Month: May 2025

What Type Of Home Insurance Do Landlords Need?

Posted on by AgentInsure

Homeowners’ insurance provides the protection you need to ensure your property is taken care of, whether it’s repairing a roof after a tornado or removing a fallen tree from your house. There are various types of insurance available, including specific insurance for landlords.

Legal Requirements

Most jurisdictions don’t legally require landlords to obtain landlord home insurance, just like homeowners’ insurance. However, some banks or lenders require landlords to obtain appropriate insurance to protect their investments. Many financial institutions require proof of insurance and periodically contact insurance companies like Mid Atlantic Insurance Financial to ensure there isn’t a lapse in insurance. A lapse in coverage can come with severe penalties.

Landlord Insurance

Landlords don’t obtain standard homeowners’ insurance for their rentals. Instead, they need insurance that is commonly referred to as landlord insurance or rental property insurance. There are a few key differences between homeowners’ and rental property insurance.

Rental property insurance is carefully curated to meet landlords’ needs. It commonly covers damage to the home’s structure but often excludes additional coverage for personal property, which is the tenant’s responsibility.

It may provide more comprehensive coverage in other areas, such as bodily injury and liability, to help landlords protect their assets. Some insurance policies include lost rental income, which means the insurance company may reimburse you for lost income if the house is considered uninhabitable.

Agents at Mid Atlantic Insurance Financial understand the unique needs of landlords in Laurel, MD. Our representatives will work with you to ensure you understand your policy and what’s covered. Contact us to learn more today. We’re currently serving the Laurel, MD area.

What are the advantages of combining auto and umbrella insurance?

Posted on by AgentInsure

Insurance policies, such as auto and home insurance, are acquired to protect individuals and their families from the financial impact of certain events. However, every insurance policy has a "policy limit" – the maximum amount it will pay in claims. In most cases, the policy limit is sufficient to cover your liabilities, but in the event of unusually high liabilities, the policyholder may be responsible for paying the amount exceeding the policy limit. This is where umbrella insurance comes into play, covering those overages. If you have questions about the benefits of umbrella or other insurance, feel free to contact our team at Mid Atlantic Insurance Financial, serving Laurel, MD.

Addressing Your Potential Liabilities

While most auto accidents are minor, some result in severe injuries or even death, leading to liabilities that exceed your policy limits. In such catastrophic accidents, those liable may be responsible for the difference between the total award and the amount paid by the insurance company. This could put their savings, home, or other assets at risk. This is where umbrella insurance proves its worth.

Umbrella insurance covers the liabilities that exceed your base auto or home policy limits. Since umbrella insurance is only activated in "worst-case" scenarios, claims are relatively uncommon, making the rates quite affordable. This means you can gain an additional layer of financial protection and tranquility at a reasonable cost, ensuring your accumulated assets are not put at risk due to unlikely but catastrophic events.

Working With Mid Atlantic Insurance Financial

Contact the Mid Atlantic Insurance Financial team serving Laurel, MD, to discuss how umbrella insurance can protect your family or business. We are ready to assist you, so stop by or call (301) 604-4444 to schedule an appointment.