Different Kinds of Life Insurance

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Life insurance is a valuable investment for you and your family. It helps protect them when you are no longer around. However, there are different kinds of life insurance options out there, which is why we at Mid Atlantic Insurance Financial want to make sure you are educated on the potential opportunities available to you, whether you live in Laurel, MD or the surrounding area. 

Term Life Insurance

This is a straight forward form of life insurance. It only pays out what is known as "death benefits" as it requires the policy holder to pass on in order to pay. This does make term life insurance more affordable though, so if you’re on a budget or are not interested in the potential of withdrawing your investment early, this is usually the way to go. Term life insurance can also be purchased for set periods of time, such as 10, 20 or 30 years. 

Permanent Life Insurance

Permanent life insurance does vary from term life in that you can opt into not only death benefit protection, but there is an associated cash value to the life insurance policy. There is no time limit for when the insurance policy expires or is no longer good. As long as the premium is always paid the life insurance will stay active. There are several smaller categories of permanent life insurance available. 

Taking out a life insurance policy is one of the most important investments you’ll ever make. It provides your family with the protection they deserve while ensuring your peace of mind. There are different kinds of life insurance options out there, so if you ever have a question in Laurel, MD, make sure to contact our team at Mid Atlantic Insurance Financial. We are here to help. 

Survive Damage Due to Storms with Commercial Property Insurance

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Your Laurel, MD house isn’t the only building that can be damaged during a severe summer storm or even a rare hurricane. Mid Atlantic Insurance Financial can help your business recover from the trauma of a sudden hail storm, blizzard, or torrential downpour with quality commercial property insurance.

Fix the Roof and Replace Equipment

Flat roofs are just as likely to be ripped open during a tornado as your suburban house’s shingled roof. Water can pour in from the gap, wreaking havoc among computers and factory machinery. Your commercial property insurance will be able to compensate you for the emergency repairs to the roof, walls, doors, and windows while providing assistance in getting the bones of the business back on track. Maintaining a current inventory of capital equipment with proper valuation is key to expediting any claim.

Get Back to Standard Operations Quickly

If you skipped talking to an insurance agent, you may have ended up with holes in your commercial property policy, which results in costly delays. When you have sufficient coverage with the right company, you can enjoy expedited response allowing you to focus on the task of cleaning, repairs, and restoring your business back to daily operation without pause. That means positive cash flow can be restored sooner.

Expected Expense Defends Against the Unexpected

It’s good business to have controllable costs that recur on a regular base. However, disasters do happen. By ensuring your Laurel, MD commercial property is protected against the unexpected, emergencies can be turned into simple bumps in the road, instead of life-altering situations. Talk to your agent with Mid Atlantic Insurance Financial to ensure that you have all the needed coverage in place to turn that severe summer storm into nothing more than a passing shower.

 

Breaking Down the Rate: What Factors Are Used to Determine Auto Insurance Premiums?

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Auto insurance premiums include a lot of risk assessment and analysis as well as cost evaluations. Mid Atlantic Insurance Financial in Laurel, MD uses all of these cost evaluations, risk assessments, and driver information to get you an insurance policy to fit your specific needs.  If you currently quoting your insurance policy, you may find yourself asking, "exactly what factors go into determining a rate premium?" 

Your Credit Score

Maintaining a good credit score is important in many aspects of your life, and car insurance is no different.  Claims reporting has shown that drivers who maintain a higher credit score file insurance claim less frequently than those who may have fair to bad credit.

Your Past Driving Record

One of the largest factors that help to determine your premium rate is your past driving record.  If you have a past history of speeding tickets or at-fault accidents you will usually be charged a higher rate as you will be considered at higher risk for a claim.  Most insurance companies use three years of driving history when determining rates.  If you have severe risk factors, such as DU’s or reckless driving, you could pay significantly higher rates.

How Much Annual Mileage You Put on Your Car

The more miles you put on your car each year, the more likely you are to end up in a motor vehicle accident.  Less time on the road means you are less likely to file a claim and your insurance company will reflect this risk in your monthly premium.

Your Age

Statistical data has shown that differing age groups are more likely than others to get into car accidents.  More mature and experienced drivers are often more likely to be better defensive drivers and react faster.  Therefore teenagers and young adults will garner the highest premium rates.  

The Kind of Car You Drive

There are three main factors insurance companies look at when it comes to the kind of car you drive.

  • The Cost of Repair and Replacement – Your insurance company will look at what the parts will cost in the event of an accident as well as replacement value if and accident results in a total loss.
  • Safety Features – Your insurance company will look at the features that can protect the driver, the car, and the passengers in the vehicle.
  • The Amount of Damage it Can Cause – Cars that have a higher chance of inflicting significant damage in an accident will typically see higher rates in their liability insurance.

Your Selected Coverage

A significant portion of your premium will be determined by the features and coverages that you choose with your policy.  Lower deductible rates, replacement value, and towing and rental reimbursement are all features that can increase your monthly premium.

If you are looking to find ways to reduce your current insurance premium, or are shopping for a new policy, contact the experienced agents at Mid Atlantic Insurance Financial in Laurel, MD today for an estimate.

 

 

Tips for Adding Equity to Your Home

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You do not have to spend a lot of money to add equity to your home and increase its value. Whether you are interested in raising the price of your home to sell it or are exploring your options, it is good to know some of the easy things you can do in your home. Use these tips from Mid Atlantic Insurance Financial, serving Laurel, MD, to increase your home equity without spending a ton of money. 

  • Modernize your kitchen. Depending on what your kitchen looks like, you can give it a facelift for under $5,000 and get a return of a 3-7% increase in your home equity. You can do things like changing your cabinets, add some backsplash, change the fixtures, and even put in some new appliances. This can change the entire look of the kitchen and can provide you a great return. 
  • Paint some rooms. You do not have to repaint your entire home but you should consider repainting the rooms that have the most damage. If a paint job still looks great, you should not touch it unless you want to change the color. This can cost less than $1,000 and provide you with a return of 1-3% in equity.
  • Upgrade your curb appeal. Sometimes buyers will not even look inside a home if the exterior looks bad. Take some time to make your exterior look better and you could increase your equity by 2-5%.

Whether you are looking to sell or you are just looking for ways to increase equity for the future, these are some great ways to get started. You should also always have a great home insurance policy to ensure that your investment is always protected. Contact Mid Atlantic Insurance Financial, serving Laurel, MD, to learn more about your options and get some free quotes. 

How Often Should You Change Your Auto Insurance in Laurel?

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Your auto insurance doesn’t necessarily need to be updated constantly, but it’s worth thinking about from time to time. At least once a year, you should make a short list of things to consider about your car and your driving lifestyle in Laurel, MD. Find out more about the more common reasons to do so from Mid Atlantic Insurance Financial. 

 Getting More from Your Policy 

When you buy your policy based on price in Laurel, MD, you may end up paying far more than you ever wanted. The bare minimums can put you on the hook for property or medical charges you could never afford, so it might be time for an update if that’s the policy you’ve chosen. When an accident exceeds your limits, you’ll have to pick up the slack straight from your own bank account. The same is true if you’re in a hit-and-run accident. You’ll be responsible for paying for the damages if police are unable to find the person who hit you. Buying additional coverage to cover events like these when you have the chance may bet the smartest thing you could do. 

Additions and Changes 

People love to make their car more fun to drive in. Whether that’s by adding a better sound system or by purchasing expensive and flashy rims, it means that your car is now worth more than it was before. Mid Atlantic Insurance Financial can give you more tips to consider when you’re thinking about updating your coverage. Our staff is here to give you personalized advice that can make you a more responsible car owner and driver. If you’re thinking about reviewing your policy, give us a call today to find out more about our rates and our services. 

What Happens When a Party Guest is Injured on my Property?

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Party With Caution

One of the joys of owning a home is the freedom to invite friends and relatives over for parties whenever an occasion calls for such. However, parties that involve friends of friends and people you may not know can go south quickly when a party goer is accidentally injured on your property. What you may find out quickly is that you may be at fault for a significant amount of money if you don’t have the proper coverage included within your policy. Your insurance experts at Mid Atlantic Insurance Financial serving Laurel, MD will assist you in determining the type and level of insurance needed to ensure that you don’t find yourself in a situation like this. 

Be Aware of the Potential Dangers in Your Home

As a homeowner, it is important to realize what parts of your home may pose an injury risk to house guests. This is especially true when children are involved. Children tend to be unpredictable at times, especially during the excitement of a party. What may seem like a safe part of a home for an adult, may be extremely dangerous to children. This can include stairs, heavy furniture that isn’t anchored to a wall, or exposed electrical outlets for younger children. Speaking with your Mid Atlantic Insurance Financial agent and sharing details about your home will guarantee that your insurance agent will help you make the best decision.

Pool Owners 

 Homeowners in Laurel, MD with a pool should consider liability coverage a necessity as part of a home insurance policy. Due to the unpredictability of others when it comes to using a pool, homeowners can never be too cautious when it comes to this part of their home. Working to ensure that your pool is as safe as possible, at all times will prevent most accidents, but nothing is ever fooled proof. Being sure that you have the proper coverage included within your home insurance policy will prevent the severe damage of any party fouls.

5 Reasons You Need Home Insurance in Laurel

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Home insurance is something most people buy because they feel they have to. They only find out how necessary the purchase was when something goes wrong and they’re forced to deal with the consequences. If you live in Laurel, MD though, Mid Atlantic Insurance Financial can help you understand why you should answer any questions you have now. 

1. Support With No Strings 

When bad things happen, you may be forced to rely on the kindness of your loved ones or a neighbor. While it’s excellent to have resources to turn to, it’s also nice to be self-sufficient. Having home insurance can fill in the gaps when you need it most. 

2. Better Home Prices 

When you sell your house, home insurance is part of the other careful maintenance you’ve done to improve your property. Buying more coverage is similar to picking out more expensive bathroom fixtures when you’re remodeling. 

3. Better Safety 

Neighborhoods that look great tend to be avoided by the criminal element. When everyone is aware of what’s happening on their property, there’s less of a chance you’ll experience a break-in. 

4. Random Scenarios Can Be Covered 

If your mailman slips on your top step and injures his back, you can be covered if he tries to sue you. There are a number of things that can happen on your property, and home insurance can fight against practically all of them. 

5. You Have Someone to Call 

Mid Atlantic Insurance Financial can help you figure out all of these facts and more, both now and if something goes wrong. For a quote or to have your questions answered, call us today to speak to an agent who can help you decipher what you need and what you don’t in Laurel, MD.

Prepping your vehicle for warmer weather driving

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Just as you winterized your vehicle, early spring means another round of special maintenance to keep your vehicle running smoothly and safely. So, spring into warmer weather driving with these simple tasks.

* If you put winter tires, also known as snow tires, on your vehicle, take them off now that the weather has changed. You need to switch back to normal tires for warmer weather. They better withstand the road heat of late spring and summer.

* Inspect the tread on your regular tires. Use a penny. Insert it in the center tread. If you see the top of Lincoln’s head, replace your tires. If you see between the beginning of his forehead to his eyebrows, your tires have good tread. Conduct the test on each tread.

* Have an all fluid check conducted. Get an oil change. 

* If you installed winter windshield wipers, now is the time to switch back to regular wipers. The heavier winter wipes make your car work harder to clear the windshield. They are also designed for solid substances like ice and snow. Regular wipers clear rain better.

* Get a tune-up. Have a mechanic check the battery, starter, the engine mechanical, powertrain control, fuel, ignition and emissions.

* Check the hoses and belts. A small tear or worn spot on a belt makes your car work harder. That means it uses more gas and creates more engine wear and tear. Spending a few dollars to replace a hose or belt at the first sign of wear can save you hundreds down the line. 

We at Laurel, MD, Mid Atlantic Insurance Financial hope these tips help you spring safely into warmer weather driving.

Does Getting Married Have an Impact on Your Auto Insurance Rates?

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Your wedding day is one of the biggest days in your life. You are making a pledge to be with someone for the rest of your life. But after getting married, the happy couple may find themselves busy combining their lives together. The bride may change her name with social security and with her local DMV. And the couple may change their life insurance policies and bank account information. If you have recently gotten married, a trip to your auto insurer may also be warranted following the wedding.

After getting married, you and your spouse may want to combine your auto insurance policies, if you have not already done so. Adding two cars to one insurance policies, rather than having separate policies for each car, is often cheaper. In addition to combing your auto insurance policies and starting one together, both you and your spouse may be eligible for a married couple discount. Many people do not realize that married individuals pay a bit less for auto insurance than those with similar cars and driving records who are single. You may find yourself wondering why this is.

Plain and simply, studies have shown that those who are married are less likely to get in an automobile accident than those who are single. As such, your risk factors are lower when you are married. The auto insurance company can then pass along a discount your way thanks to your reduced risk factors.

If you are looking to save some money on your auto insurance policy, Mid Atlantic Insurance Financial, serving the greater Laurel, MD area, can help. You offer fair and reasonable rates and will let you know what discounts you may qualify for. To get a price quote, give us a call now.

Minimum Auto Insurance Requirements for Maryland Drivers

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Like many other states, every driver in Maryland is required to purchase auto insurance, or they could face stiff penalties. They’re also required to carry a minimum amount of liability coverage, which includes both property damage and bodily injury. And these amounts are $15,000 and $30,000 respectively. Maryland drivers are also required to carry a minimum of $60,000 in liability coverage for two or more people.

If you’re planning to move out of the state of Maryland or are planning to cancel your auto insurance policy, you are required to return your license plates to an MVA branch office, and you may have to provide your registration and other information in certain circumstances. This will apply if you are planning to move in or out of the state.

If you’re new to the state of Maryland or are in the market for an auto insurance policy, Mid Atlantic Insurance Financial in Laurel, MD has quality agents who have served the area for many years, and we have a variety of carriers from which to choose. So, you can be sure to find a policy that will meet your needs and fit your budget.

Penalties for Driving Uninsured in Maryland

Maryland drivers could face certain penalties if they don’t have an active auto insurance policy that meets the state’s minimum coverage requirements, which can include fines or a suspension of their auto registration. Their vehicle could also be impounded, and they could receive a citation from a law enforcement officer.

It’s against the law to drive without auto insurance in the state of Maryland, so it’s important to keep an active policy at all times. Otherwise, you could face the following penalties:

•    A $150 fine for the first 30 days, and an additional $7 for each one after that (with a maximum fine of $2,500).
•    A suspension of your vehicle’s registration and it could be impounded if you drive while it’s suspended.

If you don’t respond to any insurance notification from the MVA, your case will be transferred to the Central Collection Unit (CCU), and it will result in a 17% collection fee and an interception of your most recent income tax return.

Be sure to speak to an agent at Mid Atlantic Insurance Financial in Laurel, MD. We can help you get an auto insurance policy that will meet Maryland’s minimum state requirements, and we can get it to you at a price that you can afford.