Reasons Why Your Life Insurance May Need to Increase When You Welcome a New Child To Your Family

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We provide life insurance products to our customers at Mid Atlantic Insurance Financial, serving the greater Laurel, MD area. If you have recently welcomed a new child into your family, it is strongly recommended that you increase your life insurance policy. However, many people do not understand why this is so important to do after welcoming a new addition. Here are a few of the reasons why. 

A New Child Increases Your Expenditures

When you welcome a new child into your life, you will find yourself having to spend more money. A new child has needs, including housing, clothing, food, and even child care. Children are not cheap, and the amount of money you and your spouse spend each month increases after welcoming a child. 

You Want to Ensure Your New Child is Provided For

If you unexpectedly pass away, you want to ensure that your spouse, child, or children are taken care of. However, if your life insurance policy is not increased after welcoming a child, your spouse may not have the money they need to ensure that your child lives the same quality of life they have become accustomed to. Increasing your life insurance policy ensures that your child is provided for should you pass away unexpectedly or early in life. 

If you are looking to purchase a life insurance policy for the first time or need to purchase a policy because your existing policy no longer meets your needs, Mid Atlantic Insurance Financial, serving the greater Laurel, MD area, would love to help you. Call us to schedule an appointment, and let’s sit down and discuss how much life insurance is ideal for you and your family. 

What is the 80/20 rule for car insurance in Laurel, MD?

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At Mid Atlantic Insurance Financial, we know auto insurance can be expensive. The 80/20 rule is a type of insurance in Laurel, MD that only pays for damages to the other driver’s vehicle and property if you are found at fault in an accident, but it doesn’t pay for the damages to your car.

The 80/20 rule is so named because it requires drivers to carry insurance that covers only 80 percent of the value of their car. The remaining 20 percent would be paid out-of-pocket by the driver in the event of an accident. For example, let’s say you have a vehicle that is worth $10,000. Under the 80/20 rule, your insurance would cover $8,000 of damage to the other driver’s car. You will have to pay the remaining $2,000.

There are a few things to remember if considering the 80/20 rule for your car insurance. First, this type of coverage is not required in all states. It is only available in a handful of states, including Maryland. 

And finally, it’s important to remember that 80/20 comes with some risks. Because you only carry liability coverage, you will be responsible for 100 percent of the costs to repair or replace your car if it is damaged in an accident. You could end up paying a lot later to save money now.

While the 80/20 rule can save you money on your monthly premium, weighing the risks and rewards before deciding if this type of coverage is right for you is important. If you are in Laural, MD, contact Mid Atlantic Insurance Financial to discuss whether this is a good option.

What is the 80/20 rule for car insurance in Laurel, MD?

Posted on by AgentInsure

At Mid Atlantic Insurance Financial, we know auto insurance can be expensive. The 80/20 rule is a type of insurance in Laurel, MD that only pays for damages to the other driver’s vehicle and property if you are found at fault in an accident, but it doesn’t pay for the damages to your car.

The 80/20 rule is so named because it requires drivers to carry insurance that covers only 80 percent of the value of their car. The remaining 20 percent would be paid out-of-pocket by the driver in the event of an accident. For example, let’s say you have a vehicle that is worth $10,000. Under the 80/20 rule, your insurance would cover $8,000 of damage to the other driver’s car. You will have to pay the remaining $2,000.

There are a few things to remember if considering the 80/20 rule for your car insurance. First, this type of coverage is not required in all states. It is only available in a handful of states, including Maryland. 

And finally, it’s important to remember that 80/20 comes with some risks. Because you only carry liability coverage, you will be responsible for 100 percent of the costs to repair or replace your car if it is damaged in an accident. You could end up paying a lot later to save money now.

While the 80/20 rule can save you money on your monthly premium, weighing the risks and rewards before deciding if this type of coverage is right for you is important. If you are in Laural, MD, contact Mid Atlantic Insurance Financial to discuss whether this is a good option.

Protect your home and family financials with homeowners insurance in Laurel, MD

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As a homeowner, you know that many expenses come with owning a home. Between mortgage payments, property taxes, maintenance, and repairs, it can be easy to let your homeowner’s insurance policy fall by the wayside. However, homeowners insurance is one of the most important investments you can make in your home. In the event of a fire, theft, or other disaster, homeowners insurance will help you cover the cost of repairs or replacement.

Choosing the proper homeowner’s insurance policy can be tricky. There are a lot of factors to consider, such as the value of your home, your personal belongings, and your liability risk. Mid Atlantic Insurance Financial can help you choose a policy that meets your needs and fits your budget. We offer a wide range of coverage options, and our experienced agents will work with you to find the best fit for your family.

What Does Homeowners Insurance Cover?

Homeowners’ insurance policies typically cover the dwelling itself and the belongings inside. Coverage for the dwelling includes protection against fires, wind damage, hail damage, and other disasters specified in the policy. Coverage for belongings usually protects against theft, fire, and water damage. Most policies will also cover temporary living expenses if you need to stay elsewhere while your home is being repaired.

How Much Insurance Do You Need?

How much coverage you need depends on the value of your home and belongings and your liability risk. Mid-Atlantic Insurance Financial offers flexible coverage options to choose the level of protection that is right for you. We also offer discounts for bundling multiple policies together.

Please don’t wait until it’s too late to invest in homeowners insurance for your Laurel, MD home. A Mid Atlantic Insurance Financial policy will give you peace of mind knowing that your home and belongings are protected in case of fire, theft, or other disasters. 

Required Commercial Insurance in Maryland

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For business owners in Maryland, many types of commercial insurance are available, and a few are required for many Maryland businesses. You need to know what the required policies cover and whether you are required to have one or more of them. It’s essential to keep the required insurance types so that you are well-protected and keep your business legal. Call us at Mid Atlantic Insurance Financial in Laurel, MD to get started if you need commercial insurance for your business. 

Workers’ Compensation Insurance

This is a critical type of commercial insurance that most Maryland businesses are required to have. In the state, every business with any number of employees, even just a single employee, must have this insurance for them. This is required even if the employee is only part-time. This insurance coverage protects your business against the high medical bills that could become due if you had an employee get injured in an accident at work. This also protects the employee, as money for medical bills will be available if they need it after an accident. It also provides employees with disability payments. 

Commercial Auto Insurance

This type of auto insurance is required for all vehicles that are owned by Maryland businesses. This protects people you get into an accident with while in a work vehicle. It pays for the medical and repair bills you are liable for after you are in an accident with someone else. Both bodily injury and property damage liability are required, but you can also add on other kinds of coverage if you choose. 

Get Commercial Insurance in Maryland

If you own a business in the state, you may need commercial insurance. Just call us at Mid Atlantic Insurance Financial in Laurel, MD.

Update Your Life Insurance After These Events

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We often forget about our life insurance policies after we sign the contract and pay the premium. However, life changes quickly and unexpectedly. That’s why it’s essential to review your policy regularly and update it when necessary. Here are four events that should prompt you to update your life insurance in Laurel, MD.

1. Marriage

One of the most significant life changes is marriage. Once you tie the knot, you’ll want to add your spouse to your policy. If you have children, you also want to ensure they are adequately covered.

2. Children

Speaking of children, starting a family is another significant event that calls for an update to your life insurance policy. Whether you have one child or several, you’ll want to ensure they are taken care of financially if something happens to you. A Mid Atlantic Insurance Financial representative can help you determine how much coverage you need to protect your loved ones.

3. New Job

A new job generally means a higher salary. That means you can afford a more expensive life insurance policy with more coverage. If you have switched jobs and your salary has decreased, you may consider reducing your coverage or switching to a cheaper policy.

4. Starting a Business

Starting a business is a huge accomplishment! As the breadwinner of your business, it’s crucial to ensure your family is taken care of financially if something happens to you. Review your policy and increase your coverage if necessary.

Reviewing your life insurance policy regularly helps ensure that you and your family are always protected financially. Be sure to update your policy after significant life events such as marriage, having children, starting a business, or retirement. For help updating your policy in Laurel, MD, contact Mid Atlantic Insurance Financial today!

Steps You Should Take in the Summer or Fall Months to Prevent Frozen Pipes

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Mid Atlantic Insurance Financial, serving the greater Laurel, MD area, can help you obtain the home insurance you need. In some cases, home insurance may cover damage from pipes that unexpectedly burst. However, the insurance company can deny coverage if they deem you did not properly care for or maintain your pipes. Here are a few steps you should consider taking in the summer or fall months to properly maintain your pipes and minimize the chances of your pipes freezing. 

Get Your Pipes Cleaned

One of the most critical steps you should take in the summer or fall months to prevent frozen pipes is to have your lines. When you have your pipes cleaned, also known as hydro blasting pipes, a professional can remove small blockages or narrowing of the pipes that may slow down the flow of water. When water flow is slowed, the water in your pipes is more likely to freeze in freezing temperatures. 

Insulate Outdoor Pipes

Another step you can take in the summer or fall months to help prevent frozen pipes is insulating your outdoor pipes. Insulating the pipes helps to keep them a little warmer, which may be the difference between the pipes freezing or not freezing. 

Consider Adding a Water Alarm

The last step that you can take to possibly help prevent frozen pipes is adding a water alarm. A water alarm will tell you if there are any cracks in your pipes, which could be an early indication that the pipes are freezing and starting to burst. This allows you to shut off the water before the pipes burst completely, helping to prevent significant water damage. 

The Mid Atlantic Insurance Financial team, serving the greater Laurel, MD area, can help you with your home insurance needs. Whether you are looking to obtain a new home insurance policy for your first home or you are looking to change policies on your existing home, we are here to assist you. Call us now to get started.

Auto Insurance Liability in Laurel, MD

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Cars are considered the most common mode of transport in Laurel, MD. Nevertheless, this mode of transportation propagates injuries and property damage and sometimes results in a fatality. Therefore, if you own an automobile, it’s prudent to have good auto liability insurance from Mid Atlantic Insurance Financial against calamities like fire and vandalism. If you have a car in Maryland, buying prolific auto insurance is necessary to safeguard yourself and your vehicle. Please contact us at Mid Atlantic Insurance Financial today and get a competitive quote meeting your needs and budget.

Is auto insurance liability mandatory in Maryland? 

Similarly, in many states, auto liability insurance is mandatory in Maryland. Maryland legal law stipulates that every driver must have the minimum requirements, including property damage and bodily injury liabilities. Failure to abide by the directive risks a criminal charge or license suspension. Apart from the state-mandated minimum requirements, it’s wise to weigh other auto insurance options, including:

  • Collision coverage: This type of policy caters to repairing or replacing your automobile when you get into an accident with other vehicles or stationary objects such as a fence or guardrail.
  • Comprehensive coverage: It’s a policy designed to settle for repairs or replacement of your car when it gets ravaged by non-collision scenarios like fire, vandalism, and theft.
  • Underinsured-uninsured motorist policy: Have you ever imagined what could transpire if you have an accident with a driver who is insufficiently covered or not insured? Substantial medical bills, in many cases, are an outcome of accidents. Therefore, this policy pays for impending bills if you are involved in an accident with an uninsured or under-insured driver.
  • Medical payments coverage: Mid Atlantic Insurance Financial policy pays for reasonable and necessary medical costs after an accident. These medical expenses include drugs and x-rays.

Are you a car owner in Laurel, MD, searching for picturesque auto liability insurance to ensure safety for you and your car? Please call or visit us today at Mid Atlantic Insurance Financial and get more detailed information about auto liability insurance.

What Are The Different Types Of Life Insurance?

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There are several different types of life insurance policies available on the market. It can be confusing to figure out which policy is right for you, but this article will help clarify things. We’ll discuss the most common life insurance policies and what they cover.

1. Term Life Insurance

Term life insurance is the most basic and straightforward type of policy. It provides coverage for a period of between five and 30 years. You may die within that period, in which case, your beneficiaries will be the ones that receive a death benefit. If you don’t die during the term, the policy expires, and you (or your beneficiaries) get nothing. However, it does not build up cash value like some of the other types of policies we’ll discuss.

2. Whole Life Insurance

Whole life insurance is the most common permanent life insurance. The best thing about it is that it’ll provide coverage for your whole life. The only thing you have to do is pay your premiums continuously. Whole life insurance has two main components: the death benefit and the cash value.

3. Universal Life Insurance

This is permanent life insurance that offers more flexibility than whole life. With universal life, you can choose how much coverage you need and how much you want to pay in premiums. Universal life also has a cash value component, which grows tax-deferred over time.

4. Variable Life Insurance

This is permanent life insurance that offers the potential for cash value growth. With variable life, your premiums are invested into sub-accounts, which can grow or decline in value depending on the performance of the market.

5. Variable Universal Life Insurance

This permanent life insurance offers death benefit protection and the potential for cash value growth. With variable universal life, you can choose how much coverage you need and how much you want to pay in premiums. Just talk to Mid Atlantic Insurance Financial in Laurel, MD, to make an informed decision.

Conclusion

There are several different types of life insurance policies available on the market. The type of policy you choose should be based on your needs and goals. Be sure to work with a life insurance agent from Mid Atlantic Insurance Financial in Laurel, MD to find the best policy.

I run a small business with no employees. Do I need commercial insurance?

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Commercial insurance can be beneficial for all businesses, regardless of size. Commercial insurance could be helpful if you’re concerned about protecting your business from lawsuits, property damage, injuries, accidents, and other unexpected situations. Our 
Laurel, MD team at Mid Atlantic Insurance Financial is committed to helping business owners get the coverage they need.

Commercial Insurance: What You Should Know

You must have a commercial insurance policy if you use a car to complete tasks for your business. Even if you are the sole owner and employee, you must have commercial insurance if a vehicle is used to carry out business operations. In fact, if some of your clients are state agencies, they may require you to carry commercial insurance before they do business with you. Even if your clients don’t require you to carry commercial insurance, it’s a good idea if you cannot pay for an accident or unexpected incident out of pocket. However, if you work from home, and don’t deal with the public directly, you may not need commercial insurance. However, you may still decide to invest in commercial insurance for liability protection and protection from other risks related to your business. 

Small Commercial Insurance

Small businesses can benefit from commercial insurance via a business owner policy or BOP. Many small businesses will invest in a small commercial insurance policy to protect their income, property, and assets. If you’re a small business owner with questions about commercial insurance’s benefits, call us. We can help you find the coverage that best suits your business, regardless of its size. Our Laurel, MD team at Mid Atlantic Insurance Financial can discuss the protection that commercial insurance can provide for you as a small business owner.