If I Share my Apartment With a Roommate Do we Both Need to Have Renters Insurance in Maryland?

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As a Maryland resident who rents your apartment, you are aware that you need to have some sort of coverage for your possessions, but when you share your place with a roommate the rules can get a little confusing. To put it simply, you always need to make sure that you have a renters insurance policy because you will not get any coverage from your roommate’s policy, or vice versa.

Your independent agent in Laurel can help you to identify the type of renters policy and level of coverage that works best for you. The most important thing is just to make sure that you have a policy that will cover you. It may seem strange that two people living in the same space would not be able to share coverage, but you should think of a renters policy rather like you look at a car insurance policy: Everyone who drives needs to have car insurance, and everyone who lives in an apartment needs to have a renters policy.

Your own personal possessions are completely separate from the personal possessions of your roommate, and so you need to draw a distinction between these in your policy. Some people pose the question "What if it’s my boyfriend who is my roommate?" In this case, you will still need to have your own policies because you still have your own property.

If you have a change in your living situation or if you get married you should contact your Laurel independent agent as soon as possible because you may need to make a change to your renters policy as a result of this. Renters insurance is typically very inexpensive, so it is a smart investment and an easy one to make today!

Is weather-related damage covered by my insurance policy in Maryland?

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Maryland homeowners often face the problem of dealing with weather-related damages to their home and property. But… which insurance policies cover these damages? How can you be sure that you are covered against unforseeable storms or natural disasters?

Different insurance policies actually cover different types of weather. When you’re looking for a policy in Laurel, Maryland, it’s best to talk to an independent agent about the many options available. Here’s a quick overview to help you understand your coverage in case of weather-related damage.

Auto Insurance

If your car is damaged by hail, winds, or other weather, it will be covered–if you have a comprehensive policy. The term "comprehensive" means your vehicle is covered for damages it sustains in accidents or weather events; minimum coverage policies usually just provide liability coverage for damages you cause to other vehicles.

Homeowner’s Insurance

  • Flood Damage: Most homeowner’s insurance policies do NOT cover flood damage. You need to purchase a separate type of coverage if you want your property to be covered in case of a flood. You don’t have to live near a lake or river to be at risk for a flood, though some areas are more prone to flooding than others. Talk to an agent about the best kind of insurance to purchase for your home’s location.
  • Tornado Damage: Because tornadoes are considered "wind storms" under most homeowner’s policies, damages caused by this type of storm are generally covered. They may, however, be subject to a different deductible than other types of storms.
  • Fire Damage: Most homeowner’s policies cover fire damage, but it’s important to check with your agent before a disaster happens to make sure you have sufficient coverage to cover your belongings within the walls of your home. Keeping a home inventory is tedius but can be invaluable in case of emergency; it speeds the insurance claims process and could elminate significant confusion in the future.

These are general guidelines about damages that Maryland insurance policies cover, but the most accurate information will come from your own agent about your specific policy.

Is Accident Forgiveness Worth it in Laurel, Maryland?

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Navigating the realm of insurance is a tricky thing. It seems like there are so many different things you have to consider when you are deciding which company or independent agent to use. Many of the insurance companies have started offering benefits such as accident forgiveness in an effort to boost their client base. You may wonder if this is something that could benefit you now or down the road. Learn more about what accident forgiveness really is, so you can decide if it is something that would benefit you when you go to renew or redo your auto insurance coverage.

For the most part, insurance companies use a star rating system to determine what you pay for your car insurance. The rating goes from 0 to 6 stars. A person with a 6 star rating will pay the least amount, while those with a 0 star rating will pay the most, if they are even able to purchase insurance.

When you have an at-fault car accident, you will likely lose a certain number of stars. This would normally make the cost of your insurance go up, possibly considerably. However, a policy that offers accident forgiveness would “forgive” a first accident, essentially making it where your rate didn’t go up despite the accident.

This may or may not be a good deal for you. The problem is that most policies that offer accident forgiveness come at an added cost. If you never have an accident, you are paying extra for no good reason. It’s a matter of weighing the risk versus reward. Talk with your agent, and if you do not have one, perhaps finding a local agent in Laurel, Maryland is the way to go. An agent will better be able to tell you if this would be a major benefit for you.

Where can I get the Most Common Insurance Questions Answered Online in Laurel, Maryland?

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Signing up for insurance the first time, or changing insurance is a difficult thing for anyone. It seems like there is so much to consider and so many little details to work out. You may wonder, where should you go to get answers to common insurance questions online? Luckily, with the internet on your side, finding answers is easier than ever before.

One of your best resources for insurance answers is by reading blog posts and other information directly on the page of your insurance company. Many independent agent websites have more information that is useful to you than the websites from the major insurance companies. Do a simple Google search and find the information you need.

Something to keep in mind is that you want to make sure that you are reading information that is important to you. For instance, if you are in Laurel, Maryland, you may want to read the information available at Mid Atlantic Insurance Financial. This site is full of useful information.

Another idea is finding out if there is a way to talk directly with an independent agent. Many websites have contact information for the agent that lets you speak with someone that knows the business. Talking with an expert can alleviate fears and help you to feel better about your decision.

A final consideration when learning about insurance is that you should double-check any info you read online, unless it is from a reputable site, like the official site of your insurance company. Unfortunately, there is some information out there that is not reputable. If you follow advice you read online blindly, you could set yourself up for some financial troubles. It is important that you make sure you are protecting yourself every step of the way.

How much Life Insurance should an Individual Own in Laurel, Maryland?

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No one ever likes to think about what their family’s life will be like once they pass on, but the reality is that eventually everyone will leave their current life–some sooner than others. One way in which you can prepare to make life easier on your loved ones is to have plenty of life insurance so that your family’s financial needs are taken care of during their grieving process. Every adult should have their own insurance policy if they have people who depend on them such as parents of minor children, grandparents who are raising grandkids or individuals who have disabled adult children for whom they are caregivers. Insurance money is meant to cover your loss of income should you pass away while you still have people to care for. To decide how much insurance you need, simply multiply your own annual income by at least ten times. If you earn $50,000 a year, then you should have–at minimum–a $500,000 life insurance policy. This way your family will have plenty of money to use and invest so that they can maintain their current standard of living. Some experts even recommend getting as much as 20 times your annual income, or in this case a $1 million policy. Since the cost of living in Laurel, Maryland is a bit higher than other places in the United States, aiming for 15 times is a good option. It’s important for both parents to have their own policies, even if one is a stay at home parent. The economic value that a stay at home parent provides is significant, so it’s wise to purchase at least $500,000 in life insurance for them. To get more information about which type of life insurance policy is right for you, contact your independent agent in Laurel. We can work with you to help you decide the amount of life insurance that is right for your needs.

Why Should I Use a Local Insurance Agent in Laurel, MD to Purchase a Policy?

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When you need to purchase insurance for your home or car in Laurel, Maryland, you have two major options. You can strike out on your own, contacting each of the insurance companies you can think of to get information about their policies. The alternative, and better, option is to rely on a local agent in Laurel to help you find and purchase the policy that best meets your needs and budget.

Especially if you don’t know much about what insurance coverage you need, a local agent is the best way to go. Your agent can explain to you what insurance you are required to get in Maryland, and also make recommendations on what coverage you should add to your policy, above the minimum requirements.

A local agent knows all of the best companies that insure homes and vehicles in Maryland and can, based on the type of home or vehicle you’re trying to insure, lead you to the best company for your needs. More than that, though, your agent will do the work of getting quotes from all of the best companies on the exact same policy. This lets you compare apples to apples as you decide what company to use for your insurance.

Once you have all of the information, your local agent can also provide recommendations of other factors to take into account, like an insurance company’s reputation and responsiveness when you have questions or need to make a claim. And of course, after you have selected the policy you want, your agent will set it up for you. Throughout the whole process, you’ll have a familiar person to talk to, who will get to know your needs and work on your behalf in every step.

What Are the Benefits of Commercial Auto Insurance in Laurel, MD?

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Commercial auto insurance is a must-have for any business owner. In Laurel, MD, it is a good idea to contact an agent and discuss your specific needs. Without coverage, your business, and potentially your personal financial situation, could be on the line if something happens to your vehicle or one of your employees. However, selecting the right coverage is just as important.

The Benefits You Need to Know

Getting commercial auto insurance in Maryland is critical. With the help of an independent agent, you can select the right policy for your needs. Keep in mind that having personal insurance coverage on a commercial vehicle is also not good enough. Here’s why you need it.

  • If you are driving the vehicle and are involved in a car accident, your business could be held liable for the costs. In serious cases, this could lead to financial strain and significant lawsuits.
  • If an employee is driving one of your vehicles and is involved in an accident while on the clock, that employee’s medical bills, not to mention any damage, could be your responsibility if you do not have insurance.
  • Even if no one else is involved in the situation, an accident can leave you without a vehicle to use to operate your business. That in itself is too big of a risk for many business owners.
  • Keep in mind, having commercial auto insurance, especially liability and damage protection is a legal requirement.

Getting auto coverage for your business is easy to do. Contact an independent agent so you can avoid any potential risks you face. Loss, liability and expensive accidents happen every day. It can even be an affordable option for most business owners and potentially a tax write-off for your business.

What Is the Auto Claim Process in Maryland?

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Although no one gets into his car expecting to become involved in an automobile accident, it can happen at any time. You need to be informed about the steps involved in an auto claim when living in Maryland. Of course the first thing you need to do if you are involved in an accident is to make sure there are no injuries. If there are injuries, make sure someone contacts emergency personnel immediately. If there are no injuries, the next step is to contact the police. In Laurel, MD, if you are planning to involve your insurance company, you need to make a report with the police department.

The third step is to contact your insurance agent. You can usually find this information on the back of your insurance card. Your insurance agent will be able to take the appropriate information and begin the claims process. You will not only need all of the details about the accident, you will also need information from the other party involved. It is best if you exchange telephone numbers and insurance information as soon as reasonably possible. There are a lot of details that will need to be worked out and the more information you can give your insurance agent in Laurel, Maryland, the easier the claim process will be.

Finally, you will need to assess the damages. You will need to take your vehicle and obtain quotes to have the car fixed or determine if the automobile is worth fixing at all. Your insurance company may take care of a lot of this work for you. If they determine your car is a complete loss, and you have comprehensive coverage, they should give you what your car is worth. Speak with a local insurance agent who can help you compare quotes and explain the auto claim process.

What Type of Home Insurance Covers Natural Disaster Damage in Maryland?

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Although Maryland is not typically thought of as a state that’s subject to severe natural disasters, they are actually not as uncommon as you may expect. Blizzards have been known to dump upwards of 4 feet of snow in Laurel, Maryland in just one week, and in 2011, the state saw Hurricane Irene and a large earthquake hit the area within a week of each other. Having the right homeowners policy for your home will ensure that you have the insurance coverage you need to pay for natural disaster damage that occurs.

A general homeowners insurance policy will cover many types of natural disaster damage. Fire, lighting, hailstorms, and windstorms (including tornadoes) are all included in even the most basic policy. You can also purchase a policy that expands to include damage from snow, ice, and sleet as well. Ask your insurance agent about what is and is not covered in the home insurance policy you are looking at purchasing for your Laurel, Maryland home. It’s very important that you understand the extent of your insurance coverage so you are adequately protected.

The main type of coverage you should consider adding to your basic homeowners insurance policy is flood insurance. This is issued through the National Flood Insurance Program and covers a wide range of damage due to natural disasters that involve flooding. Some common disasters include hurricanes, heavy rain, tidal waves, rising waters, melting snow, and runoff of surface waters. If your home is in a floodplain, your mortgage company may require you to purchase flood insurance. Otherwise, it is up to you whether you want to add this coverage. Your insurance agent can get quotes and purchase the insurance for you through the National Flood Insurance Program.

Why Did My Premium Increase when I Haven’t Had a Claim with My Insurance Carrier?

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With your car insurance policy, there can be several reasons why your insurance premiums increase. Even if you have not had a claim, the insurance carrier may increase your rates without any obvious reason. As an insurance agent in Laurel, Maryland, I have seen a number of items that can make a difference in your monthly premiums.

According to The Motley Fool, there are five primary factors that affect auto premiums:

  • Age
  • Driving Record
  • Location
  • Type of Vehicle
  • Discounts

Certainly, some of these factors can be multi-faceted. For instance, daytime running lights, good student, multiple policy, and safety discounts can be found in the final area. Kira Botkin of Money Crashers adds other factors, such as marital status, credit score, profession, and specifics – such as age of car and the likelihood of theft (this is related to location) – as further dynamics within the “type of vehicle.

In other words, there are several potential reasons why your insurance carrier could hike your rates – without the mention of a claim.

The best way to follow-up on such a notice is to contact your insurer. Call your insurance agent or company directly to ask why your premiums have been increased. However, be wary of your company/agent trying to reduce your coverage to make up for the price change.

You have several options. Perhaps there is a discount that is not reflected in your policy. Or, you could consider altering your coverage to make your premiums more affordable.

Inevitably, you may need to consider comparing car insurance to determine what the market looks like. This certainly won’t hurt anything – and could lead you to a better policy. It is advisable that you do this on a regular basis (every six months is a good rule of thumb), to make sure you are receiving fair market price.