Is double indemnity a standard provision of all life insurance policies?

The coverage you have in any insurance plan does depend on the company that issues the protection. A double indemnity provision may be included on some life policies or added as extra coverage on others. To determine if this feature would be beneficial to you, you first need to understand what the provision means.

What is Double Indemnity?

A standard policy provides a certain amount of financial protection when the insured dies from almost any cause. Some activities may be excluded and suicide is normally not covered for two years, or longer, from the date the coverage is issued.

The double rider provides twice the amount of coverage if the insured dies due to a covered accident. For example, if you have $50,000 in coverage as a standard plan and were to be killed in an auto accident, your beneficiaries would receive $100,000.

Accidental death policies are normally much lower in cost than whole or term life policies. The coverage in an accidental death plan is restrictive. This also makes adding the additional rider to a regular plan a low cost option.

Some insurers also offer a triple protection rider. Examine your risks of an accidental death. While this can happen to anyone, certain lifestyles or hobbies could make you more prone to accidents.

If you have any questions about your life insurance policy in Maryland, get in touch with us. As an independent agent, we offer the ability to compare quotes from a variety of carriers online. This allows you to choose the policy that meets your unique needs. You can also purchase additional protection on a temporary basis, similar to a term plan.

What is covered under bodily injury liability coverage?

Drivers, whether driving a motorcycle, a truck, or car, need protection in the event an accident should occur. These drivers need insurance coverage that will protect them in the event they are at fault for an accident that causes an injury or death of another driver or passenger. Bodily injury liability coverage, or BIL as it is sometimes called by insurance providers, will provide that protection.

BIL insurance helps drivers with the monetary costs that result from injuries that happen from a recent accident. The accident must be determined to be the fault of the driver in order for this insurance to provide protection.

BIL insurance will help pay for a number of different things. Items that may be covered under BIL insurance include:

  • Any hospital or medical bills
  • Follow-up care
  • Rehabilitation – physical or occupational therapy
  • Long-term nursing care – for rehabilitation purposes

In addition to these items, the BIL insurance portion of your auto insurance will help pay for the costs of the following:

  • Funeral expenses
  • Lost wages
  • Pain and suffering

Medical bills and other expenses are not the only things that will be covered by BIL insurance. BIL insurance can also help with any legal costs that you may accumulate as a result of the accident.

Legal expenses may be covered because the insurance company has an interest in the outcome of the lawsuit/trial. They will want to make sure that you are being properly represented during these legal proceedings.

BIL insurance often comes with limits. Most insurance companies have a limit per person impact by the accident and a limit for a single situation. Each insurance company’s limits will vary depending upon the policy that is purchased.

Make sure you are protected against potential accidents that may occur in Maryland by purchasing the right insurance policies. Work closely with one of our independent insurance agents to explore policies for various insurance companies and find the best auto insurance for your current situation.

Am I Entitled to a Discount on My Homeowners Policy for Adding More Security to My Home?

Adding extra security to your home can definitely help you get a discount on your home insurance policy. The discount can vary by policy and by insurance provider, but you can ask your agent for a list of exactly what type of security measures that you can take to make sure you are able to get the lower policy rates.

The amount of your discount can vary by situation, but in general you will be able to secure a policy discount of at least 5 percent for adding one of the basic security upgrades. Some of those security upgrades include smoke detectors, burglar alarms, and dead bolt door locks.

If you are willing to significantly ramp up the security in your house you can potentially get even bigger discounts. For example, if you get a sprinkler system that activates in case of fire, you may be eligible for a higher discount. If you have a more advanced security system, for example the type of system that automatically calls the police and other emergency personnel when the alarm is triggered, you could get discounts as high as 15 percent or even more.

If you are considering security upgrades in your home and you want to know how they will impact your insurance rates, it is essential that you give your insurance agent the information about the exact upgrades you are considering. Your agent can tell you exactly how much this new security will reduce your insurance costs and you can then decide whether it is cost effective for you.

Our experienced home insurance agents are available to do custom quotes for you today. Be sure that your security upgrades will really count for something by getting the right policy today!

I am shopping for a house. What do I need to know about homeowner’s insurance before I buy?

When you’re shopping for a new home, it only makes sense to protect your biggest investment with a homeowners policy. But before you buy a new policy, it’s important to understand how it protects your home and what you can expect from your policy.

It’s important to understand the definitions of a “covered property,” which can vary depending on your state, policy provider and policy type:

Dwelling – Considered the structure of the house.

Other structures – Tool sheds, detached garages and other structures separate from the house.

Personal property – The contents of your home, including furniture, clothing and appliances.

Covered peril – Considered a cause of loss, such as a theft, fire or other peril named in your policy.

Loss of use – Provides protection in the event your dwelling becomes uninhabitable. Your provider may cover any necessary increase in living expenses to maintain your normal standard of living.

The average homeowners insurance policy usually comes in two parts:

Property coverage – This coverage takes care of your home and its contents in the event of a loss stemming from theft, vandalism, fire, tornado or other natural disaster.

Liability coverage – If something happens in your home that results in another party’s injury, liability coverage can offer protection against lawsuits.

As a general rule, most providers will not fully cover the cost of damage to a house unless you purchase coverage equaling 80 percent or more of the house’s total replacement value. Otherwise, you’ll only receive reimbursement for a proportionate amount of the required minimum.

Keep in mind that your policy should also be reviewed every so often to keep up with the 80-percent rule, due to inflation, market events and capital improvements that cause a home’s value to increase over time. Speaking to one of our independent agents can help put you on the right footing when it comes to your homeowners insurance.