurance works, it is easy to feel overwhelmed over what to buy and what to skip.

However, according to Mid Atlantic Insurance Financial, there are three crucial things you should know about car insurance. This will help you determine what coverages are best for you. 

1. Some of the most useful coverages are the cheapest!

In the insurance industry, let no one lie to you that ‘cheap is expensive.’  Every state has the minimum auto insurance coverage every driver is required to have. This requirement ensures that the essential areas of your car are protected. Keep in mind that the type and price of your vehicle also plays a critical role in determining your coverage limit.

2. Many factors can affect your car insurance rates.

If you own a car in Laurel, MD, then you probably have come across various auto insurance companies with varying insurance rates. All these companies have different ways of evaluating an insurance application. For instance, at Mid Atlantic Insurance Financial, we have several guidelines that, we follow that help to arrive at certain conclusions.

3. You pay more in the long run if you allow your policy to lapse.

The law, as well as all auto insurance companies, view drivers who aren’t licensed or insured as irresponsible and risky. For this reason, you are likely to pay more if you let your insurance policy lapse. It is a penalty to ensure that drivers have insurance coverages at all times.

For quotes or policy inquiries, visit us at Mid Atlantic Insurance Financial in Laurel, MD today.

When to Consider Commercial Insurance

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Whether you have just opened a business or you are thinking about it, you are likely trying to figure out if now is the time to get commercial insurance. Here at Mid Atlantic insurance Financial, serving Laurel, MD, we know how valuable commercial insurance really is. We want to make sure you are as covered as possible because you never know when something will happen that you cannot control. Use these tips to help determine if now is the time to purchase commercial insurance. 

  • Has your business opened? If you are still in the planning phases, you really do not need to have commercial insurance quite yet. However, if you do have a business in operation and do not yet have commercial insurance, you should at least consider getting a basic policy to get you started. You have put a lot into this business and you need to protect it. 
  • Do you have employees? If you do, then it is definitely time for you to get some commercial insurance. You do not want to run into an issue that impacts an employee without insurance because it is something that could bankrupt you. 
  • Do you have machinery or other physical items? If so, this is another reason to get a commercial insurance policy. If your business relies on those items, you want to make sure they are covered so they can be replaced if anything were to happen to them.

Now that you have a better idea of when to purchase, if that means that you need to get started, be sure to reach out to us here at Mid Atlantic Insurance Financial, serving Laurel, MD, today. We can help you find the perfect customized policy to fit your needs and we will also work with your budget. 

Should I buy whole life or term insurance?

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What kind of insurance you should buy, and how much, will depend on several personal factors, including your age, position in life, health, etc. Having a safety net for your loved ones is important, though, so it is important to learn as much as possible so you can make the best decision. If you are in Laurel, MD, you can always get advice from Mid Atlantic Insurance Financial, where we will be happy to discuss your options with no obligation.

Advantages of Whole Life Insurance

This kind of insurance is also called permanent insurance and will last for as long as you continue to pay the premiums. Both whole life and term life offer lower premiums when you are younger, and you can lock in a good price when you are young. Whole life policies have a cash value, and the money you pay every month in the form of a premium adds up. You can borrow or withdraw that money, which is yours, or let it accumulate.

Advantages of Term Life Insurance

Term life insurance will cost less, pretty much across the board. It is a simpler kind of insurance, only offering a benefit when you die. It is also called term life because there is an ending date, and after the end date you will not have the money or the policy anymore. For many people, it is adequate, because they need the assurance of knowing that if something were to happen to them there will be money available to their families to get through their time of grief without worry.

It may seem confusing, and but at Mid Atlantic Insurance Financial we have helped people at every stage of life to find the right policy. If you live in Laurel, MD, please feel free to call today with any questions.

What happens if there is a fire and I don’t have an inventory?

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Even in beautiful Laurel, MD, incidents can happen such as fires or burglaries that could cause you to suffer great losses. When you get a homeowners policy through  Mid Atlantic Insurance Financial, you never really think anything bad will happen. 

That is one of the reasons so many people never make the suggested inventory of their belongings. It seems like a lot of work, and if you’re lucky, you will never need it.

Tracking Your Belongings 

Most of the insurance policy is covering the property itself, and unless you have extra coverage for particularly valuable items, your personal belongings will be insured for a much smaller amount. 

When you make an inventory, you have a list that you can provide if you suffer a loss. With a burglary, the list helps the police too, because they can look for the items if they are being sold by the thieves. 

When you don’t have the list, with the serial numbers and details of the items, and don’t have a really good idea of what was missing or destroyed. You may not recover your losses because you simply don’t remember what you had. 

Making an Inventory Isn’t So Bad 

There are some helpful tips for people making an inventory. First, you obviously want to keep the list somewhere safe so you can still access it in a disaster. 

Another great tip is to make a video where you list your belongings, room by room. That way you can break the job down into easier steps.

If you live in Laurel, MD, don’t wait to do an inventory until it’s too late. If you need any help or want to talk about your homeowner’s policy, please feel free to call Mid Atlantic Insurance Financial today. 

What Are The Different Types Of Auto Insurance?

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The world of auto insurance can seem like a confusing one.  There are many different options and types of insurance to investigate.  For the uninitiated, this can seem a bit overwhelming at first.  Laws and minimum insurance requirements vary from state to state, but they’re all pretty similar.  No matter if you live in Laurel Canyon, CA or Laurel, MD; all of these types of insurance are offered everywhere.

Collision insurance is usually the first thing offered in an insurance policy.  There are a few different kinds of collision insurance available.  Bodily Injury To Others (BITO) covers what that implies, with different limits or caps on what the insurance provider pays out.  Personal liability (PL) is damage to someone else’s property (eg: crashing into someone’s house or mailbox) with similar limits on coverage put in.  

Personal Injury Protection (PIP) covers yourself and your own medical bills due to injury in an accident.  The last facet of collision insurance is Bodily Injury caused by an uninsured car.  This covers you in case you end up in an accident with an uninsured motorist.  It’s illegal to drive on the road without insurance, but there are motorists who still do this out there and it’s always smart to be covered in this case.

The next word that usually sits by "Collision" in the insurance policy is "Comprehensive".  Comprehensive insurance covers your car for everything else that your collision insurance doesn’t cover.  For instance, a heavy thunderstorm strikes your area and it produces baseball-sized hail.  That hail damage (dents, scratches) to your paintwork and bodywork of your car would be covered under your comprehensive insurance.

You can find out all about these options and more at Mid Atlantic Insurance Financial located in Laurel, MD.