How much condo insurance do I need?

HBW Insurance Group is a trusted insurance provider serving the Catonsville, MD area. We offer a wide range of coverage options for condo owners and can help you find the right policy to protect your home and belongings. We’ll discuss how much condo insurance you need and what factors affect the amount of coverage you require. 

Whether you’re just starting out as a condo owner or are looking to update your current policy, read on for helpful information from HBW Insurance Group!

What is condo insurance?

Condo insurance is a type of property insurance that covers your unit in a condo complex. It can provide coverage for your personal belongings, as well as provide liability protection if someone is injured while visiting your home. It’s important to have condo insurance in case of an unexpected event, such as fires, theft, or vandalism.

How much condo insurance do I need?

The amount of condo insurance you need will vary depending on your specific needs and situation. However, most policies provide coverage up to $100,000 for personal belongings and $500,000 in liability protection. You may want to consider increasing this coverage if you have high-value possessions or a large number of people living in your unit.

What factors affect the amount of condo insurance I need?

Several factors can affect the amount of condo insurance you need. Some of the most important factors include the following:

  • The value of your belongings
  • The size of your unit
  • The number of people living in your unit
  • The age of your building
  • The location of your building

If you’re looking for quality condo insurance, HBW Insurance Group is here to help. Call us today for more information or to get a free quote!

Three things you shouldn’t assume about renters insurance

If you live in a property you rent, it’s crucial to carry renters insurance. Those looking for renters insurance in Catonsville, MD can purchase a policy from HBW Insurance Group. 

When deciding on a renters insurance policy, you need to make your decisions based on accurate information. The following are three things you shouldn’t assume about renters insurance. 

You’re covered under the renter’s insurance policy of your roommate.

Generally, a renters insurance policy will only cover the policyholder’s belongings. This means that you cannot benefit from coverage under your roommate’s renter’s insurance policy.

You will need to purchase your policy if you want to have your belongings in your shared apartment covered.

Renters insurance isn’t needed if you don’t have valuable possessions. 

Getting renters insurance isn’t only crucial for covering the value of your possessions. It’s also essential for protecting you from liability expenses.

If someone becomes injured in your rented home, you could face a lawsuit or expenses resulting from the accident. Renters insurance can protect you in case of a liability issue in your rental home.

Renters insurance is not necessary because the landlord must cover expenses related to a rental property. 

You cannot assume that your landlord will be responsible for all expenses you may face as a renter. Carrying renters insurance protects you if your landlord isn’t accountable for expenses you face or doesn’t have the funds to cover them.

Browse our website to learn about our insurance policy options. HBW Insurance Group provides insurance to renters in Catonsville, MD. You can message us to learn more about the insurance coverage we offer. 

How much life insurance is enough?

Life insurance is a very personal decision. The right amount for you may not be suitable for another person. Several factors go into the determination of how much life insurance is enough. HBW Insurance Group in Catonsville, MD is an independent insurance agency that can offer you more choices. We are locally owned and operated, and our team is dedicated to providing personalized service to all our customers. 

To determine how much life insurance is enough, some things need to be considered.

Who depends on your income?

If you were to die tomorrow, who would suffer from the loss of your income? This is an important consideration. If you have a wife or a partner who counts on you or if you have children, this is something you need to consider carefully. 

How much you earn

The amount that you earn every year is one of the primary considerations. Your life insurance is designed to replace your earnings so your family will be taken care of when you are not there to support them. Therefore, the base figure for determining how much life insurance is enough is your yearly income. 

How many years do you need to provide for

If you only have a spouse or partner, you may have to provide for a few years or, at the very least, make sure to provide enough to pay off any mortgage you may have. You may have to provide for many years if you have young children. 

To come up with the amount of insurance that is enough for you, you need to multiply your earnings by the number of years you need to provide them. 

In Catonsville, MD, contact HBW Insurance Group when you are ready to discuss your life insurance needs.

Health Insurance Protects You and Your Finances

Don’t leave yourself wide open to financial disaster. If you have a severe accident or get an unthinkable diagnosis from the doctor, health insurance will protect you from unexpected, often very high, costs. Contact the insurance professionals at HBW Insurance Group in Catonsville, MD. Let our team explain the ins and outs of a good health insurance policy.

It doesn’t matter how large your home is or how many vacations you can take each year if your health is not up to par. Your health is your most important possession. If you have a good health insurance plan, your family’s financial future is protected for a lifetime. This coverage makes perfect sense.

The yearly preventive care, usually with no copay, keeps you healthy. The vaccinations, lab tests, and other preventive care services will ensure that you and your doctor stay on top of your health.

You will have access to affordable care from a network of participating doctors, specialists, and other healthcare professionals of your choice, at the location of your choice. The peace of mind knowing you have made the right basic health care choices are suitable for your well-being.

As you age, your health needs more attention than it did when you were young. Health insurance ensures you can enjoy your later years. It will help you enjoy the retirement you deserve after many working years.

But devastating circumstances can happen to anyone of any age. No one is immune from the possibility of illness or accident. Let the insurance professionals at HBW Insurance Group explain further how you can better enjoy life, knowing if you become ill or hurt, it will not be devastating to your finances. Contact them today. You will be glad you did.

Is There A Waiting Period For Flood Insurance?

There’s a 30-day period for flood insurance claims. If you have a private flood insurance policy, you may have some waiting period before it kicks in and covers your property. There’s no waiting period if your policy is through the Federal Flood Insurance Program. 

During this time, you will have to maintain Comprehensive Auto Insurance to cover any potential damages from flooding. For inquiries, visit HBW Insurance Group, an agency serving in Catonsville, MD. 

Know This About the Flood Insurance’s Waiting Period

The waiting period starts when the policy is issued. During this time, the insurer can cancel the policy if it finds that the risk of flooding is too high and the policy cannot be issued. 

This gives the federal government time to review your claim to ensure it’s valid and that you have been honest about your claim. Most flood insurance companies will pay you between 70 and 85 percent of the value of your home within the first 12 months. 

When you acquire insurance via the National Flood Insurance Program, your coverage won’t begin for at least another month after purchasing the policy. During the blackout era, your homeowner’s insurance policy will not pay to repair any damage to your property or valuables caused by floods. 

Waiting periods of anything between 14 and 30 days are standard with most flood insurance plans. The waiting time for private plans is usually around two weeks; however, the National Flood Insurance Program (NFIP) policies, which are marketed via private insurers but insured by the Federal Emergency Management Agency (FEMA), almost invariably have a waiting term of thirty days. 

Changing your policy at or soon before its renewal date is typically the only method to avoid a waiting period. The only way you’d probably be qualified for instant coverage is if your mortgage lender demanded the adjustment or if your property matched specific risk classifications issued by an adjuster. Even then, it’s unlikely that you’d be eligible. 

Parting Remarks 

During the waiting period, you can request a claim review to determine if your property is covered for flood risk. When you purchase a flood insurance policy, there is often a waiting period of anywhere from ten to thirty days before the coverage kicks in. 

The length of this waiting period determines where you receive your coverage. Seek advice in Catonsville, MD by contacting HBW Insurance Group.

Does My Association’s Insurance Cover My Condo?

There are many reasons why people buy condos. They may be looking for a new lifestyle or location, or perhaps they are more interested in a lower maintenance option.

There is a lot to consider when buying a condo in Catonsville, MD, including insurance. Often, we’ll hear someone assuming their condo association’s insurance will also cover their unit. HBW Insurance Group wants to ensure you know this is not always the case.

There Are Two Types Of Condo Insurance

The type of insurance your condo association has is called a "master policy, " which is required by Maryland law. This master policy covers the common areas and the basic structure of the building. While this does include the floors, walls, and fixtures that were part of the building when it was constructed, it does not include your personal belongings.

The second type of insurance is the "unit owner’s policy." This is a policy that covers your individual unit’s contents, as well as protects you in a property damage or liability claim. This policy is not required by law. However, the state does allow associations to require it as a condition of residency.

Do I Need A Unit Owner’s Policy?

You are always subject to loss or damage to your personal property. If there is a fire, burglary, or if you’re sued by someone who was injured in your unit, you will be responsible for the cost of replacing your items or defending yourself in court.

Furthermore, some types of damage are determined to be the joint responsibility of the association and the unit owner. For example, if the roof of your unit leaks, the association will have to pay for the repair, but they may assess you for at least part of the cost if they determine that you contributed to the damage.

Don’t let lack of coverage turn your Catonsville, MD condo dreams become nightmarish. Reach out to HBW Insurance Group today!

Doesn’t my landlord’s insurance cover me?

When you rent, you may not think a lot about what would happen if your building caught fire and your apartment was damaged or destroyed. You may feel that your landlord owns the building, so they have insurance. At HBW Insurance Group in Catonsville, MD, we are locally owned and committed to providing our customers with quality insurance products and services. As independent insurance agents, we have more options to offer, leading to better pricing. 

If you are under the impression that your landlord has insurance, you are correct. They will have insurance that protects their building, so damage to that will be repaired. However, their insurance will not cover your property or protect you if someone is injured while visiting you, and if you need to find a place to stay while your rental is being repaired, you are on your own. 

What rental insurance will provide for you is all of those types of protection. It will allow you to replace your personal property. You have options for coverage that you should discuss with your insurance agent. But the content coverage will cover your personal things even if you are not at home. If you lose your purse or your computer, it can be replaced. 

Getting sued is probably not something you think about a lot, but you probably should. The danger is always out there. If someone is injured at your rental while visiting or by a family member, you could find yourself in a legal action. 

If your rental is damaged, where would you go while being repaired? If you have renters’ insurance, you would go to a hotel first and then a temporary rental. 

Contact HBW Insurance Group in Catonsville, MD when you are ready to discuss renters insurance. 

When Should I Update My Life Insurance Policy?

As your life changes, your life insurance shouldn’t remain the same. So, it’s smart to update your life insurance from time to time to ensure it covers your current needs. HBW Insurance Group in Catonsville, MD looks at certain aspects of life that signal when you have to take a second look at your life insurance policy. These include:

  • Starting a new business: Owning a business is exciting, but if you want to create a venture that outlasts you, you must invest in life insurance. Life insurance ensures proper succession of your business by buying your partner’s time and ensuring that business loans are paid by the life insurance proceeds.
  • Marrying/divorcing: Love isn’t the only thing you share when you get married. One of the other things you share is financial obligations, and you had better ensure your partner is protected when something happens to you. While life insurance won’t replace you when long gone, it reduces the financial burden of the partner you leave behind. Similarly, don’t forget to update your life insurance in the sad event you divorce. However, please pay attention to the divorce decree as it may still require you to maintain your spouse as a beneficiary.
  • Welcoming a baby: When you have a baby, you know that childcare expenses, college fees, and other expenses will follow suit. Since you wouldn’t want these obligations to be cut short when you die, you must update your life insurance policy when you bring a little one into your family.
  • Buying a house: Owning a house is one of the most significant financial commitments you will ever make. However, if your home is purchased through a mortgage, you need to update your life insurance to ensure you don’t leave the burden on your loved ones when you die.

Want to learn more about life insurance in Catonsville, MD? Please talk to HBW Insurance Group for all your life insurance needs.


Questions to ask before choosing your health insurance

One of the most important decisions you make every year is choosing your health insurance. Your life literally depends on that decision. You will be stuck with the choice for an entire year, so don’t make it lightly. At HBW Insurance Group in Catonsville, MD, we are locally owned and deeply involved in the local community. Our experienced agents have the knowledge to help you to choose the right health insurance. Because we work with multiple carriers, we can also find you the best possible price. 

Is my doctor in the network?

Having a relationship with your doctor is important. Especially since, in many managed care types of health insurance, your primary care physician will be the one who manages your care. They make referrals to specialists and request tests etc. When you are considering a plan, you need to know that you will be able to see your preferred doctor. 

Does the plan include dental and vision coverage?

Not all insurance plans include dental and vision. These are important types of coverage and if they are not included, you need to see what the cost of adding that coverage will be. It might be that you could do better to get separate coverage for dental and vision. 

Are the drugs I take covered by the plan?

All insurance plans have a formulary of drugs that are covered by the plan. They are listed in theirs by their cost. Some drugs will have not only a copay but a deductible. It is important to make sure that any drugs you take are covered. 

What is the plan deductible?

This is one of the most important things to consider. It doesn’t do much good to have a plan you can afford that won’t cover any medical needs that you have because you have to meet a high deductible. 

Contact HBW Insurance Group in Catonsville, MD when you are ready to start working on this important decision. 

3 Benefits of Flood Insurance

You might have heard this before — floods striking, only for homeowners to find out that they aren’t covered for the flood damage by their home insurance policy. Yes, typical home insurance doesn’t protect you against floods. As such, you need to invest in flood insurance from HBW Insurance Group of Catonsville, MD. As a result, you will reap the below benefits.

It protects your assets

Whether flood insurance is from a private carrier or National Flood Insurance Program (NFIP), it protects your building and the things inside when floods strike. Since flood damage can be expensive, flood insurance ensures you don’t plunge in debts, draw your savings, or depend on the inadequate and delayed federal assistance from the government.

Flood insurance compensates you when floods damage your building or your personal belongings.

To protect your family

Your home is a shelter for you, your loved ones, and your pets. As such, you should protect your home at any cost to keep your loved ones safe. Flood insurance protects your home so that it continues to be a safe haven for your loved ones.

It gives you peace of mind

Floods don’t happen to residents living along the coastline only. Where it rains, it can flood. Flash floods can strike anywhere, and no one is entirely safe from flood damage. But does this mean you should always be worried about floods? Absolutely not. If you have flood insurance, you don’t have to worry every time the weatherman mentions a looming storm.

Flood insurance gives you peace of mind knowing that your home and the things inside are protected whenever floods strike. What more peace of mind would you want?

Flood insurance in Catonsville, MD

Looking for flood insurance in Maryland? Please look no further than HBW Insurance Group for an affordable flood insurance policy.