Buying Insurance in Baltimore
Some people go through life thinking they do not need insurance. They reason, "Why pay for something if I might not need it?"
This move is not only irresponsible, but if disaster should strike, the decision to go without insurance also can turn out to be very expensive.
Insurance comes in many forms, from auto insurance to homeowners insurance. Some insurance is available through employers and some needs to be purchased on its own. Here is information on some basic types of insurance coverage everyone should consider carrying.
Auto Insurance Coverage
Auto insurance coverage protects drivers if they - or specifically, their vehicles - are involved in some type of accident, and in most states, carrying auto insurance is required by law.
When purchasing auto insurance, there are five types of primary coverage options that should be considered:
- Bodily Injury Coverage: This coverage option relates to any medical claims made by individuals injured in a vehicular accident that is caused by the policyholder.
- Liability Coverage: This coverage option relates to any property damages resulting from a vehicular accident that is caused by the policyholder.
- Collision Coverage: This coverage option relates to damages done to the policyholder's vehicle caused by another vehicle.
- Comprehensive Coverage: This coverage option relates to damages done to the policyholder's vehicle caused by a non-vehicular event, such as a fire or an animal.
- Uninsured/Underinsured Motorist Coverage: This coverage option relates to damages resulting from an accident that is caused by an individual who either does not have auto insurance or has auto insurance that is insufficient to fully cover the extent of the damages.
As noted above, most states require that drivers carry a minimum level of auto insurance. Maryland's minimum auto insurance coverage levels are 20/40/10 - or $20,000 of bodily injury coverage for a single person, with a maximum of $40,000 bodily injury coverage for all injured persons, and $10,000 in liability coverage.
Homeowners Insurance Coverage
Homeowners insurance coverage protects homeowners in case a disaster or peril should occur that results in damages to the policyholder's home or personal possessions. There are many perils covered by homeowners insurance, including fire and windstorm, but the total number of perils included depends on how much coverage is purchased.
In addition to protecting a policyholder's home and possessions, homeowners insurance provides liability coverage, which protects policyholders if they or a member of their family become involved in a legal matter involving another party. For example, homeowners insurance would apply to a situation in which a visitor is injured while at the policyholder's home.
Finally, homeowners insurance provides coverage of any additional living expenses that are incurred if the policyholder is unable to live in his or her home while covered repairs are being made.
Renters Insurance Coverage
Some people assume that they do not need homeowners insurance if they do not own a home. This assumption would be a mistake. There is a special type of homeowners insurance specifically for renters.
Simply referred to as renters insurance, this type of coverage provides much of the same protection as standard homeowners insurance - such as protection of personal possessions and liability coverage - but without covering the structure of the policyholder's residence.
Shopping for Insurance Quotes
Whichever type of insurance coverage you are purchasing, the first step you need to take is to shop around, collecting as many insurance quotes as possible.
To help you in your search, you can complete our secure online form. Within hours, you will receive multiple insurance quotes that you can compare to assist you in choosing the best policy to meet your insurance needs.
