Is double indemnity a standard provision of all life insurance policies in Laurel, Maryland?

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?

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?

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?

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.