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Required Automobile Insurance Coverage

In Maryland, a vehicle must be covered by liability insurance in order to register (tag) it, prevent suspension of the tags, or renew the registration (obtain your stickers).

The following information will help you understand the coverages required:

LIABILITY INSURANCE: Pays for bodily injury to another person or property damage you cause due to the negligent operation of a vehicle. It may also pay if the accident was caused by a member of your family living with you or a person using your car with your permission. Currently, Maryland requires minimum liability limits of 30/60/15 or $30,000 per person, $60,000 per accident for bodily injury and $15,000 per accident for property damage. Increased limits are available for an additional premium but only where reinsurance can be obtained. Each risk must be submitted and will be considered on its individual merit.

UNINSURED MOTORIST (INCLUDING UNDERINSURED) COVERAGE (UM): Provides recovery for bodily injury and property damage caused by the operator of an uninsured automobile, including a hit-and-run driver (after any applicable deductible). Maryland Law requires uninsured motorist limits of 20/40/15 or $20,000 per person, $40,000 per accident as respects to bodily injury and $15,000 per person for property damage. Increased limits are available for an additional premium but these limits cannot exceed the third party liability limits.

PERSONAL INJURY PROTECTION (PIP): Covers medical expenses, including funeral expenses, for you and your passengers who sustain bodily injury and the loss of income of an injured income producer, up to $2,500 per person. The purpose of the provision for PIP is to assure financial compensation to victims of motor vehicle accidents without regard to the fault of the named insured or other persons entitled to PIP benefits. Personal Injury Protection can be waived at a reduction in premium but such a waiver does not apply to a relative under the age of 16 while residing in your household.

PENALTIES FOR UNINSURED VEHICLES:  Continuous insurance coverage must be maintained on all vehicles. If it is not maintained, the vehicle owner could:

  • Lose his or her license plates and vehicle registration privilege.
  • Pay uninsured motorist penalty fees for each lapse of insurance in the amount of $150 for the first 30 days, and $7 a day thereafter.
  • Pay a restoration fee of up to $25 for the vehicle registration privilege.
  • Be prohibited from registering any future vehicles until the insurance violation is cleared.
  • Be prohibited from renewing the suspended registration until the insurance violation is cleared.
  • Have his or her license plates confiscated by an authorized tag recovery agent, once a registration suspension is in effect.

Note: These penalties are in addition to any fines imposed by a court of law.

OTHER COVERAGE THAT MAY BE REQUIRED:

  • PHYSICAL DAMAGE INSURANCE - may be required by your lender if you have a loan on your automobile. There are two types of coverages:

·         COLLISION COVERAGE - will pay for damage to your automobile when it collides with another car or object

·         COMPREHENSIVE COVERAGE - will pay for damage to your automobile from almost all other causes such as theft, fire, hail, animals, etc.

 
Homeowner’s Insurance

Protect Your Home

Coverage

Description

Dwelling Protection Coverage

Dwelling Protection Coverage typically provides protection if your home is damaged by a sudden accident, such as fire, smoke, lightning, vandalism or theft, among other covered losses. With Dwelling Protection Coverage, your house and any attached structures, like an attached garage, would be protected.

Other Structures Protection Coverage

If you have a detached garage, fence, gazebo, barn, shed or any other unattached structure that is still part of your property, protect it against physical damages caused by sudden accidents. Other Structures Protection Coverage is similar to Dwelling Protection Coverage, except it covers those structures that are not physically attached to your house.

Personal Property Protection

Your home is more than just the walls of your house; it includes all of your personal belongings, big and small. Personal Property Protection provides protection against covered loss to movable property like a stereo, bicycle, furniture or clothing.

 


Protect Yourself and Others

Coverage

Description

Family Liability Protection

If a friend or neighbor were accidentally injured on your property, you could be legally obligated to pay. Family Liability Protection provides protection for insured persons who become legally obligated to pay for covered accidental bodily injury or property damage to others. This protection does not cover auto liability claims.

Guest Medical Protection

Unfortunately, accidents sometimes happen. Guest Medical Protection provides protection for your guests, who are accidentally injured on your property as a result of a covered loss. This protection pays for the reasonable and necessary medical expenses they incur, regardless of who was at fault.

Additional Living Expenses

If a covered loss occurs to your home and you’re forced to quickly find alternative housing, Additional Living Expenses can help. If a direct physical loss makes your home uninhabitable, Additional Living Expenses reimburses you for a reasonable increase in living expenses necessary to maintain your normal standard of living, up to the amount of time specified in your policy. This may include payments for the additional costs of a place to stay, food and/or other increased living expenses.

 


Optional Coverages

Coverage

Description

Scheduled Personal Property

If you’d like to protect certain items that you keep in your home or on your person (such as an engagement ring), Scheduled Personal Property Coverage might be the right protection for you. You can receive increased protection for many items including, but not limited to, jewelry, watches, furs, stamp and coin collections, fine arts, cameras, personal computers and sports equipment. Ask me if Scheduled Personal Property Coverage is right for you.

Additional Optional Coverages

Several Optional Coverages are available to help broaden the protection you receive. These include Increased Coverage on Securities and Extended Coverage for Jewelry, Watches and Furs. You can also receive protection for business property and certain technology investments. Contact me to find out more about increasing protection for specific items of value in your home.

 
Renter’s Insurance

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Protect Your Personal Property

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Coverage

Description

 

Personal Property Protection

Your home is more than just the walls of your house; it includes all of your personal things, big and small. Personal Property Protection provides protection against covered loss to movable property like a stereo, bicycle, furniture or clothing.

 

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Protect Yourself and Others

Coverage

Description

Family Liability Protection

If a friend, family member, or neighbor was accidentally injured on your property, did you know you could be legally obligated to pay? Family Liability Protection provides protection for insured persons who become legally obligated to pay for covered accidental bodily injury or property damage to others. This protection does not cover auto liability claims.

Guest Medical Protection

Unfortunately, sometimes accidents happen. Guest Medical Protection provides protection for your guests, who are accidentally injured on your property as a result of a covered loss. This protection pays for the reasonable and necessary medical expenses they incur, regardless of who was at fault.

Additional Living Expenses

If something happens to your rental unit and you're forced to quickly find alternative housing that's more expensive, Additional Living Expenses can help. If a direct physical loss makes your home uninhabitable, Additional Living Expenses reimburses you for a reasonable increase in living expenses necessary to maintain your normal standard of living, up to the amount of time specified in your policy. This may include payments for the additional costs of a place to stay, food or other increased living expenses.

 

Optional Coverages

Coverage

Description

Scheduled Personal Property

If you'd like to protect certain categories of items in your home beyond the limits provided by what's included in your renters policy or an Optional Coverage, Scheduled Personal Property Coverage can provide increased protection for your personal property including, but not limited to: jewelry, watches, furs, stamp and coin collections, fine art, cameras, personal computers and sports equipment. Ask me if Scheduled Personal Property Coverage is right for you or read more about Scheduled Personal Property Coverage options.

Additional Optional Coverages

If you'd like to purchase additional coverage for specific items of value in your home—like jewelry, sports equipment, computer equipment, engagement presents—you may want to consider personalizing your policy with an Optional Coverage. Ask me for more information on the available Optional Coverages or read more about Optional Coverages.

 
Life Insurance

There are two types of life insurance available today: term and permanent. One is straightforward life insurance with a basic cash payout. The other works a little harder for you. The type you choose will depend on your financial situation and what you're looking for in an insurance policy.

Term insurance is the most basic type of insurance. You can buy protection for a certain amount of time (or term) such as 5, 10, 15, 20 or 30 years.* If you die before the term is over, your beneficiary gets the death benefit stated in your policy. If you live beyond the term, your beneficiaries get no payment. This type of insurance is usually the least expensive to buy.

Renew or Convert
Term policies often allow you to extend your coverage for another term without having to get a medical check up.

In some cases, you may be allowed to convert your policy to a permanent policy. This flexibility allows you to decide how you want your insurance policy to work for you. One approach is to use the term as your “starter” policy and upgrade to a permanent policy once you become more financially established.

 

Is Term Insurance Right for You? 

Consider term insurance if:

Because:

You are currently unable to pay the premium of a permanent policy

Term life insurance is generally less expensive than permanent life insurance

You are looking for home mortgage or other loan protection

You can select a policy with decreasing coverage to match your decreasing mortgage or loan balances

You have young children

You can buy protection for the length of time it will take for them to be financially independent

You’re looking for additional protection to supplement another life insurance policy

Term life insurance offers affordable increments of coverage for the length of time you choose

Permanent Is for Life
One main difference between term and permanent life insurance is that permanent doesn’t expire. As long as premiums are being paid, it stays with you permanently.

Cash Value
The other big difference is that with permanent life insurance, your premiums are invested to produce returns. This gives your policy a cash value, which usually accumulates at a guaranteed minimum interest and is available to help fund retirement, emergencies and more.

 

 

Tax Deferral
The law currently allows your cash value to grow tax deferred. Because of this benefit, a permanent life insurance policy has become more than a protection tool for some people—it’s also a financial tool.

 

Is Permanent Insurance Right for You?

Consider Permanent Insurance If:

Because:

You are looking for tax advantages

Earnings grow tax deferred

You may need access to your money

You can take out a loan, withdraw or surrender the policy

You are looking for a hedge against inflation

Universal policies allow you to adjust the death benefit to keep pace with the erosion of purchasing power

You are comfortable making financial decisions

Variable universal life allows you to choose how your payments are invested

 

More About Permanent Life Insurance
There are also different types of permanent life insurance, all of which provide a cash value. The most basic way to break them down is into fixed and variable. With fixed, your cash value earns a fixed rate of return. With variable, you have more control over how your cash value is invested, and you return may vary.
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