Maryland Insurance for Your Home, Auto and More
Visitors flock to Maryland every year for sports, water activities and delicious seafood dishes. As a resident of this lively New England state, you likely have responsibilities that must be addressed. Maybe you own a home or a condo and need homeowners insurance. Or perhaps you just bought a new car and need a suitable insurance policy. You may even own a business and have the need to upgrade your business policy based on recent shifts. It can be hard to find the right insurance policy on your own, but it does not have to be that way.
Ask an independent insurance agent in the Trusted Choice® network to assist you with all your insurance needs. These agents work with a variety of insurance companies, and this allows them to compare several different Maryland insurance quotes to find you reliable insurance at affordable rates. Maryland has 213 Trusted Choice agents to serve a population of 5,884,563 residents. If you want personalized insurance options, contact a local member agent today.
Find an Independent Agent in Maryland
Not all insurance agents are the same. There are two main types: captive agents and independent agents.
Captive agents typically work with large insurance companies that frequently advertise with catchy slogans or memorable mascots. While they can offer discounts and a variety of policies, captive agents are restricted to what just one insurance company can offer. If you find a better policy elsewhere, you may have to work with multiple insurance agents. Sounds complicated, right?
On the opposite end of the spectrum are independent agents. These agents work with multiple insurance companies, giving you access to a variety of policies. When you work with an independent agent, you can obtain several different types of policies from a variety of providers and still only work with one insurance agent. Doesn’t that sound better?
Maryland Car Insurance
In some parts of the state, traffic can be frightful and fender-benders are a common occurrence. Car insurance is meant to protect you and your family members and help pay for repairs to your vehicle after an accident. That is why it is so important to find suitable coverage.
You will need to be sure that you have a policy that meets the state's minimum liability requirements. Although it is usually a good idea to purchase higher liability limits, the minimums required by the state of Maryland are:
- $30,000 in bodily injury liability per person
- $60,000 in bodily injury liability per accident
- $15,000 in property damage liability per accident
- $2,500 in personal injury protection (PIP)
PIP is not required in every state, but it is in Maryland. It is known as no-fault insurance, and it helps you with expenses like medical fees, lost wages and funeral coverage regardless of who was at fault for the accident.
Other coverage options you may consider include:
- Comprehensive insurance
- Collision insurance
- Gap insurance
- Road-side service
They coverage options that are right for you depend on your personal and financial situation.
Maryland Business Insurance
Some of the top industries in Maryland are hospitality and recreation, and health and life sciences, but there are many diverse businesses both large and small that need comprehensive commercial insurance. Whether you own a large corporation or a small local business, an independent agent can help you assess your insurance needs and determine which coverage options are best for you.
There are many different types of business and many different varieties of business insurance to meet their coverage needs. The type of policy you need and the cost of coverage will depend on several factors including:
- Where your business is located
- The number of employees you have
- What specific liability risks are inherent in your business industry
- Whether or not you have instituted any safety procedures to address these risks
- Whether or not your business owns or operates commercial vehicles
- The number of business locations you own
While all businesses need insurance, they do not need the same type of coverage. The bakery downtown will not need the same type of policy as a small fishing-boat fleet. You will want to be sure to purchase a policy that is appropriate for your specific business.
Maryland Life Insurance
Life insurance is meant to provide financial security for those you would leave behind if you suddenly passed away. But some kinds of life insurance policies can do so much more. Because of this, it can sometimes be hard to decide which type of policy is right for you.
There is no legal requirement to carry Maryland life insurance so many people tend to forego coverage. This is fine if you have significant savings that can support your family in your absence or if you have no dependents or loved-ones who rely on your for financial support. However, for most individuals, life insurance is the primary way to protect your family from financial devastation.
There are two main forms of life insurance:
- Term life insurance: This type of policy is purchased for a specific amount of time and death benefits are paid to your named beneficiaries if you die while the policy is active. It is the least expensive type of life insurance.
- Permanent life insurance: This type of policy is valid for as long as you continue to make payments on your premiums and also comes with a death benefit. These policies have the added bonus of serving as an investment account that grows with a tax-preferred status. You can cash in your policy at any time if you so desire.
The type of policy that is best for you depends on your current personal and financial situations as well as your goals and intentions when it comes to life insurance. Your personal preference also plays an important role in your decision making. It is advisable that you discuss your options with an insurance professional or financial advisor before making a decision.
Maryland Health Insurance
Although many Maryland residents purchase subsidized health insurance through their employers, part-time employees, people who work for small businesses, the self-employed and unemployed frequently have to purchase coverage on their own.
Purchasing a healthcare can be intimidating due to the variety of plans that are available. Many people are also confused by the new Maryland health insurance exchanges that have recently been made available to permit the public to take advantage of lower group-rates. If you are navigating through the health-care system to find a policy on your own, you may benefit from the help of an independent insurance agent.
There are many different types of insurance plans including:
- HMO plans
- PPO plans
- HSA/HDHP plans
- PPS plans
Furthermore, different plans have different levels of deductibles, co-pays and prescription benefits. Be sure to find a policy that meets the needs of you and your family so that you can benefit from the advantages of receiving preventive care.
Maryland Homeowners Insurance
Whether you own a townhouse, detached home, mobile home, or condo, it is important to protect this large investment with homeowners insurance. While this type of insurance mainly provides coverage for your home, it also provides coverage for many other areas of your life. A typical Maryland homeowners policy consists of:
- Coverage A, dwelling: This coverage provides protection for the main structure of your home. You can purchase coverage in the form of replacement value (recommended) or actual cash value.
- Coverage B, other structures: This coverage provides protection for things like your detached garage, sheds, and a pool. A certain percentage of your home value is allocated to this coverage, but you might need to add more.
- Coverage C, personal property: This coverage will cover loss, damage, or theft of personal items like clothing, furniture and electronics. If you have especially valuable items, you may need to purchase additional endorsements to get full coverage.
- Coverage D, loss of use: This coverage pays for any accrued living expenses if you must vacate your home due to a covered event.
- Coverage E, personal liability: This policy will assist with compensation if you are responsible for a third-party having an accident on your property because of your actions or if you are sued for libel or slander. Setting a sufficient amount of coverage is crucial for your financial protection.
- Coverage F, medical payments: If someone is injured on your property, this coverage can help pay medical expenses.
Be aware that most homeowners insurance policies have exclusions for earthquakes and floods and that coverage for these events must be purchased separately.
Maryland Flood Insurance
As mentioned above, while your homeowners insurance policy covers many things, flood damage is not one of them. Unfortunately, too many homeowners find this out only when it is too late. Flash floods are one of the deadliest natural disasters in the U.S. and Maryland is especially vulnerable to hurricanes moving up the Atlantic coast. Even a tropical storm can bring torrential downpours, causing waters in lakes, rivers and creeks to rise significantly.
If your home is damaged by a flood and you do not have flood insurance, the repair costs must come out of your own pocket. Even federal assistance during times of emergency comes only in the form of low-interest loans and must be paid back. Flood insurance is a guaranteed way to receive ample coverage. It is offered by the National Flood Insurance Program and is available through a variety of insurance providers.
Compare Maryland Insurance Quotes
When you work with a local Trusted Choice member agent, you will be speaking with someone who understands the risks Maryland residents face because they live there themselves. These independent agents have the ability to access policies from multiple insurance companies, including big-box companies, to find affordable policies that meet your personal criteria.
Whether you need one policy or many, if you would like personalized service and ethical coverage advice, contact one of the 213 member agents in Maryland today.