Home Insurance For Maryland Homes

To decide about home insurance in Maryland, consider the risks covered, whether you need extra coverage for floods and earthquakes, the value to be insured, and the deductible that you can accept.

Types of Basic Maryland Home Insurance

There are two general categories of home insurance offered in the state of Maryland. One type is the HO-2 Broad Form that identifies the covered risks called “named perils.” The other type is the HO-3 Special Form that is an “open peril” type, which covers whatever is not specifically stated in the policy as being excluded. Condominiums have a special category of their own called HO-6.

Floods and Earthquakes

Flood and earthquake insurance are each separate policies from home insurance. Homeowners probably want to consider getting flood insurance no matter where the home is located because the risk of flooding is increasing due to climate change.

Flood plain maps from FEMA are outdated. They are no longer accurate when used for predicting flood zones. There have been many floods in the past few years that statistically were not supposed to happen but once in 100 years or once in 500 years.

If a home is anywhere near the coastline or within 30 miles of a river, having flood insurance is a critical consideration at this time.

Market Value and Replacement Value

Market value insurance is usually used for older homes that are built in such a way that replacing the actual materials used in the original construction would be cost-prohibitive. Instead, newer construction materials are used to recreate the home to a standard of livability.

Replacement value insurance can be between 80% to 100% of the replacement cost for a newer home to be rebuilt as close to the same condition as it was before any damage.

Deductible

The other thing to decide is the amount of the deductible. This is the amount a homeowner pays out-of-pocket before any insurance claim is paid. Higher deductibles lower the monthly insurance premiums.

Conclusion

Work with your agent at Mid Atlantic Insurance Financial, serving Laurel, MD and the nearby communities, to understand exactly what coverage is offered by the home insurance policy you select. Add extra coverage as necessary to supplement the home insurance.

To get a quote for home insurance contact an agent at Mid Atlantic Insurance Financial in Laurel, MD by calling 301-604-4444 or use the online quote request form.

4 Ways Homeowner’s Insurance Protects Your Family

You already know you need insurance on your Laurel, MD home, but do you know exactly what your policy does to help out in a catastrophe? Our Mid Atlantic Insurance Financial team has put together this short post explaining the importance of property insurance. Here are three ways homeowner’s insurance protects your family.

#1: Protection Against Fire and Theft

While the policy itself can’t keep a fire from breaking out or something breaking into your home, your insurance can protect you if one ever happens. Even small kitchen fires require thousands of dollars in home restoration work due to smoke damage. Replacement of personal property after a break-in can easily become expensive. Having insurance can help alleviate the cost of undergoing this type of process versus having to pay for it yourself.

#2: Rebuilding After Major Damage

An event that causes major damage might require the rebuilding of your home. Homeowner’s insurance protects your family by offering the ability to replace damaged parts of your structure without having to pay for those costs yourself. In the event of a catastrophic incident, this can be an absolute lifesaver and a real benefit to your peace of mind.

#3: A Place to Stay After A Catastrophe

After a major incident, you’ll need a safe place for your family to stay. Most homeowner’s insurance policies cover the costs of either staying in a hotel for the short term or finding a suitable rental home during a major rebuild of your home. By having proper insurance, you can keep from paying for this type of lodging out of your own pocket.

Mid Atlantic Insurance Financial proudly serves the Laurel, MD community and surrounding areas. Please contact us today to schedule an appointment or for a no-obligation coverage review.

Why Do I Need to Have Home Insurance?

If you are an owner of a home, there are many important things that you will need to do to keep it properly protected. One of the most important things that you will need to do when you own home has home insurance. There are several reasons why you need to have home insurance.

Protects Against Loss

A primary reason to have insurance for your home is that it can protect against losses. If your home is damaged by a fire, bad weather, or vandalism, it can be extremely expensive to make the necessary repairs. Fortunately, when you have home insurance in place, you can have financial protection against these losses. Your insurance company can also give you the support you need to start the repair process.

Gives Liability Protection

If you own a property, you are also running the risk that you could be found liable for injuries that someone suffers at your home. Since this is a risk that never goes away, you need to make sure that you continue to have this coverage. In the rare situation that you are sued for liability, you will have the support you need to either settle or fight the claim.

Often Required

You also need to have home insurance because it is often required under certain agreements. If you have a mortgage or live in a condo association, the associated agreements will likely require that you carry insurance at all times. 

When you are considering your home insurance needs to cover your Laurel, MD area property, you should contact Mid Atlantic Insurance Financial. The Mid Atlantic Insurance Financial team is skilled at helping their customers to better understand their home insurance needs. They can then help you get into a policy that will give you the right coverage. 

Does Your Home Repair Style Business Need Commercial Insurance

Businesses that perform services in residential homes often operate out of industrial or residential space with little to no foot traffic from customers. This includes businesses like home repair, HVAC, plumbing, and carpet cleaning. Almost all custom contact happens at the customer’s resident or place of business. If a business doesn’t have customers walking onto its property then they have one less category of liability to worry about. So how does this situation affect a business’s insurance needs?

How Commercial Insurance Protects Non-Retail Businesses

Even if a business doesn’t have a retail location, commercial insurance is still necessary, especially when a business’s main focus is performing work on people’s homes. Mid Atlantic Insurance Financial serving Laurel, MD understands the needs of non-retail service businesses. Commercial insurance protects against claims of damage, negligence, or shoddy workmanship.

A home repair and construction business can be held responsible for any damage done while repairs or build-outs are taking place. A business owner may face a situation where a small repair ended in a burst pipe or damaged drywall. The business performing the work is liable for plumbing or other repairs that the business does not or cannot perform itself.

Working on someone’s home opens up the service provider to a potentially costly and emotional claim. People care a great deal about their homes. Protecting the customer’s home should be the goal of all businesses that perform home-related services.

Commercial insurance protects a business against things like:
– Damage to a customer’s property
– An injury caused to a customer or guest by the presence of performance of work.
– Claims of poor or shoddy workmanship
– Claims of injury due to chemicals in products used in performing work.

Businesses in Laurel, MD who want to protect their assets, equipment, capital, and property have found the right insurance for their type of business with Mid Atlantic Insurance Financial. Contact us today to discuss how we can save you money and protect your business.

 

Insurance Should Fit You and Your Home

"How much Insurance coverage should I have and how much do I need?"

It is one of the oldest questions asked by clients in the insurance industry. The bad news is there is no such thing as a one-size-fits-all answer. The good news is you have the answers to those question.

Getting Answers

Is your household expecting a new addition? Are you about to send a child to college or is one finally leaving the nest?  Is the property value in your community on the rise or is it declining? Do you live in a region with concerns like flooding? 

These are just a few of the questions that will determine what and how much coverage you may need. Of course, you aren’t expected to have all the insights and knowledge pertaining to insurance coverage and policies. Getting answers to such questions will require finding an experienced, caring and professional agent.

Getting the Right Answers

Servicing our friends and family in the Laurel, MD region is what the folks at the Mid Atlantic Insurance Financial agency are all about. That means taking the time and putting forth the effort to learn about you, your family, your home and your needs.

No two people, families or homes are alike. The right insurance and coverage is the one that will fit you and your home. If you are looking for insurance or looking to compare your current policy, Mid Atlantic Insurance Financial is here to help.

Get insurance made to fit you and your life and rest easy knowing you are covered. The right insurance policy for you is one that works within your budget, meets your needs and that offers you peace of mind.

Contact us to discuss your insurance needs and to find coverage that fits you, your home and your life.

Why Do I Really Need Home Insurance?

Accidents happen every day. When you’re a homeowner in the Laurel, MD area, you want to know that you’re covered. Home insurance is one of the best ways to feel as though you are protected.

Mortgage Companies Require a Policy

If you still have a mortgage on your home, mortgage companies dictate that you need to have a home insurance policy. This is designed to protect their investment in the event that there is a fire, a flood, or any other major problem. Mid Atlantic Insurance Financial agents can help you to shop a home insurance policy that makes sense based on the type of home that you have.

Anything Can Happen

You cannot possibly anticipate everything that could happen in and around your home. If there is a major storm, it could cause broken windows or significant damage to your roof. If someone forgets to turn off the stove, there could be a fire. Your home could get broken into. Someone could fall on your property. The list goes on and on.

As the homeowner, you are financially responsible if something happens. You are going to depend on a home insurance policy to help provide financial assistance. Filing a claim will make it easier for you to make repairs to your home, handle a lawsuit if someone gets injured on your property, or replace the valuables that were stolen.

If your home is already paid for, you are not required to have a home insurance policy. However, you really need one because it provides you with the financial protection against anything that could occur.

Mid Atlantic Insurance Financial has been helping homeowners throughout the Laurel, MD area for years. When you need home insurance, you can get personalized assistance to find a policy that will fit your individual needs.

 

 

 

Making your Home Safer for Guests during the Holidays

The holidays are a perfect time to have fun, relax and create indelible memories with friends and family. As such, it is vital to keep your living space safe to protect your loved ones. Here are some of the measures you could take;

Ensure that your home’s insurance policy includes a liability insurance cover

Even with all the above precautions, accidents could still occur in your home. A liability insurance such as the one provided by Mid Atlantic Insurance Financial covers you against such accidents. In such a case, the insurer will meet the accident’s medical expenses up to your policy’s limit. 

Secure the home against intruders

The crime rate during the holiday season is usually high. Therefore, you need to secure your home against burglaries even if you do not plan on traveling.

Use secure decorations

Decorations are a major part of the holidays. However, you need to observe the highest standards of safety when installing them. Place any decorations close to the walls to avoid tripping. Hanging decorations should also be securely strapped to keep them from falling and hurting your guests.

Area rugs and carpets should be secured in place with non-slip pads to reduce the chances of tripping. Alternatively, you could temporarily remove them.

Be mindful of what foods your visitors eat

Most people are allergic to one food or the other. The last thing you want to be accused of is poisoning your guests through the food you provide them with. Ask or inform them in advance of the foods you have or intend to prepare.

The Mid Atlantic Insurance Financial Agency has been serving the Laurel, MD area since 2005. Contact us today for tailor made home insurance coverage options. You can also get a free estimate of your policy on our website. 

Choosing the Right Company for Your Home Insurance

Having home insurance is important for protection and peace of mind, but it’s more than just the policy. It’s also the company the policy is through. Some companies will simply provide more value and customer service than others, so you want to make sure you’re choosing the one you can work with and rely on. Trusting your home insurance company is very important. With Mid Atlantic Insurance Financial, you can get the coverage you need for your Laurel, MD home. That way you know you’re covered, and you don’t have to worry about being financially protected at your home.

Not all policies are the same, and that’s true of companies, too. Since you know there are differences, you want to focus on those differences and find the company and the policy that can provide you with everything you need to keep your home protected. From standard home insurance policies to options that cover more than just the basics, the right insurance company can help you get everything that’s important to you. Then you don’t have to worry about being properly protected, and you can just enjoy your home without concern over financial problems if you need to make a claim or something gets damaged.

By choosing Mid Atlantic Insurance Financial, your Laurel, MD home can be protected the right way. You’ll also have the opportunity to work with your agent when you have questions and can get the information you need to make an informed decision on proper coverage. As your needs change in the future, your agent will also help you navigate the options you have and provide you with choices about the best kinds of coverage in the future. Then you’ll always be up to date and your home will be protected the right way.

What Does Liability on Your Home Insurance Do?

Are you on the hunt for new home insurance for your Laurel, MD property? You might be wondering what the different parts of the policy actually do.  While you know you want to be able to rebuild your house in times of disaster, do you really need or want to carry liability insurance? Mid Atlantic Insurance Financial offers these quick FAQs to help you better understand.

Pays the Bills when Somebody is Hurt

In short, the liability section of your home insurance policy protects you when somebody has an accident in the house or on your property. This can be something like a slip and fall on an icy walk or just bumping their head during a family celebration. Typically the policy will cover their medical bills up to a maximum amount per person and per incident.

Protects Your Savings Account

While you might have some cash put away for a personal emergency, you don’t really want to spend it paying for somebody else’s trip to the ER. With liability insurance, your savings account stays intact and you can keep making the mortgage on time. Not only does your money stay put, but it also protects the injured party from suffering financially.

Keep Your Friends in Trying Times

There is nothing worse than having money come between good friends. If your buddy was hurt in your home and you didn’t have the cash to take care of their bills, it’s possible that your relationship could come to an unfortunate end. Liability would make sure they are taken care of, and then your friend also knows how much you value their friendship by standing by them through tough times.

Make sure to speak with your Mid Atlantic Insurance Financial agent and verify that you have the right liability coverage in your Laurel, MD home or commercial insurance policy.

 

When To Purchase Home Insurance

If you are new to owning a home, or are considering buying your first home, you may be wondering when you should purchase home insurance. These are some helpful points to get you started so you can feel secure knowing that you are protected in the event of a covered loss.

Purchase Insurance At Closing

As soon as, the paperwork is completed and closing is wrapping up, you should make your homeowner’s insurance purchase. You want to walk away will peace of mind knowing that you don’t have to worry if something happens. Always maintain coverage on your home, especially if you are financing. In fact, in most cases, your insurance can be included with your mortgage so you don’t have to worry and your lender will be protected too.

Make Sure You Buy Enough Coverage

When calculating the amount of home insurance you need, you should not only consider the cost of materials, but the cost to rebuild including labor and expenses. You can opt to purchase replacement or actual value. You should speak with your insurance representative about each option to help you determine which one best suits your needs. Don’t forget to include the contents of your home so if you do experience a covered event, you can replace your major appliances and valuables and get back on track quickly. Don’t forget to keep an updated list of contents and notify your agent of any additions or changes to your home. If you live in Laurel, MD, Mid Atlantic Insurance Financial can help you get started and answer any questions you may have about homeowners’ coverage.

Don’t leave your investment to chance. Get your home insurance coverage right away and keep it up to date to prevent any uncovered losses you may incur in the future. For more information, if you live in or around Laurel, MD, Mid Atlantic Insurance Financial can give you the assistance you need. Call or stop by today to get started.