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

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?

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?

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.

My Children Attend School Out of State. Do I Still Need to Keep Them on my Policy even Though they Won’t be Driving in Laurel, MD?

Children who are old enough to drive in Laurel, Maryland may not always drive in the state. While they might attend school in a different state, if they are driving your vehicle then they will need to be covered under your auto insurance policy.

Driving Across the Border

Although your children may attend school and drive your car in a different state, it does not mean that they can overlook auto coverage when they are operating a motor vehicle. If a teen or adult child is driving your vehicle, then it is a good idea to obtain an insurance policy that covers them, regardless of the differences between state laws and the location where they are driving.

Where They Live

Auto insurance is not based on where students attend school. It is based on where they live and their home address. As long as they are still living in your house, they will need coverage for any vehicle that they drive.

Their Vehicle

If your teen or adult child has his or her own vehicle, then you may not need coverage for them on your personal car. They will need to obtain an auto policy based on their own vehicle and driving record as long as they own the vehicle and are primarily driving the car that they own. If they do not drive your car, then you may not need coverage for them.

Finding the right policy to address your concerns can seem complicated, but there are options for families who have teen or adult children. Contact us to talk to an independent agent about your insurance options and specific details based on your situation.