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

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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?

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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?

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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?

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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?

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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?

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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.

I own a business in Laurel, Maryland that has been forced to shut down because of a power outage. Am I covered for these losses?

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A power outage is a very serious problem for businesses around the country as it causes them to shut down. In some states businesses are affected by brown outs from time to time and can be a real problem for companies with merchandise that expires. To help protect themselves from power outages and other perils a company will buy a business policy. Here are some things about business policies that you will want to know.

What Your Business Policy can Do for You

  • One way that a business policy can help you is by providing coverage in case the power goes out. A company can lose a lot of money when they are without power so the policy will cover the losses in cases with no power.
  • If your company uses vehicles to service customers, then your policy can cover the auto risk exposures that you can face as a result of having a fleet of vehicles.
  • You can also have liability protection from possible lawsuits from people that have been hurt at your companies location. All someone has to do is slip and fall and you could be facing a lawsuit for injuries. Your policy will help cover these kinds of exposures.
  • Your commercial insurance policy will also cover dwelling losses. If your building is lost to a fire or other covered peril in the District of Columbia or Washington, then you policy will have the power to help rebuild the premises.

If you have any questions about your commercial insurance policy in Laurel, Maryland, then you will need to contact your independent agent today. As your agent we can help you get a policy to fit your needs. We can also answer any questions that you may have.

What are the ways to help get the cost my home insurance premium lower in Laurel, MD?

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Almost every year, the escrow amount on your home mortgage changes. It usually goes up because either your taxes increased or your homeowners insurance premium increased. There is not too much you can do when the local government in Laurel, Maryland or Washington (District of Columbia) decides to increase property taxes, but, there are things you can do to lower your home insurance premium.

Insurance companies like it when you take good care of your home and do regular maintenance. Everything from keeping your lawn cut and trimming your trees to adding a new paint of coat can enhance the value of your home. While a little tender loving care is always good, insurance companies will usually not reward you unless what you do will reduce the chances that they will have to pay out a claim.

One of the ways you can get the cost of your home premium to go down is to get a new roof. If your roof is twenty years old, it may only have a few more years of useful life before it begins to fail. The chance of your insurance company having to pay out a claim because of a faulty roof will be lessened if you install a brand new roof. You may get a five or even ten percent break on your premium when you replace your old roof.

Another of the ways that homeowners save money on their home policies is to install safety equipment such as smoke detectors and burglar alarms. You could also lower your premiums by installing storm windows and doing certain upgrades such as adding a new furnace.

If you would like to know more ways you can lower your homeowners insurance cost in Maryland or the District of Columbia, please give us a call. An independent agent will be happy to offer some suggestions and get you some quotes for your home.

I purchased a term life insurance policy in Laurel, MD, which has expired. Shouldn’t the company refund some of my money since no claims were ever filed?

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When you purchase a term life insurance policy in Laurel, Maryland, you are buying life insurance for a specific amount of time. If you should die during that period of time, and have paid your premiums according to the terms of the contract, your beneficiaries will be able to collect the face amount of the policy. You are covered from the day the policy is issued until the day that it expires.

Many term life policies can be twenty years or even longer in length. If you are fortunate enough to remain alive and in good health when the policy expires, you should count your blessings. But, normally, you should not expect to get a refund because you did not exercise the benefits of your term life policy.

If you live in Washington D.C. and purchased a term life policy in the District of Columbia, your policy came with certain features. All term life policies provide a level premium throughout the life of the policy. The rate you pay depends on the amount of coverage you seek, your age, and your health.

When the insurance company calculates the premium, it is based on the chance of you dying at any point within the term of the policy. The reason why The incidence of claims that are paid on term life policies is far lower than that of whole life policies.

While most term policies do not refund money after the term has expired, that is not always the case. You can buy a term life policy that includes a provision for a refund of some or all of your premium when the policy has expired. This return of premium is a rider or addition to the standard term policy and is not free.

As your independent agent, we can get you quotes on term life insurance from a number of highly regarded insurance companies. For some people, it is worth paying a little higher premium to get a refund of some or all of their premium. Please give us a call and an independent agent can further discuss the refund option and any additional costs.

I Am Currently Insured with Another Company for My Home in Laurel, Maryland and It Is Paid Throughout Our Escrow, But I Want to Switch to Other Insurance in MD. What Do I Need To Do?

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Individuals with Laurel, Maryland, Washington, including the District of Columbia have numerous options when it comes to affordable, quality insurance policies. Individuals who wish to switch policies can easily work with an independent agent to determine which new policy or provider is ideal for their specific needs. Then, he or she can make arrangements to switch plans with the escrow provider.

In many situations, escrow is established by your lending agent. Most home loans require full coverage on your own. To help protect the lender, it will often require or provide an escrow service. In this service, the consumer pays a bit more than his or her monthly loan payment to the lender each month. The funds collect in an escrow account and then are paid out to the insurance provider when the bill is due.

To make changes to your insured home policy to the other company, the first step is to find the new insurance policy for your home. It must meet all requirements established by your lender. Once you have the new policy, contact your escrow company or mortgage lender and inform them of the change. In some cases, when you are currently paid up to date, you may need to switch the policy with the original insurance company as well (simply by informing that company that you are switching to a new one.)

The escrow company will then begin collecting, holding, and paying the new company when the debt comes due. It is advisable not to make this change in the days or week leading up to a payment if at all possible. In that case, you may need to request a refund for any insurance paid in advance to the previous lender. Again, the insurance companies and your escrow company can help you with this process.