Will My Auto Insurance Cover Modifications?

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Are you planning to custom-paint your car or add major modifications like a supercharger? Car customization often brings automobile insurance ramifications. As a result, you will need a special insurance policy from an insurer like Mid Atlantic Insurance Financial in Laurel, MD since your regular auto insurance may not cover the modifications. 
 
Modifications covered/not covered by a standard policy
 
Vehicle customizations are not made by the manufacturer and are typically not included in the standard auto insurance policies. There are insurers who regard a vehicle as customized or modified when the body, chassis, or frame is structurally modified, or the value of the custom paint costs more than several thousands of dollars, or the autos performance is augmented considerably. Most insurers will not cover these enhancements except for rims and tires, which you have to provide receipts for. Still, the amount that the insurer will pay may be less than the original cost.
 
The coverage you require for customizations
 
There are two options you have when ensuring your customized automobile:
 
Supplemental coverage
 
Most insurance companies provide endorsements that offer supplemental coverage for after-market components and modifications. The premium you will pay for the extra coverage may equate to approximately 10 percent of the modification value, although this depends on the insurance company. 
 
Collectible/classic car insurance
 
In case your insurer does not provide the supplemental coverage, you may seek protection from an insurance service provider that offers a classic/collectible automobile insurance plans (which will include modified vehicles).
 
Before you can modify your car, read the existing policy thoroughly and understand the exceptions and exclusions. Talk to your insurer or agent and let them know that you want to make changes to the vehicle. The company will advise you accordingly on your options. If you live in Laurel, MD area, consider contacting Mid Atlantic Insurance Financial for more information.

3 Tips for Running Your Commercial Business the Right Way

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If you have a commercial business in Laurel, MD, then you will definitely want to research various ways to make sure your company is a success. Operating a commercial business can be incredibly time-consuming, but with the right talent and resources, any company can increase its revenue, even if it has had to downsize in the past. For now, here are three tips for running your commercial business the right way.

Use Your Entrepreneurial Spirit

Executives of commercial operations are often in charge of millions of dollars. Some of these companies even have budgets that are in the billions, giving them much influence in today’s economy. If you want your commercial business to be a success, then you must use your entrepreneurial spirit to establish a solid infrastructure. You might start out with a small budget, but as you use your CEO skills to expand your operations, you will start to see that your revenue and budgets start to expand as well. 

Importance of Commercial Insurance

One of the most important things you can do for your company is to purchase commercial insurance. By purchasing this type of insurance for your business, you will be protected from certain damages and lawsuits. Commercial insurance can also help protect you during periods of severe financial loss and may prove itself as a valuable asset that keeps your business afloat. 

Best-In-Class

As CEO, you need to pinpoint the products/services that you have expert knowledge in and then create your infrastructure around these areas of expertise. You can then create manufacturing, marketing, and distribution strategies that allow you to maintain a competitive advantage in the industry you are operating in. 

Contact Us Today

If you would like to learn more about the ins-and-outs of insurance for commercial businesses, please contact Mid Atlantic Insurance Financial serving the Laurel, MD area. 

3 Reasons to Get Title Insurance

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Because your home is likely the largest financial investment you will ever make, taking the proper steps to protect it is imperative. When you initially purchase your home, your lender will require you to purchase a title insurance policy, too.

You may wonder why you want to do this. Learn more here.

It Provides Protection for Your Home as an Investment

Most people don’t have any idea how many things may go wrong with the title to their house. Even if problems occurred prior to the purchase of the home, they can affect your ownership. Incidents related to fraudulent documents, or deeds that were signed by underage grantors or something else, can threaten your title. With title insurance, your investment will be protected.

It’s an Inexpensive, One-Time Fee

When you buy a home in Laurel, MD, the cost for title insurance will be included in the closing costs – that’s it. You don’t have to keep paying for this coverage once you purchase it from Mid Atlantic Insurance Financial – it will be in place as long as you own the home.

It Covers Whoever Inherits the Property

If you plan to leave your Laurel, MD home to your kids, or some other heir in your will, then they won’t have to purchase title insurance again. When you pass away, the property will transfer to them, along with the title insurance you purchased. This will help you save money in the long run.

If you want to purchase title insurance in Laurel, MD, the best thing you can do is contact the staff at the Mid Atlantic Insurance Financial. Find out more about this type of insurance by speaking with the professionals. They will help ensure you get the coverage and policy you need.

 

Choosing the Right Company for Your Home Insurance

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Having home insurance is important for protection and peace of mind, but it’s more than just the policy. It’s also the company the policy is through. Some companies will simply provide more value and customer service than others, so you want to make sure you’re choosing the one you can work with and rely on. Trusting your home insurance company is very important. With Mid Atlantic Insurance Financial, you can get the coverage you need for your Laurel, MD home. That way you know you’re covered, and you don’t have to worry about being financially protected at your home.

Not all policies are the same, and that’s true of companies, too. Since you know there are differences, you want to focus on those differences and find the company and the policy that can provide you with everything you need to keep your home protected. From standard home insurance policies to options that cover more than just the basics, the right insurance company can help you get everything that’s important to you. Then you don’t have to worry about being properly protected, and you can just enjoy your home without concern over financial problems if you need to make a claim or something gets damaged.

By choosing Mid Atlantic Insurance Financial, your Laurel, MD home can be protected the right way. You’ll also have the opportunity to work with your agent when you have questions and can get the information you need to make an informed decision on proper coverage. As your needs change in the future, your agent will also help you navigate the options you have and provide you with choices about the best kinds of coverage in the future. Then you’ll always be up to date and your home will be protected the right way.

Life Insurance: A Plus for Singles

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Life insurance can be a tremendous asset to young, single adults in protecting their interests. In fact, the best time to purchase life insurance is when you’re young and healthy as you qualify for lower policy costs. Here are some of the advantages of purchasing a life insurance policy from Mid Atlantic Insurance Financial as a young, single adult.

Easier to Get Approved

Young, single adults are less likely to have problems getting approved for life insurance as they pose less of a health risk than their older counterparts. Life insurance is also more affordable to buy as a young adult, saving you substantially on your premiums.  

Clearance of Debts

A life insurance policy can come in handy to eradicate debts in the event of your untimely demise. If you took out a loan to pay for your car or college expenses with a co-signer, he or she will be held liable for paying back these loans if anything were to happen to you. This could put your co-signer under tremendous financial pressure. Life insurance benefits can be used to clear outstanding debts so no one is burdened financially.

Provides Financial Assistance to Dependent Family

If you’ve made a commitment to help your aging parents or younger siblings financially, they could suffer financial loss if you were to suddenly pass on. Life insurance can provide a buffer for loved ones who depend on your financial assistance to survive. Benefits from your policy can continue to support your family in Laurel, MD while they recuperate from your loss.  

At Mid Atlantic Insurance Financial, we recognize the important role that life insurance can play in your life. To learn more about life insurance coverage and what it has to offer, contact an agent from Mid Atlantic Insurance Financial in Laurel, MD today.  

Who Needs Commercial Umbrella Insurances in Laurel, MD?

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Significant assets are at risk when a business is sued. If the claim is higher than your insurance coverage, you can lose everything. However, commercial umbrella insurance provides another layer to protect business assets. Keep reading to find out who needs commercial umbrella insurance in Laurel, MD. You can contact Mid Atlantic Insurance Financial at any time for more information.

Do You Really Need Commercial Umbrella Coverage?

You need commercial umbrella insurance if you have a high net worth and significant assets to lose. Another factor is how likely it is for you to get sued. This can be impacted by your career and activities. For example, if you are on the road a lot, auto accidents are more likely, and you are more likely to be sued.

What Umbrella Insurance Covers

You may work in a field where your existing insurance doesn’t have a high enough limit to cover potential lawsuits. Commercial umbrella insurance acts like a real umbrella on a rainy day and protects you from having to pay large lawsuit damages out-of-pocket. It has the same general categories as regular policies but kicks in only when your regular insurance has been exhausted.

  • Bodily Injury. For instance, your employee is working at a job site and causes an accident. that injures another person. Your commercial umbrella insurance picks up where your general liability stops.
  • Property Damage. If your delivery person crashes the company van into an 18-wheeler, your regular commercial auto insurance may not be enough to cover property damages. Your umbrella policy has you covered.
  • Other Kinds of Legal Damages. Umbrella insurance can pay for things not covered by typical insurance policies, such as getting sued for libel or slander. Further, it pays for damages if you are found guilty of privacy violation, false arrest, malicious prosecution and other civil charges.
  • Legal Fees. Commercial umbrella insurance pays for legal fees or court costs if you are involved in a lawsuit. With an umbrella policy, you can hire a great lawyer to protect your assets.

Contact Us

Contact Mid Atlantic Insurance Financial to find out how your Laurel, MD business can benefit from commercial umbrella insurance. You can also set up an appointment to discuss all your estate planning needs or to get a quote.

 

 

 

 

5 Commercial Insurance Policies Every Business Needs

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Business owners in the Laurel, MD area can rely on Mid Atlantic Insurance Financial for all their commercial insurance policy needs. These five policies are recommended to help you keep your business running strong for many years.

  • Commercial vehicle insurance covers your delivery cars, motorized snow plows, and service trucks from accident, theft, and other loss. Whether your business uses one or 1000 vehicles, commercial vehicle insurance is a vital part of your financial protection plan.
  • Commercial liability policies protect professionals in a number of situations. Policies can help you pay for legal costs associated with a lawsuit brought against your business entity. If you are found liable for loss or damage, these policies may also pay for part of any court-ordered restitution. 
  • Worker’s compensation insurance pays for medical treatments and living expenses when your employee gets hurt on-the-job. The state of Maryland requires many employers to carry worker’s compensation insurance.
  • Commercial property insurance covers your grounds and buildings. Fire, theft, and natural disasters are some of the common dangers that trigger these comprehensive policies.
  • Commercial life insurance pays out in the event of your untimely death. The funds allow your business successors to hire temporary help, reorganize, and continue production. It can also be used to pay off loans and outstanding bills, so your loved ones don’t end up being liable for your debts.

These five policies form a safety net that keeps your business assets safe from most potential threats. However, the insurance experts at Mid Atlantic Insurance Financial recommend an additional umbrella policy that fills in the gaps in your overall strategy. Contact our representatives in the Laurel, MD area today to find out more. home home

What Does Liability on Your Home Insurance Do?

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Are you on the hunt for new home insurance for your Laurel, MD property? You might be wondering what the different parts of the policy actually do.  While you know you want to be able to rebuild your house in times of disaster, do you really need or want to carry liability insurance? Mid Atlantic Insurance Financial offers these quick FAQs to help you better understand.

Pays the Bills when Somebody is Hurt

In short, the liability section of your home insurance policy protects you when somebody has an accident in the house or on your property. This can be something like a slip and fall on an icy walk or just bumping their head during a family celebration. Typically the policy will cover their medical bills up to a maximum amount per person and per incident.

Protects Your Savings Account

While you might have some cash put away for a personal emergency, you don’t really want to spend it paying for somebody else’s trip to the ER. With liability insurance, your savings account stays intact and you can keep making the mortgage on time. Not only does your money stay put, but it also protects the injured party from suffering financially.

Keep Your Friends in Trying Times

There is nothing worse than having money come between good friends. If your buddy was hurt in your home and you didn’t have the cash to take care of their bills, it’s possible that your relationship could come to an unfortunate end. Liability would make sure they are taken care of, and then your friend also knows how much you value their friendship by standing by them through tough times.

Make sure to speak with your Mid Atlantic Insurance Financial agent and verify that you have the right liability coverage in your Laurel, MD home or commercial insurance policy.

 

What are the Benefits of Title Insurance?

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Buying a new home, vehicle, or other piece of real property is always a major investment.  Due to the importance of these investments, making sure the asset is properly insured is an important responsibility.  For those that are located in the Laurel, MD area, one important type of insurance that must be obtained is title insurance.  There are several reasons why having title insurance is very important.

Provides Protection

When you purchase a home, vehicle, or other asset, your lender will require that a title search will be completed on the asset.  A title search will confirm whether or not there are any outstanding liens against the asset.  In the majority of situations, any outstanding liens will be properly identified and you will be aware if there are any potential responsibilities.  

While title searches are usually accurate, there are situations in which they can miss an outstanding item.  In these situations title insurance will provide you with coverage to pay for the liens that were missed on the title report.  In most cases, your lender will require you to have insurance coverage up to the amount of the outstanding loan.  

Additional Title Insurance

It may be wise to purchase additional title insurance as well.  If there is a significant lien on the asset, the lien holder could potentially use it to foreclose on your asset.  While the lender will be repaid through their policy, you could potentially lose all equity that you have in your home.  The additional title insurance will be ensure that your equity is protected. 

Due to the importance of title insurance, Laurel, MD area residents should reach out to Mid Atlantic Insurance Financial to discuss their insurance needs.  Mid Atlantic Insurance Financial will be able to explain the benefits of title insurance and make sure that your insurance needs are properly met.  

How to Change Auto Insurance Providers

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When your auto insurance is close to renewal, the easier approach is to stay with the same insurer and continue paying the same premiums as before. Nevertheless, this could prove costly later on. There is always a possibility of getting a better deal when you switch your Laurel, MD insurance provider.

At Mid Atlantic Insurance Financial, we recommend that you shop for a new insurance carrier after every 2 or 3 years. When you shop around, you could end up saving between 5 and 50 percent each year. But when you do find a good rate and make the decision to change your carrier, keep in mind that sloppy transitions often lead to gaps in your auto insurance coverage. Follow these steps to guarantee a successful switch:

Shop Around

Many policies are issued for durations of 6 to 12 months. The best time to start looking for a new carrier will be when:

  • You move to a new state
  • You’re remaining with a month or two before the policy lapses
  • You purchase a new car

When looking to change your insurance provider, make inquiries pertaining to liability protection as well as bodily injury protection.

Establish whether there are Potential Penalties

When you decide that changing your carrier is the ideal move, determine whether you will be penalized for switching before the coverage period comes to an end. Insurers typically allow clients to cancel their policies at any time, but the clients are often required to provide advance notice. If you choose to cancel midterm, inquire from the insurer on the kind of penalties that will be imposed.

Investigate the New Insurer

Thoroughly investigate each insurer before you sign up. Check to confirm if other clients are happy with the way the insurer resolves their claims. Do not just sign up because they are promising lower rates than your current insurer.

Mid Atlantic Insurance Financial provides different auto insurance coverage options in Laurel, MD. Feel free to visit, email, or call our offices for all your auto insurance needs.