Insurance Statistics in Maryland from 2012

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Insurance Statistics and trends for Maryland in 2012 are somewhat complicated to determine. There is a lot that will determine these statistics, such as populace and location. The populace in Maryland and throughout the United States could expect to see a double raise in cost.

Auto insurance fraud is on the rise nationwide and in the state of Maryland. You can expect to see higher statistics and policy rates depending on the population of certain states. Looking back at least four years, rates have been steadily on an increase depending on the amount of fraud cases reported.

Homeowner’s policy rates rose in 2012, due to all of the natural disasters affecting the United States. Natural disasters such as floods from hurricanes on the east coast, wildfires on the west coast, earthquake damages, droughts and extensive snow damage have all put their toll on the amount of home insurance claims processed and paid out. Policy rates are regulated on a state by state basis through that state’s insurance division. Since Maryland is smaller in populace then New York, Maryland’s rates could be lower on average.

Employers and employees in Maryland can expect to pay more out on their health insurance premiums. Rising commercial policies continue to rise for employers and they are in turn passing on these rises in rates to the employee, so that more money is expected to come out of your weekly pay checks. Maryland is not alone in this dilemma as this is going to affect all states. A continued rise in health policy premiums are expected to continue.

The only policy rates that seem to be falling are in the area of life policies. Many people are going without this coverage due to other more pressing financial issues. Life insurance companies continue to see a decrease in rates in 2012. Call your independent agent today for a quote on any insurance needed to help protect your future.

How to Handle Insurance Claims from Hurricane Damage in Maryland

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Those who live in Maryland know that there are many worries about hurricane damage. Damage from a hurricane can be expensive and make a major impact on you and your family. Luckily, many insurance options allow you to protect the investment you have in your home from these terrors in nature. If you are not overly knowledgeable about insurance, you may be a bit confused about how these hurricane claims work. Learn a bit more about these hurricane claims and you can better tailor your insurance to fit your needs.

The first thing to remember is that hurricane coverage is a part of your homeowner’s policy. For the most part, you do not have separate hurricane insurance, it is a rider on your normal insurance. That means that you go about making the insurance claim just like you would any other claim. You will contact your insurance company and they will send an adjuster out to your home to take a look at the damage and help decide what you should receive (if anything) for a payout.

The claims process is actually simpler than most people think. This is even more so the case if you work with an independent agent. Working directly with an agent allows you to have someone on your side that will make certain you are making the decisions that benefit you and your family. An agent can also help you put together a full package of insurance including homeowner’s, auto, workers compensation, life insurance and anything else you may need to feel protected.

If you do not already have an independent agent on your side, give us a call today. We will be happy to look over your coverage and explain the ins and outs of hurricane insurance and other options for you and your family.

Maryland Homeowners: Does My Insurance Policy Cover Flood Damage from the Hurricane?

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Maryland homeowners, like many other homeowners across the United States are finding out that after a catastrophic weather event they did not have adequate homeowners insurance to cover the damages incurred. It is a very sad situation for these homeowners to find out that their insurance company is not going to pay in certain instances, and they thought that they were secure in the knowledge that if any damages were done to their home or personal possessions they would be reimbursed.

All homeowner policies from all companies work on the same basis by offering an extensive list of coverage on a standard policy. If certain damages are not listed on the policy, in black and white, you must consider them uncovered issues. Flood damages from hurricanes in Maryland are another example. There is no standard homeowner’s policy that will pay for flood damages from a hurricane. As a Maryland homeowner you need to be aware that if you want to insure your home for items not listed on your standard policy then you must buy a separate policy, such as a flood policy.

A separate flood insurance policy is not cheap through any company, so if you reside further inland in Maryland and feel there is no risk for flood damage you should consider if you want this added expense. Be aware though, this type of thinking can give you a false sense of security that water damage is not going to touch your home should a hurricane occur, as flooding has happened far inland in Maryland.

If you do not have flood coverage and hear that a serious hurricane is on its way and you are right in its path, do not rush and sign up for flood insurance, because it is already too late, as there is a 30 day waiting period. Call your independent agent today for a flood policy quote.

Should term insurance or cash value life insurance be purchased in Maryland?

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You know that life insurance is an important thing to have, but which kind is right for you: cash value or term life insurance? What’s the difference and which kind do you need if you’re living in Maryland? Here’s a brief overview of the different kinds of life insurance that you can buy:

Term life insurance is only bought for a specific amount of time, or a ‘term.’ Term lengths are typically 10, 15 and 20 years long, during which time you pay the monthly premiums and are insured until the term expires. Once the term is over, you don’t pay any more. You’re no longer insured, though you can buy a new term policy, but the cost will be higher as you’ll be older and the rates to cover you won’t be as low as they were during the first term.

A cash value policy is good for a long as you continue to pay the premiums, or your heirs collect on it. The main difference between this and a term policy is that should you decide you don’t want the policy any longer, you can get some of your money back, thus the cash value. The policy acts as a savings account of sorts, where some of the money can be returned to you if you decide to cash out your policy. If you haven’t passed on at the end of your term you get nothing other than the fact of knowing that you had life insurance, should you have passed away.

Another difference is the cost between the two policies. A term life insurance policy is typically much cheaper than a cash value policy since you won’t get anything back at the end of your term, though you’ll be adequately covered if your heirs need to collect on it. Both kinds of insurance provide good coverage, but are suitable for different people. If saving money is important, then a term policy is best. If you think you’ll not be able to extend your term policy once it expires, due to health concerns, then having a cash value one is probably your best bet. To get more information and help with determining the right one for you, contact us, your independent agent in Laurel for more information.

Commercial Insurance Minimum Requirements in Maryland

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As a person seeking commercial insurance coverage in the Laurel area of Maryland, it is truly vital that you have access to the proper information on current minimum insurance requirements for commercial vehicles in this area. If you are driving a business owned car or truck you’ll need commercial insurance, especially if the vehicle ever does any deliveries.

At the current time, the state of Maryland requires you to have $20,000 in bodily injury coverage, which would apply if one person is injured or dies in an accident. You’re required to also have $40,000 in bodily injury coverage, which would apply in cases where more than one person is hurt or killed in an accident caused by you. Additionally, you will be required to have $15,000 in property damage coverage.

The state of Maryland also requires you to have uninsured motorist coverage with the same 20,000/40,000/15,000 limits discussed above. Finally, you must have personal injury protection of $2,500. Personal injury protection will help cover you if you were to get into an accident and need medical treatment such as seeing doctors or chiropractors.

The limits we have outlined in this article are the minimums that you will need to legally drive a commercial vehicle in Maryland. Driving with only the minimum amount of coverage is only advisable for certain groups of people, so it is very important that you and your independent agent discuss exactly how much coverage is truly necessary for your situation.

When you contact your independent agent about getting a commercial policy, be sure to tell him how many vehicles you’ll need to insure, what type of vehicles they are, who will be behind the wheel of the insured vehicles, and who is the legal owner of the vehicles. Make sure to give as much detail as you can, because this policy will help you stay legal and may even really be a financial lifesaver one day!

Where Can I Find Fast Tag & Title Services in Laurel, Maryland?

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One of the chores that many people put off for as long as possible is getting the tag or title for their car. While you can go down to the department of motor vehicles and take care of this task, it is often a long, time-consuming process. Additionally, this is usually very frustrating, since you may have to wait in several lines and deal with employees that are not happy to be doing their jobs.

However, those in and around Laurel, Maryland have another option. Some independent agent offices offer a fast tag and title service. If you find that your insurance agent does not offer this service, it may be time to shop around. Look online and you will see that plenty of independent companies that have this service.

Consider getting your tag and title services at Mid Atlantic Insurance Financial. In addition to offering some of the best insurance rates and great customer service for insurance issues, the company also offers tag and title services. You will appreciate the ease of getting this done at an independent office, instead of at the department of motor vehicles.

You get the same level of customer service for your tag and title that you do when you obtain insurance. Additionally, if you have questions or concerns, you know there is someone on your side that will be more than happy to help you.

Do not risk the dangers associated with driving without proper tag and title. You can run into some major issues, especially if you get pulled over by a policeman. Now that you know how easy it is to get your tag and title taken care of through Mid Atlantic Insurance, you will not put this job off any longer.

What type of Insurance Discounts Can Save You Money in Laurel, Maryland?

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If you are facing financial difficulties, and who isn’t, you are probably looking for ways to save money. You can cut your budget only so thin until it becomes impossible to cut much more. However, there is one place you may not have thought to look when looking for ways to save—your insurance policy.

While you do not want to reduce your coverage and put you and your family’s financial future at risk, there are a few discounts that can save you money. Learning more about these ways to save, either by reading online or by going in the office to talk with your independent agent, is well worth the time you contribute. You will find that saving money this way is easier than you may have thought.

One easier way to save money on insurance is by bundling. This is when you obtain your home, auto and other polices from the same insurance company. Most of the major companies will provide you a nice discount for purchasing multiple types of insurance from them. Talk to your agent and see if this is an option, or you may look into other companies if this isn’t an option.

Another way to save on insurance, especially in Laurel, Maryland, is by looking into safe driver discounts. These discounts reward you for doing what you were going to do anyway—be a safe driver. If it’s been several years since you have had an accident, or perhaps you have taken a defensive driving course, it is conceivable that your insurance company will reward you with reduced rates or perhaps a lower deductible. Check into these options, or see if there are other options available to you next time you talk to your agent.

Will My Premiums Increase if I File a Claim Under my Insurance in Maryland?

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One of the biggest concerns that many people have regarding their insurance situation is what happens if they file a claim. While you purchase an insurance policy so that you are protected in case of an accident, you do not look forward to the day you have to file a claim. Learn about more about what happens when you deal with this situation, just in case you are faced with it in the future.

When you have an accident, the first thing you need to do after you are safe is to contact your independent agent or the customer service line with the company. Make sure you provide the agent with all of the information about the accident. If you are able to take photographs, or you have a police report, this will help too.

After the claim goes through, you will either have your car repaired, or you will receive money from the insurance company. This is where things get complicated. You are probably wondering if your premiums will increase after the fact. Well, the answer to this question is not at all simple. If the accident was your fault, then you quite likely may face an increase in premiums.

However, there are other considerations too. Some policies have a stipulation in place called accident forgiveness. Accident forgiveness can save you money in the long run if you wind up getting into an accident. If your policy has accident forgiveness, you will not face an increase in premiums after an accident.

Before you get into an accident, talking to your independent agent , either by phone or by visiting the office in Laurel, Maryland, will help you understand what situation you may face in case of an accident. A bit of preparation can make life much easier if you do have to deal with an accident in the future.

If I Share my Apartment With a Roommate Do we Both Need to Have Renters Insurance in Maryland?

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As a Maryland resident who rents your apartment, you are aware that you need to have some sort of coverage for your possessions, but when you share your place with a roommate the rules can get a little confusing. To put it simply, you always need to make sure that you have a renters insurance policy because you will not get any coverage from your roommate’s policy, or vice versa.

Your independent agent in Laurel can help you to identify the type of renters policy and level of coverage that works best for you. The most important thing is just to make sure that you have a policy that will cover you. It may seem strange that two people living in the same space would not be able to share coverage, but you should think of a renters policy rather like you look at a car insurance policy: Everyone who drives needs to have car insurance, and everyone who lives in an apartment needs to have a renters policy.

Your own personal possessions are completely separate from the personal possessions of your roommate, and so you need to draw a distinction between these in your policy. Some people pose the question "What if it’s my boyfriend who is my roommate?" In this case, you will still need to have your own policies because you still have your own property.

If you have a change in your living situation or if you get married you should contact your Laurel independent agent as soon as possible because you may need to make a change to your renters policy as a result of this. Renters insurance is typically very inexpensive, so it is a smart investment and an easy one to make today!

Is weather-related damage covered by my insurance policy in Maryland?

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Maryland homeowners often face the problem of dealing with weather-related damages to their home and property. But… which insurance policies cover these damages? How can you be sure that you are covered against unforseeable storms or natural disasters?

Different insurance policies actually cover different types of weather. When you’re looking for a policy in Laurel, Maryland, it’s best to talk to an independent agent about the many options available. Here’s a quick overview to help you understand your coverage in case of weather-related damage.

Auto Insurance

If your car is damaged by hail, winds, or other weather, it will be covered–if you have a comprehensive policy. The term "comprehensive" means your vehicle is covered for damages it sustains in accidents or weather events; minimum coverage policies usually just provide liability coverage for damages you cause to other vehicles.

Homeowner’s Insurance

  • Flood Damage: Most homeowner’s insurance policies do NOT cover flood damage. You need to purchase a separate type of coverage if you want your property to be covered in case of a flood. You don’t have to live near a lake or river to be at risk for a flood, though some areas are more prone to flooding than others. Talk to an agent about the best kind of insurance to purchase for your home’s location.
  • Tornado Damage: Because tornadoes are considered "wind storms" under most homeowner’s policies, damages caused by this type of storm are generally covered. They may, however, be subject to a different deductible than other types of storms.
  • Fire Damage: Most homeowner’s policies cover fire damage, but it’s important to check with your agent before a disaster happens to make sure you have sufficient coverage to cover your belongings within the walls of your home. Keeping a home inventory is tedius but can be invaluable in case of emergency; it speeds the insurance claims process and could elminate significant confusion in the future.

These are general guidelines about damages that Maryland insurance policies cover, but the most accurate information will come from your own agent about your specific policy.