What Are Things Renter’s Insurance Can Cover?

Renter’s insurance is always a good idea when you rent instead of own. Your landlord has insurance for the building itself, but this does not cover your personal belongings. You will want to do what you can to protect what you own with renter’s insurance. But just what are some of the things renter’s insurance can cover? When you live around Catonsville, MD our staff here at HBW Insurance Group can help answer all of those questions and more. 

Electronics

From your video game system to entertainment equipment, computers, cameras, and everything else in between, you will want to protect your electronics. These are expensive to replace and, in the event of theft or a fire, it can be incredibly expensive to buy all over again. With renter’s insurance, you can protect yourself and cover all your electronics. 

Clothing and Jewelry

Maybe you have designer clothing or purses or shoes. Renter’s insurance can cover all of this. You can also protect jewelry. From jewelry passed down from your family to recent purchases, you can (and should) protect your jewelry. 

Tools

Tools are expensive. A chest of power tools can easily cost you several thousand dollars. And in a flash, if someone rips you off you might be forced to replace it all. Protect yourself and your tools with renter’s insurance. 

Protect Your Personal Belongings

You might not physically own the building you live in but you do own all the electronics, clothes, jewelry, purses, and everything else within your apartment. And you probably don’t want to go about buying these items all over again. So, protect your belongings with renter’s insurance. If you are new to the world of renter’s insurance or you’re searching for quotes and you live around Catonsville, MD, let our staff here at HBW Insurance Group help.

What is the difference between term and whole life insurance?

There is no question about it. You need life insurance to protect your family from suffering significant financial losses when you die. How much coverage you need and the type of life insurance you may choose to purchase, however, is relative to your preferences. HBW Insurance Group can help you find a life insurance policy that works best for your lifestyle in Catonsville, MD. 

What does life insurance cover?

The average life insurance plan pays for your funeral expenses and other final arrangements after your passing. Those you have deemed as beneficiaries of your policy may also receive compensation of which they may use for your funeral or other bills that you have left behind. 

It is not uncommon for the head of a household to purchase a life insurance plan that is well over $100,000. The reasoning behind buying so much coverage is to ensure that the financial aspect of the home runs smoothly after he or she has passed. Of course, not all life insurance plans are created equal. Some buyers may find it more beneficial to buy term life insurance, while others pay extra for whole life insurance. 

What is the difference between term and whole life insurance?

Term life insurance is significantly cheaper than whole life insurance because it only covers buyers for a period. The average holder purchases term life insurance for 30 years. A new policy needs to be reinstated after the 30-year mark if buyers want to remain insured. 

Whole life insurance operates differently in that the individual buys a plan that is valid throughout his or her lifetime. There are also other incentives associated with whole life insurance, which include the policyholder having the power to cash out the interest that accrues on the plan while he or she is still alive. 

Which option is right for your lifestyle?

Whether you choose term or whole life insurance largely depends on your lifestyle and what you expect to get out of your plan. Those looking for coverage that pays all of their funeral expenses and lingering bills after death may choose term life insurance because of its cheaper premiums. Buyers who may need extra cash for unexpected expenses may view whole life insurance as an all-around safety net. 

The agents at HBW Insurance Group can help you find the life insurance policy that is right for you in Catonsville, MD. Call them today to get started with a quote for coverage.

Health Insurance FAQ

Choosing health insurance can feel a bit overwhelming in the last few years. Here at HBW Insurance Group, serving Catonsville, MD, we look forward to the opportunity to educate our clients and potential clients on these important issues. If you have questions about health insurance, we have answers. 

What Is A Deductible, Co-Pay, and Premium?

Understanding key health insurance terms is crucial to choosing a good plan. These are the three main terms you will hear when you first begin shopping for health insurance. 

Premium– This is the amount you pay each month to be a part of the health insurance plan. This is a very important amount to consider because it will be part of your monthly, recurring budget. 

Deductible– This is the amount that you will pay out of pocket for your health care costs before the health insurance policy will kick in. This is also an important amount to consider as it will have an effect on your yearly budget. 

Co-Pay– The co-pay is the amount that you will pay at each doctor’s visit. 

Why Are There Different Deductibles and Premiums for Different Policies?

Each individual and family will have different medical needs throughout the year. In order to plan ahead, you will consider the amount of medical care your family normally requires during a year. The deductible amount will often affect the premium amount.  You should keep this in mind while shopping for health insurance.  A health insurance representative can then help you understand a practical deductible and premium for your family. The best way to understand health insurance options is by speaking with a representative directly. 

If you would like to learn more about health insurance, and which options are best for your family, please contact us at HBW Insurance Group, serving Catonsville, MD. 

 

When does someone in Maryland need flood insurance

For people all over the Catonsville, MD area, owning a home is a great long-term option. When you own property in this area, it is very important that you adequately protect it with insurance. Depending on your situation, this could include getting flood insurance. There are several situations when someone in the area may need to get flood insurance.

When it is a Lender Requirement

One of the most common situations when someone may have to get flood insurance is when it is a requirement set forth by a lender. If you have a home that is located in a FEMA flood zone, the lender will likely require that you carry flood insurance at all times. To ensure that their collateral is protected, they may also require that you escrow for these payments along with your monthly loan payment. 

When Not Covered by Base Policy

Even if you are not required by a lender to have flood insurance, it still would be a good idea to get it in some situations. If you are at risk of flood damage and your base home insurance policy will not cover it, flood insurance is a practical necessity. This ensures that you will be able to pay to rebuild or replace your home if it is damaged by floodwaters. 

There are a variety of situations when getting flood insurance will be a good option for someone in the Catonsville, MD. If you are looking for flood insurance for your property, you could find that the process of getting a policy can be complicated. The team at HBW Insurance Group could help you to get into a policy that gives the right type and level of protection. When you reach out to HBW Insurance Group, they will examine your situation and find the right type and level of flood insurance coverage. 

Common Misconceptions about Condo Insurance

The next step after purchasing a condo is protecting your investment with condo insurance. At HBW Insurance Group, we offer a number of condo insurance options to suit every need. We’ll also help you sort through misconceptions about this coverage so you can avoid costly mistakes in your policy. Here are just a few misconceptions to watch out for when insuring your Catonsville, MD condo.

Misconception: Your condo association’s master policy protects your unit so there’s no need for additional insurance.

Your association’s master policy covers damage to your building and common areas, not your individual unit and certainly not your personal belongings. By obtaining an individual condo insurance policy, you can protect the interior of your unit and your personal goods against any eventuality.  

Misconception: Condo insurance only provides protection for personal property. 

Condo insurance offers much more than property protection. In addition to protecting your personal goods, condo insurance can protect the interior of your condo to include ceilings, walls, floors, cabinets and built-in structures against fire or storm damage. Condo insurance also protects you against liability claims and helps recompense you for living expenses if you have to leave your condo due to extensive damage from a major disaster.

Misconception: Upgrades to your condo are automatically covered by your dwelling coverage.

Renovations to your condo aren’t automatically included in your policy. You need to add them to your coverage by updating your policy. We’ll help you include these upgrades in your insurance and adjust your premium accordingly.

Misconception: Condo insurance protects you against flood damage.

Standard condo insurance doesn’t cover flood damage to your abode. You can, however, add this protection to your coverage by purchasing a separate flood insurance policy.  

For more information about condo insurance and the protection it provides, contact HBW Insurance Group in Catonsville, MD.

How Do You Get Flood Insurance?

Food insurance in Catonsville, MD is important because a home insurance policy will not cover damages caused by floods. Flood insurance is available through the federal government or private companies.

Your agent or insurer, such as HBW Insurance Group, should be participating in the National Flood Insurance Program (NFIP). There aren’t any restrictions on who can purchase a flood policy. While you don’t need to live in a floodplain or a high-risk area, the cost of the policy can usually deter those with low risk. Your community does need to participate in the NFIP but most communities do.

While the government backs policies, there isn’t an option to buy flood insurance directly though the government and you have to buy from an agent. The premiums will be the same no matter what agent or insurer you go through. The rates are set by the NFIP and will depend on predetermined factors, such as the year your property was built, the flood risk, and the value of the property. When you file a claim, the insurer and not the government will handle it. There are many pros of buying this type of coverage, including that it’s available to everyone and it’s reliable.

There is also the option to buy private flood insurance that is separate from the NFIP. Flood insurance purchased through a private policy can be more or less expensive than policies from the NFIP. There are also a few risks with buying insurance like this since you may be suddenly dropped and you may actually be required by your mortgage lender to have a policy backed by the NFIP. It’s also not available to everyone. However, there could be higher claim limits and a shorter waiting period before coverage kicks in.

Contact HBW Insurance Group, serving Catonsville, MD, to get a quote on flood insurance.

Is Condo Insurance Required In Catonsville, MD?

Catonsville, MD condo owners have a number of concerns that will need to be addressed. In many instances, these condo owners find themselves wondering if they are required to obtain condo insurance in the first place. For starters, the condominium association in question must carry master insurance policies on all of the buildings that they currently own.

These policies are also designed to cover individual units as well. Common elements are covered by these policies and this can cause condo owners in Catonsville, MD to wonder why they would require any additional coverage. 

The condo owners’ policies are known as HO-6 policies and when it comes to making the right decision for your protection, there are factors that must be considered. Unit owners themselves may not believe that they need assistance from HBW Insurance Group. After all, the condo is already protected, right?

In reality, nothing could be further from the truth. It is incredibly risky for a condo owner in Maryland to avoid these responsibilities. Not only is the condo owner typically required by law to obtain the aforementioned HO-6 coverage but they are also required to provide proof of this coverage to their condo association in most instances.

Property damage coverage is offered by these policies, especially when the structural damage occurs inside of the unit. A condo association may handle damages to common areas but they are not going to held responsible for damages within the unit. If the unit owner has decided to install any items that are designed to better the property, they are responsible for their protection.

Any condo owner in Maryland that is looking for further insight on these matters is urged to contact HBW Insurance Group as soon as possible. Take a moment to visit the firm’s website, so that you can find out everything that you need to know! 

Receiving Guests for the Holidays? Update Your Renters Insurance

Accidents are more likely to happen during the busy holiday season than other times of the year, especially if you host dinner parties or have guests staying over in your rental property. By updating your renter’s insurance from HBW Insurance Group in Catonsville, MD, you can be prepared for any eventuality. Here’s how renters insurance can protect you this holiday season.

Liability Coverage

With a house full of guests to include children and pets, there’s always the risk of accidental injuries or damage to a visitor’s property. A slip and fall could send a guest to the hospital, leaving you to foot the bill for medical costs. Liability insurance covers medical expenses and damages of guests who have accidents on your property. If a guest decides to sue for damages, this coverage helps cover your legal costs and settlement, up to the limits of your policy.

Your HBW Insurance Group agent can help you determine how much liability coverage you should have to protect your assets. You don’t want to suffer financial loss due to skimping on liability coverage.

Contents Coverage

Holiday cooking increases your risk of starting an accidental fire, which could cause a lot of damage to your personal property. If you’re not careful, holiday lights can also spark a fire and damage your furniture, electronics, and other costly items. Renters’ contents coverage protects your goods against perils like fire, smoke damage, storm damage, theft, etc. If you have costly goods, replacement cost coverage offers the best protection as it pays to replace your goods without taking off for depreciation. This could save you thousands of dollars out-of-pocket.

By updating your renter’s insurance, you can enjoy the holidays to the full without worrying about unforeseen events or accidents. Contact HBW Insurance Group in Catonsville, MD today to update your renter’s coverage.  

 

 

Discussing Life Insurance With Aging Parents

Discussing death is never an easy topic. It can be even more difficult when you are discussing it with your own aging parents. Discussing life insurance issues with your aging parents may feel awkward or uncomfortable, but it is a necessary conversation to have. The folks at HBW Insurance Group are here to help you navigate these difficult waters. We are now serving Catonsville, MD and surrounding areas. 

Why You Should Have This Conversation

In some cases, parents have not shared with their children the necessary information which they will need in the event of their death. The details of existing life insurance policies, burial information, and other related topics often get avoided. Taking the time to have a conversation in which these details are explored will help you be able to take care of your parent’s final wishes as well as deal with the expense when the time comes. 

Life Insurance Concerns for Aging Parents

This topic should be explored with your parents to ensure that they have sufficient life insurance to cover their final needs. In many cases, life insurance policies were purchased years, even decades previous. The coverage amounts in these policies may not be sufficient today. It is important to discuss this issue with your parents in the event that additional life insurance needs to be purchased. 

How to Ease the Discomfort

If your parents are very resistant to having this type of conversation, perhaps you could bring up the topic by first addressing other financial concerns and then easing into this particular concern. It is important that you are sensitive and compassionate to their feelings and thoughts on this topic. 

If you would like to speak to an insurance representative at HBW Insurance Group, please give us a call today. We are proudly serving  Catonsville, MD and surrounding areas. 

 

Can I Get A Supplemental Policy That Covers Prescriptions?

Health insurance can be confusing. Many people are unsure of what their insurance actually covers and in what amounts. The agents of HBW Insurance Group are available to clear up any confusion that Catonsville, MD residents may have. For some, one of the main problems they have is paying for their prescription medications. Some policies include prescription medication benefits while others may be rather limited in that area.

Prescription Costs

Prescription medication costs can be excessive, especially when dealing with medications that are needed for chronic health conditions. Covering these costs can be tricky, especially for individuals who are on disability or a fixed income. There are supplemental policies designed to cover the cost of your prescription medications, you just have to be able to choose the right one that meets your particular needs.

Adding A Supplemental Policy

There are many types of supplemental policies that you can add to your health insurance. Supplemental policies for prescription medications are available. They can help cover the cost of expensive medications that are needed on a regular basis. Discussing your needs with your insurance agent will allow you to choose the right supplemental policies to meet your needs.

Catonsville, MD residents who are looking for supplemental insurance to help cover their prescription medication costs can call the agents of HBW Insurance Group to get the advice they need to make sound choices. There are many types of supplemental policies. Choosing the right one can take time and a little research to ensure you get just the right coverage. Stop by the office or call one of the agents to set up a time to meet. Get the information you need today!