Potomac is a census-designated place in Montgomery County, MD. It is an affluent community with over 47,000 residents.
Potomac, MD homeowners must protect their greatest asset: their homes. They can have peace of mind by purchasing a quality, affordable homeowners insurance policy that covers their risks.
A local independent insurance agent can help you shop for the best homeowners insurance in Potomac, MD. Independent agents aren’t tied to one carrier. They can obtain multiple quotes, answer your questions, and ensure that you get the coverage that best fits your needs and budget.
What Is Homeowners Insurance?
Homeowners insurance protects you from property damage costs. If your home is damaged or destroyed by a fire, storm, tornado, burglary, or another catastrophic event, your Potomac, MD homeowners insurance covers repairing or rebuilding your home. It also helps you replace damaged possessions.
Homeowners insurance provides liability insurance, as well. It protects you if you or a family member is sued for negligence.
What Does Homeowners Insurance Cover in Potomac, MD??
Homeowners insurance in Potomac, MD offers several types of protection for your home. First, it provides several types of property coverage, including the following:
- Dwelling coverage: Pays to repair or replace your damaged home and will even pay out the value of your home if it is a total loss.
- Contents coverage: Pays for damage to your insured personal property, such as furniture, clothing, artwork, etc.
- Other structures coverage: Covers any detached structures on your property (e.g., sheds, fences, detached garages).
- Loss of use coverage: Pays for additional living expenses (hotel bills, food, etc.) if you are forced to live somewhere else while your home is being repaired.
Your policy should provide enough dwelling coverage to repair or rebuild your house and sufficient contents coverage to repair or replace all your personal property.
Homeowners insurance in Potomac, MD also includes homeowners liability coverage. It protects you when someone claims you have caused an injury or property damage. It covers the injured party's expenses (e.g., medical bills, property repairs) and your legal fees if you're sued. After a lawsuit, it can even cover financial settlements or court-ordered judgments.
What Isn't Covered by Homeowners Insurance in Potomac, MD?
Homeowners insurance policies in Potomac, MD typically include a variety of coverage exclusions.
First, your homeowners insurance policy has specific limitations on the liability coverage. If you hurt someone or damage someone’s property intentionally, your liability coverage will not cover you. All of the exclusions to your liability coverage are outlined in your policy documents.
Your property coverage will not cover every problem a homeowner might encounter. Almost all homeowners insurance policies in Potomac, MD exclude coverage for property damage caused by the following:
- Ordinance or law (e.g., demolition or construction required to bring your house up to code)
- Earth movement (e.g., earthquakes, sinkholes, landslides)
- Water damage due to floods, sewer back-ups, and water that seeps through the foundation
- Power failure
- Nuclear hazard
- Intentional acts
- Governmental action (e.g., destruction, confiscation, or seizure of covered property by any governmental or public authority)
- Loss to property resulting from faulty zoning, bad repair or workmanship, faulty construction materials, and defective maintenance
Flooding can be a significant concern for many homeowners, but homeowners insurance in Potomac, MD does not cover flood damage. Flooding is one of the top five risks for homeowners in Maryland, and there is a moderate flood risk for homeowners in Potomac. There are 959 properties in Potomac, MD with a greater than 26% chance of being severely affected by flooding over the next 30 years.
You can discuss if you need to purchase flood insurance to supplement your home insurance policy with your insurance agent. If necessary, your agent can help you purchase flood insurance from the National Flood Insurance Program (NFIP), a program established by the federal government to help homeowners recover after a flood event.
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How Much Does Homeowners Insurance Cost in Potomac, MD?
Maryland is the 30th most expensive state for homeowners insurance in the US. Average homeowners insurance premiums in Maryland are lower than the national average.
- National average annual homeowners insurance premium: $1,211
- Maryland average annual homeowners insurance premium: $1,037
Of course, your homeowners insurance premiums will be more or less than the average for your city. And you can still shop around for the best local rates.
It’s important to know that your insurance premiums are calculated according to your exact coverage needs and your home's unique characteristics and risk factors.
The age, size, value, and materials used to build your home help insurance companies determine how much it would cost to replace it if it were severely damaged or destroyed. Insurance companies also evaluate your city's crime rate and weather risks, your claims history, and even your credit score to determine your home insurance premium.
Many policyholders qualify for homeowners insurance discounts if they package multiple insurance policies with the same insurance company. Consider a homeowners insurance bundle with car insurance or life insurance to get the best rates on all of your policies.
What Common Disasters and Claims Are Covered by Homeowners Insurance in Potomac, MD?
Homeowners in Potomac, MD can experience a variety of disasters and other reasons to file an insurance claim. Maryland has experienced 36 federally declared disasters since 1953. The top property risks for homeowners in Maryland are:
- Flooding and water damage
- Hurricanes and tropical storms
- Severe storms and lightning
- Burglary and other property crimes
If you experience a break-in, burglary, or other property crime, it's good to know that your home insurance can help you recover from your loss. Maryland’s burglary rate is lower than the national average.
- Number of burglaries per 1,000 people in the US: 3.76
- Number of burglaries per 1,000 people in Maryland: 3.13
If you experience a break-in or burglary, a reliable homeowners insurance policy can quickly help you get back on your feet. It helps you pay for damage to your home and pay for repairing or replacing stolen or damaged possessions.
It’s important to take precautions to protect your home from intruders, no matter where you live. Always keep your home well-lit inside and out, and lock your doors even when you’re at home.
Consider installing a home security system, too. Not only are burglar alarms the best deterrents for thieves, but having one may also earn you a discount on your homeowners insurance in Potomac, MD.
Cheap Homeowners Insurance Near Me
Finding the best rate on home insurance in Potomac, MD is essential to staying within your budget. But simply buying the cheapest homeowners insurance near you can also lead to unexpected problems.
The best way to approach your search for homeowners insurance is to shop around for the policy that offers the best coverage to protect your home and fits your budget. In many cases, the policy that's the cheapest may not be the best way to protect your home.
Many different factors influence the cost of your homeowners insurance, from how claims reimbursements are calculated to whether or not certain types of losses are covered. You can usually offset better coverage by choosing higher deductibles.
The best strategy is to discuss these issues with your independent insurance agent before deciding which policy offers the best value for your needs and budget.
What Are the Best Homeowners Insurance Companies in Potomac, MD?
Finding the best homeowners insurance companies in Potomac, MD can be simple. A local independent insurance agent can help you get home insurance quotes from multiple insurance companies so that you can select the best policy for your needs and budget.
How Can an Independent Insurance Agent Help Me Find the Best Homeowners Insurance in Potomac, MD?
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs. Your agent will work with you free of charge, offering you a variety of options so you can make the best choice.
What’s more, your agent will be there for you when claim time comes. They know the ins-and-outs of the process and will make sure your claim is handled appropriately.
Contact an agent today for a free, no-obligation consultation.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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