Does Your Home Insurance Cover Damage When You’re Away?

Leaving your home unoccupied for an extended period of time increases the chances of something happening. Burglars might realize no one is home, or a problem might go undetected. These increased risks can impact insurance coverage. Here’s how an extended period away could impact your home insurance.

Standard Home Insurance May Not Cover an Extended Vacancy

While your standard home insurance policy covers a wide range of damages, from fire to theft, the rules can change when your home is unoccupied for a certain period. Many standard policies won’t provide coverage after 30, 60, or 90 days of vacancy. The period of time can vary, but most policies will exclude claims after some period of vacancy.

If you’re in Laurel, MD, we at Mid Atlantic Insurance Financial can check how long your home can be unoccupied and still covered by your current home insurance policy.

Vacant Home Coverage Can Provide Protection

Vacant home coverage can fill in this gap, providing coverage even when your home isn’t being occupied for an extended period. Vacant home coverage might be purchased as a different type of policy, but more often, it’s added onto a standard home policy as an optional endorsement. In this case, an endorsement usually adds specific protection to an insurance policy, which is coverage for an extended time of no occupancy. 

Protect Your Home with Confidence

If you plan to be away from your Laurel, MD, home for an extended time, don’t leave its protection to chance. Contact our insurance agents at Mid Atlantic Insurance Financial today to discuss vacant home coverage options. We’ll help ensure your home is safeguarded against unexpected damages no matter how long you’re away. 

Things to Consider When Insuring an Older Vehicle

There are some significant differences between insuring an older car in Laurel, MD and insuring an older one. Mid Atlantic Insurance Financial wants to help you understand these differences and what you should know to avoid unnecessary risks while getting the most out of your car insurance.

Financial Responsibility

Every state, including Maryland, has financial responsibility laws, generally requiring you to carry some level of insurance. Even older vehicles must have policies with at least state minimum coverage limits.

Newer vs. Older Cars

When it comes to car insurance, two major factors will impact your decision. The first is whether the vehicle has a loan on it. If there is a loan, your lender will likely require comprehensive coverage. If you own your vehicle outright, other than state minimums, you can absorb the risk yourself.

The other major factor is the value of the vehicle. New vehicle prices are now averaging over $40,000. Even if you own it outright, it is a lot of risks to absorb.

Carrying Liability Only

If an older vehicle depreciates considerably, you could consider lowering your car insurance to cover liability only. Between your vehicle’s lower value and deductible, paying for comprehensive coverage may not be worth it.

It is often a rule of thumb that carrying comprehensive insurance would increase your premiums by more than 10% of what you would receive should your vehicle get “totaled,” you can probably drop to liability only.

Special Instances

Of course, there are always unique instances when a young person invests significantly in after-market add-ons to a vehicle or a classic is being restored. Contact us to make sure your car insurance is sufficient.

Get a Quote Today

Drivers in and around the Laurel, MD, area are invited to get a free insurance review and price quote today. Contact us at Mid Atlantic Insurance Financial today.

You certainly want to save on your auto insurance, but you also want to do it wisely. Contact the team at Mid Atlantic Insurance Financial now.