Is Flood Insurance Adjustable

Flood insurance is something that not all insured people need to have. For those that live in areas where the flood is common or where the flood is possible, having flood insurance can help to prevent the total destruction of your home and property. For those that live in the Catonsville, MD area, the agents with HBW Insurance Group can help you determine if you need flood insurance and how much you may need to be fully insured.

Flood insurance is a coverage type that is not included in any basic home insurance policy. This means that there is not any coverage for a flood if you have a basic policy on hand. If you live in an area where the flood is likely or where the flood is common, you may need to take out flood coverage. Flood coverage is something that varies depending on where you live and on what type of home you are insuring. If you have a large home that is going to need a great deal of coverage as opposed to a smaller home. You also want to look at the likelihood of a flood. In areas where flood may happen but it is not common, you may not need as much coverage.

For those that have flood coverage, it can be adjusted as needed during each payment period. If you are making changes to your policy but have already paid your premiums for that term, you will likely need to adjust the coverage and wait for changes in the overall cost of your premiums. For those that live in the Catonsville, MD area, the agents with HBW Insurance Group can help you adjust your flood coverage as needed at any time during the life of your policy to get you the best fit possible for your needs.  

How Condo insurance works

With a condo, you own the living space and the interior walls, but not the outer shell of the building. A Condo is sort of a cross between renting and homeownership, so insurance can get complicated because of that. The HBW Insurance Group in Catonsville, MD is here to help you sort out your insurance needs, and they can be different depending on the type of condo you have.

With a condo, the building owner owns the outer shell and basic infrastructure taps for things like water and electricity. You own everything else. If there were a fire that destroyed the building, the owner’s insurance would cover only the outer shell. You would still have to put in walls and the rest of the structure. Condo insurance is different from homeowners insurance then, in that it goes to the outer shell of the building.

Renters insurance covers contents only, not any of the walls. If you only had renters insurance on your condo and there was a fire you would have to replace the inner walls out of your own pocket.  Keep in mind though, if you are renting a condo, you still only need renters insurance. The difference is whether you own the condo and if you do you will need condo insurance.

The same would apply if you rent out your condo. You would not need to ensure the contents that the Tennant owns in that case.

Contact the HBW Insurance Group in Catonsville, MD for all of your insurance needs. You may contact us by phone or in person. You may also visit our website. We can help you find the insurance that will meet your needs. Current customers are also invited in to make sure they have the coverage they need as situations change over time.

How Do Insurance Companies Define a Classic Car?

HBW Insurance Group offers classic car insurance to residents of Catonsville, MD and surrounding areas. A classic car isn’t defined by its market value. Because of that, many insurance companies have different criteria when it comes to insuring a classic car. But, what is it about a car that makes it “classic” to an insurance company

What Kind of Classic Is Your Classic?

Several types of cars can fall under the classic car category. Sometimes you can see car insurance for antique cars, exotic cars, collectible cars, or vintage cars. All of these can fall under classic car coverage in the eyes of insurers.

Remember, calling a car a classic is incredibly subjective. Because of that, many insurers set criteria that establish whether your car qualifies as a classic or other designation that requires special insurance coverage.

What Criteria Can Make A Car a Classic?

An old car isn’t exactly a classic car, but cars older than a decade represent a start. Age can factor in, but some other criteria can include:

  • How often you use the car, the less the better
  • Whether your car routinely goes to car shows or meetings
  • How you maintain and store your car
  • How much restoration or preservation you applied to the car

This all means it’s usually up to you to prove your car is a classic that requires classic car insurance coverage.

What Does Classic Car Insurance Cover?

Classic car insurance includes the kind of liability and property damage coverage you would expect from any car insurance in Catonsville, MD. However, you will have to establish a value for the car with the insurer. That value can change what kind of coverage you need.

In addition, classic car values can change over time, so you may have to occasionally update your insurance. Classic car insurance can vary depending on the car and your needs. Contact an HBW Insurance Group agent to learn more about insuring your classic car.

Do I Need Separate Coverage for Various Types of Weather Damage?

At HBW Insurance Group, the agents understand that weather conditions can go from bad to worse very quickly. If you live in Catonsville, MD, you don’t want to find out too late that your homeowner’s policy doesn’t cover specific weather-related events. It’s important to know exactly what your insurance covers because after an event occurs, it’s too late to get the coverage you may have needed. 

Hurricane and Flood Damage 

Two types of insurance that are often not included in homeowner’s policies are a hurricane and flood insurance. While flood insurance is an option for those who live in floodplains, most people don’t think about hurricane insurance unless they live right along the coast. In the past few years, Maryland has received damage from hurricanes that have hit the area so they need to be considered as a possible threat.

Always Be Prepared!

If you are unsure of what types of weather-related events your insurance covers, you will want to re-evaluate your policy to find out. Know what the weather risks are to your area. Are you close to where hurricanes have hit in the past or do you know where the nearest floodplain is? These are important questions to ask yourself to ensure you have the types of insurance you need to protect your home.

Contact the agents at HBW Insurance Group and schedule a review of your policy. Re-evaluating your insurance every few years is important to ensure you have the coverage you need when you need it. Don’t wait! If you live in the Catonsville, MD area, call and talk to an agent today!

What is the difference between personal and commercial insurance?

Your business in Catonsville, MD is already protected by the insurance policies you purchased through  HBW Insurance Group, but you may be wondering if you have the right kinds of coverage or the difference in how commercial insurance works. The same kinds of things are often covered by policies that look the same, like personal and commercial auto insurance policies. 

Personal vs Commercial Auto Insurance 

While they may look the same, there are striking differences between personal and commercial auto insurance policies. One important difference for businesses is that a commercial policy is rated differently, and it can typically carry higher limits. 

This is important because there are more ways a business may be held liable, where individuals involved in a traffic accident may look for "deeper pockets" when filing a lawsuit. Another important distinction is that someone borrowing a business car for personal use will likely be covered, but not the other way around. 

Other Differences

The names of the insured for a commercial policy may include the name of the business, and this may vary depending on the type of business, such as sole proprietorship or corporation. Personal policies typically list individuals or married couples. 

Policies protecting property for businesses may include several kinds of structures, where personal policies are usually limited to homes. A big difference is a liability because individuals normally have few concerns in that area. Businesses may need to worry about liability for their premises, operations, employees, products, and other related concerns. 

If you have been getting by with personal insurance up to now, or if you just have general questions about your coverage in Catonsville, MD, call HBW Insurance Group today for free advice to see how we can help protect you and your small business better. 

Condo Living: What to Expect

Condo ownership comes with its share of amenities. Before making this commitment, however, you should learn more about condo living and how it differs from owning a single family home. Like any other type of home ownership, you’ll still need insurance to protect your investment. At HBW Insurance Group, we can help you select the right coverage for your Catonsville, MD condo and belongings. Here are a few factors to consider about condo living before you buy a condo.     

Sharing is Inevitable

Sharing is inevitable when it comes to condo living. You’ll probably share walls with a neighboring condo along with hallways, common grounds, security, and amenities. Depending on where you live, amenities could include a clubhouse, pool, gym or sauna. If you’re used to greater privacy, condo living will require an adjustment.

Limited Space

Most condos come with fixed living spaces and what you see, is what you get. Unlike single-family dwellings, there’s no option to add a bedroom, office or patio to increase living space in most condos, especially if you share walls. You also don’t own the land surrounding or beneath your condo, further restricting any plans for expansion.   

Restrictive Condo Rules 

Condos are governed by association rules and regulations that may restrict your current lifestyle. Before investing in a condo, it’s important to know the regulations that will govern your actions. The association may have rules on visitors, parking, noise level, unit maintenance and appearance, night time activities and more. Choosing an area with the least restrictions makes it easier to adapt to condo living and live the lifestyle you enjoy most.

On the flip side, condo ownership offers good security, free landscaping, comfortable living and fun, safe amenities (clubhouse, pool, gym, etc.) within easy reach. You can also obtain affordable condo insurance from HBW Insurance Group to safeguard your new Catonsville, MD condo home.

Why do I need condo insurance if I don’t own the building itself?

If you own a condo in Catonsville, MD, you probably appreciate that you are getting the best of both worlds. You don’t have to take care of the property, but you still get the benefits of owning your condo and being able to sell it later or transfer your rights.

You may have been encouraged to obtain a policy for condo through HBW Insurance Group, and in fact, if you still owe money on your condo there may be a condition that you keep an insurance policy until your loan is paid off. Why is it important to have an insurance policy on your condo when you don’t own the condo? Part of your homeowner’s association fees doubles goes toward paying the insurance for the buildings.

As a condo owner in Catonsville, MD, you are responsible for everything in your condo, including the physical structure within your walls. That means that if anything happens within your own area, you are responsible for repairs, and those repairs can be costly.

You also need to think about the contents of your condo. Your personal belongings include large appliances like a stove and refrigerator and smaller appliances like a toaster and microwave. You also have an entertainment system, furniture, clothing and many other kinds of personal items. Also, if there is a fire or other catastrophe, you may not have a place to stay.

A good insurance policy on your condo will help you deal with all those issues without having to go into your own pocket, beyond the deductible. If you have any questions or would like to find out how to protect your condo, please call HBW Insurance Group today.

How to Save on Health Insurance

Health insurance is something that you have to have in place due to federal law but that does not mean that you have to pay a lot of money for it. if you are not lucky enough to have health insurance through your employer, then you have to find health insurance on the open market. This is something that can usually lead to higher prices but there are ways that you can save on this essential insurance product and still remain compliant with the coverage requirements. Use these tips from HBW Insurance Group, serving Catonsville, MD, to save money on your policy.

  • Look for higher deductibles. The higher your deductible, the lower your insurance premiums. However, something for you to keep in mind with this is that you do not want to get a deductible too high that would prevent you from being able to even get the services that you need and when you need to have them.
  • Get coverage that matches your needs. If you do not go to the doctor often, then you probably do not need to get a plan that caters to that. If you do go often, you may need a plan that will allow you to save money on your co-pays and deductibles.

Not only are these some great tips but you can save even more when you have a less expensive policy to begin with. Here at HBW Insurance Group, serving Catonsville, MD, we can help you find a cheaper policy and then implement these saving tips so you can get the least expensive policy possible for you and your family. Be sure to reach out to us today to get started so we can find you the best policy that meets your needs and your budget.

Am I too young for life insurance?

Allow us to dispel a myth: Life insurance isn’t about age.

The reason people tend to buy life insurance once they reach retirement age is not that they’re getting older. How many times have you seen someone retire at fifty and then live another fifty years? Going a little gray doesn’t mean you’re already in your last chapter. The reason people buy life insurance once they get older is not that they’re running out of time, it’s because they have dependents, and they have the means to ensure that those dependents are covered no matter what happens.

If you’re twenty-five years old and you want to make sure that your children are covered no matter what, you can buy a life insurance policy with HBW Insurance Group and rest easy. It doesn’t have to do with how dangerous your job is, either. If you work as a garbage collector or in an office building in Catonsville, MD, you can get life insurance to protect your family and loved ones.

Nobody is too young to consider buying a life insurance policy. "How likely am I to pass on soon?" is the wrong way to look at it. It has almost nothing to do with how much time you have left, and everything to do with whether or not you have people who depend on you, and the financial means to take care of them.

A policy through HBW Insurance Group can be surprisingly affordable. Give them a call next time you get a chance and see what they have to offer you. You might be surprised at the options you have available to you when it comes to ensuring that your family is protected.

Your Quick Guide to Commercial Insurance in Maryland

Small businesses are an intricate part of the Maryland economy. A survey from 2011 found that more than 50 percent of private-sector jobs are made possible by companies having less than 500 employees. With so much riding on the success of small businesses, it is crucial that entrepreneurs protect themselves against tragedies and unexpected legal costs that could bring about financial hardship. 

Commercial insurance is the best way to reduce out-of-pocket risks and do better business in Catonsville, MD. The agents at HBW Insurance Group can help you find the right plan.

Is business insurance required in Maryland?
Commercial liability insurance is not required for small business owners operating companies out of the state of Maryland. It should be noted, however, that the region is a pure contributory negligence fault state, which means that a plaintiff must be 100 percent free of negligence to recover damages for accidents. It is not difficult for a customer to prove that you are fully at-fault if she slips on spilled coffee in your store and breaks her hip. You stand to lose a lot if you do not have commercial liability insurance. 

Small business employers are required to obtain workers compensation insurance even if they only have one employee on the payroll. You are also required to maintain auto insurance if your company has cars. It is highly recommended that you obtain an assurance plan, especially for business vehicles and fleets. 

What does a typical commercial insurance policy cover?
The average business indemnity plan pays for:

  • Bodily Injury 
  • Personal Injury 
  • Property Damage 
  • Advertising Injury
  • Legal Defense

The agents at HBW Insurance Group can help you sort through the details of commercial insurance in Catonsville, MD so that you are fully covered and ready for the unexpected. Contact us today for a quote!