Health insurance FAQS

When it comes to health insurance, most people have a lot of questions. So many things to consider, so many terms you don’t understand. It can make you feel really inadequate. Having an independent agent who you trust to guide you can be a lifesaver. At HBW Insurance Group in Catonsville, MD, we are a locally owned independent agency and our knowledgeable team puts the needs of our clients first. 

Is my doctor on this health plan?

One of the most important questions to ask when choosing a health care plan is whether your preferred doctor is on the plan. All plans have a network and doctors may or may not be in that network. Depending on the type of plan you choose, you may be able to keep your doctor even they are not in the network. 

What is a high deductible plan?

With a high deductible plan, you have a high deductible that must be met before services are covered. It is less expensive than a lower deductible plan. You are betting that you are not going to have a serious illness. 

How do an HMO and a PPO differ? 

Both an HMO and a PPO are managed care. The difference is that with an HMO you must use a doctor in the network except in the case of an emergency. With a PPO you also have a network and if you use a provider in the network you pay less but if you go outside, you still have some coverage.  

How do I know what my prescriptions will cost?

Health insurance plans have a formulary that lists the prescription medications covered. It also lists the copay and possible deductions associated with each particular drug. 

Contact HBW Insurance Group in Catonsville, MD for all your health insurance needs. 

Life Insurance FAQ

When it comes to life insurance, most people are not very knowledgeable. It isn’t unusual to have a lot of questions. Having an insurance agent you are comfortable with and trust is important. HBW Insurance Group in Catonsville, MD is locally owned and operated and our team is dedicated to making sure our customers get the insurance they need. 

The best time to buy life insurance is when?

The fact is, life insurance rates are determined by health and age. Being young and healthy makes purchasing life insurance at that time the most affordable. It isn’t always the most practical time since you may not have a lot of income. Starting with a whole life policy makes sense. 

How much life insurance do I need? 

The answer to this question is not a simple figure. It requires a few factors to be taken into consideration. The simplest answer is for someone with a family, having somewhere between 7 and 10 years of income in life insurance will help to get your children through their childhood. That figure needs to be adjusted for other aspects of your life such as age, dependent, and debt. 

What type of life insurance is best? 

Life insurance is offered in two basic types, whole life which lasts your entire life and earns dividends, and term life which lasts for the term it is written for and then is gone with no cash value. Both are valuable protection. 

Is the life insurance I get from my employer enough? 

Probably not, especially if you don’t stay with one employer for your entire career. You control the amount and the type of insurance you purchase. Having your own life insurance guarantees your protection. 

If you live in or near Catonsville, MD, HBW Insurance Group is your local independent insurance agent. Contact us for any insurance needs you have.

Do I need health insurance in Maryland?

When you are a resident of the Catonsville, MD area, there will be many types of insurance that you will need to have. A very important form of coverage to get in this area is health insurance. There are a few reasons why a health insurance plan should be considered a necessity when you are in this area of Maryland. 

Insurance is Necessary to Receive Affordable Care

Being able to see a doctor, get medication and get the appropriate care you need can be very expensive if you are not properly insured. When you enter into a new health insurance plan, you can greatly reduce the amount of money that you will need to spend on healthcare expenses each year. Further, it will ensure that you have access to a physician and the care that you need when you need to receive it.

Insurance is Required by Law

You should also get a health insurance plan when you are in Maryland because it is now required by law. For those that are all over the country, being able to provide evidence of health insurance coverage is a legal requirement. When it comes time to file your taxes, you will have to provide evidence of coverage for the entire preceding year. If you cannot do so, you could face penalization. 

If you are in the market for a new health insurance plan and you are in the Catonsville, MD area, you should call HBW Insurance Group. There are a lot of options when it comes to health insurance and picking the right plan can seem quite confusing. Fortunately, HBW Insurance Group can help you with this process by evaluating your needs and giving the guidance you need to pick the right plan for your situation. 

Does flood insurance cover antique items?

Flood insurance is an absolute necessity in Catonsville, MD. Your standard home insurance policy will not cover incidents where your property or possessions are damaged by flooding caused by severe storms. Does flood insurance cover antique items, though? The agents at HBW Insurance Group can help answer this question and more about indemnity coverage. 

Does flood insurance cover antique items?

A standard home insurance plan does not cover antique items. A standard flood insurance policy, however, pays for specialty, or high value, items such as antiques in Catonsville MD. There are a few general stipulations claims must follow to be approved for payout. 

First, the items damaged must belong to the property owner. Antique items belonging to a family friend stored in the garage do not qualify for coverage. You can file a claim for someone’s items if they are listed as residents of your home. 

Second, the homeowner should expect to receive compensation for the functional value of antiques. Many insurance providers require appraisals before listing specialty items in the policy. You will only receive what an appraiser believes the value of your antiques is worth. You will not receive compensation for the sentimental value your possessions hold. 

How much antique coverage do you need?

The amount of antique coverage you choose to go along with your standard flood insurance policy will depend on a number of factors, not limited to:

  • Lifestyle preferences;
  • The quantity and quality of your possessions;
  • How much you are willing to pay in monthly premiums.

It is imperative that you speak with a professional to determine how much specialty insurance you need to purchase.

An expert from HBW Insurance Group can help you understand how flood insurance with antique coverage works so you fully understand the benefits of such an indemnity plan. Call HBW today to get started with a quote for your next flood insurance plan.

Why should you get condo insurance?

In the Catonsville, MD area, people will continue to find that there are benefits that come with being property owners When you are going to get a new home here, you should think about getting a condo as these offer several different amenities. Along with your condo, you will also need to get insurance. There are a few different reasons that you should get condo insurance 

Insurance Protects Owners

A key reason that a lot of people should get condo insurance coverage is that it can protect the owners of the condo. When you buy a condo and get insurance, you will have the protection needed to make repairs or replacements to it if there is damage. Additionally, you will be able to get liability coverage. This will give protection in many different situations, including if your property has a leak that causes damage to another unit.

Insurance is Required

You will also want to get condo insurance because it will be required for you to do so. A lot of people that get a condo will be required by a mortgage lender to get insurance for it. Additionally, if you live in a condo with an association, the rulebook will almost always require that you carry insurance. If you violate either of these agreements, you could be found in default. 

Owning a condo in the Catonsville, MD area can be a great long-term investment option. When you are looking to protect this investment, it would be a good idea to call the HBW Insurance Group to discuss your insurance needs. If you do speak with HBW Insurance Group, you will get to learn more about your different options. This will help to ensure that you remain properly protected with an ideal condo insurance policy. 

Who needs flood insurance in Maryland?

When you are in the Catonsville, MD area, owning a property can be a great investment and housing option. While there are a lot of perks that come with owning a property here, there are some risks as well. One risk that some people here have to manage is the risk of flood. A great way that you can offset this risk is by getting flood insurance. There are several situations when someone in this area of Maryland needs to have flood coverage.

When Concerned About Flood Risk

One situation when you will need to have flood insurance is when you are concerned about flood risk. If you believe that there is a risk of flood damage in your area, it is important that you insure against it. In the majority of situations, the flood coverage you get from your home insurance policy will not be enough to repair your home. In these cases, you should invest in an additional flood insurance policy.

When Required by a Mortgage Lender

Another situation when you need this coverage is when your mortgage lender requires it. If your is in a designated flood zone, the lender will likely require that you carry flood insurance at all times. They often will approve your policy and then escrow payments to ensure you do not have a coverage lapse. 

If you are a property owner in the Catonsville, MD area, it is very important that you insure your home as well as possible. A great way to do this is by getting flood insurance. When you are looking for a new policy in this area, you should call HBW Insurance Group. The HBW Insurance Group can help you assess your flood insurance needs and will give you support when it comes to picking a new policy. 

Why should I get condo insurance?

Owning a property is a good option for anyone in the Catonsville, MD area. When you are evaluating your home purchasing options, you should consider getting a condo as you will enjoy the benefits of property ownership without having the same obligations. If you are looking for a new condo here, you should also spend time considering your insurance needs. There are several reasons you should get condo insurance. 

Insurance Provides Valued Coverage

One of the reasons that you should get condo insurance is that it will give you very valuable coverage. A condo insurance policy will first provide you with protection for all of your personal belongings and your dwelling in the event your property is damaged or you are a victim of theft or vandalism. A condo insurance policy will also give you protection for liability.

Insurance is Required

Another reason that you should get condo insurance is that it is normally a requirement. If you live in a condo building, there will undoubtedly be rules set forth by a condo association that will require you to carry a certain level of condo insurance. Further, if you take out a loan to buy the condo, your mortgage lender will want to ensure that you carry condo insurance at all times until their loan is repaid.

It continues to be very important for people all over the Catonsville, MD area to get a full condo insurance policy. When you are looking for a new condo insurance policy here, you should call the HBW Insurance Group. The team at the HBW Insurance Group can offer you the guidance you need to fully understand your insurance needs and options. This will help to ensure that you continue to be properly covered and protected at all times. 

Common Renters Insurance Myths Exposed

HBW Insurance Group serves the Catonsville, MD community by offering residents multiple types of insurance policies. Not only are we committed to helping our clients find the insurance coverage that they need, but we also strive to make sure that they are informed on the latest news in the industry.

Renters Insurance Myths Exposed

If you are renting a home or condo in the Catonsville, MD community, it’s important that your assets are covered. Renters insurance provides protection in the event that your property is damaged due to a natural disaster or if someone steals your belongings. While you are researching different policies, avoid these common renters insurance myths.

I Don’t Have Valuable Assets

Your belongings hold value, no matter how small they are. Even if your rental unit includes temporary furniture, the policy will ensure that those items are protected. You can also amend your policy to cover any items that you take out of your property and place in your vehicle.

I Can’t Add Liability Coverage

Even though you may be staying in a rental unit, liability insurance is still an asset. If you invite some friends over to tour your property, liability coverage will protect you in the event that one of your friends accidentally gets hurt on your property.

My Landlord Can Deal With Everything

Your landlord’s policy does not protect your personal belongings if they are destroyed in an accidental fire. That’s why it is important that you have your own personal renter’s insurance policy.

I’m Low Maintenance So I Don’t Need Coverage

Accidents happen all the time. In the event of an emergency, your policy can act as a safety net. Your policy will cover you while you seek temporary lodging somewhere else.

HBW Insurance Group Will Answer Your Questions

For more information on different types of renters insurance coverage, visit our website today!

What does term life insurance cover?

Life insurance is a necessary yet sometimes confusing option for buyers. The average consumer knows the importance of obtaining a good indemnity plan in Catonsville, MD. Not as many, however, completely understand what life insurance covers and whether or not term insurance is right for them. The agents at HBW Insurance Group can help you fully comprehend the type of life insurance you are buying before you sign in agreement to the terms. 

What is term life insurance?

Term life insurance is indemnity coverage that pays for your final expenses in the event that you die within a set time limit. Options for this type of coverage typically come with expiration dates that sometimes cause your monthly premium payments to either increase or decrease. 

It is important to note that term life insurance does not have any cash value. There is no equity that you can borrow against while you are living. 

How does term life insurance work?

Term life insurance begins with the company calculating monthly payments for potential policyholders. The amount you pay largely depends on your age, health, and overall life expectancy. Some policyholders pay more for term life insurance because of family medical history that points to chronic diseases such as diabetes and kidney disease. Still, term life insurance is significantly cheaper than whole and universal life insurance plans. 

Your loved ones will receive payment for your final expenses if you pass away within the specified term limit of coverage. Indemnity companies do not pay for final expenses if the individual passes away after the policy expires. 

Determining if term life insurance is right for your family should involve a discussion with an agent. Call HBW Insurance Group today to speak with an expert about coverage. 

Reasons You Need a Health Insurance Policy

Health insurance can help cover necessary medical procedures for your family throughout the year. There are numerous reasons to purchase a health insurance policy from HBW Insurance Group for your family, including: 

Minimize the High Cost of Unexpected Medical Bills

An accident, an injury, or a sudden illness can lead to high medical bills that you were not expecting. In many cases, the expenses for medical care can be catastrophic if you don’t have health insurance, wiping out your finances, and leaving you paying medical bills for years to come. Carrying even a basic health insurance policy will help you cover your bills and get the healthcare that you need in the event of a crisis. Speak to an insurance agent in Catonsville, MD to learn more about the policy that’s best for your individual situation.

Pay for Preventative Care

Having preventative health care procedures can help keep you well. These tests can also find chronic conditions early and help catch dangerous diseases before you might notice the symptoms on your own. Preventative health screenings are an important part of ongoing healthcare, and many insurance policies cover the screenings in full, as they save the company money long term by helping to catch symptoms early.

Prescription Coverage

Health insurance can also help cover all or some of the cost of your prescription medications. Some medications can cost hundreds of dollars per month, so assistance with this expense from an insurance company can go a long way. 

An agent with the HBW Insurance Group can discuss your health insurance options and help you find the policy that’s right for you and your family. Reach out to us today to learn more about what’s available for you near Catonsville, MD.