If you’re a Maryland resident looking for insurance, you’re in the right place. We’ve compiled all the info you need to help you find home, auto, life, health or long term care insurance right here on this page.
We recommend you read it over, contact the Maryland Insurance Administration at 800-492-6116 with any questions, and let us help you find the coverage you need today.
Auto Insurance
Car insurance protects you from financial losses like car repairs, medical bills and legal services resulting from accidents. But finding the right insurance plan can be tricky. More than 200 auto insurance companies are licensed to sell insurance in your state, so it’s important to comparison shop regarding both price and coverage.
All Maryland drivers must purchase certain minimum amounts of auto insurance coverage. Many buy additional coverage—or more than the required minimums—as additional protection, but only these types and amounts are legally necessary:
- Bodily Injury Liability: $20,000 per person, $40,000 per accident and $15,000 property damage
- Uninsured/Underinsured Motorist: Same minimums as bodily injury liability
- Personal Injury Protection (PIP): $2,500 (May be waived, depending on your health care coverage)
A licensed insurance agent can help you make sense of these coverages and explain them in further detail.
Health Insurance
Maryland residents are most commonly insured through a group plan sponsored by their employers. Unfortunately, those who are self-employed, between jobs or not covered by an employer may find it difficult to find good coverage.
Health insurance generally comes in two types of plans: group and individual. Typically, an employer offers its employees health insurance through a group plan, whereas those purchasing health care plans on their own from an agent or company purchase an individual health plan.
Health insurance companies consider several factors when determining whether or not you are insurable. Some of these factors include your health, habits and lifestyle, and occupation.
The chances you will become ill increase with age, so the older you are when purchasing a health insurance plan, the higher your premium. Smoking, drinking and other habits can also result in health problems and rate increases.
Certain health conditions may cause your application for medical insurance to be rejected. Heart disease, cancer, diabetes, epilepsy, stroke, alcoholism and AIDS are among these maladies.
If you have one of these diseases and are searching for affordable health coverage, talk to a licensed agent or company to determine if any state-funded programs exist that can help provide you health insurance.
Home Insurance
Home insurance protects you and your family against loss from theft, fire, accident and other calamities that happen in homes across the country daily. Eventually, most everyone will be touched by at least one of these situations in some way, so it is important to prepare now, rather than waiting until disaster strikes.
If you finance your home, the bank will require you to insure it for at least the amount of your home loan. Most insurance policies require insurance coverage of at least 80 percent of your home’s replacement value.
In addition, your homeowners policy protects you from financial strain by paying for any bodily injury or property damage situation in which you are held liable.
Most insurers offer the following standard types of home coverage:
Broad Form (HO-2)—covers only specifically listed “perils” (causes of loss)
Special Form (HO-3) —the most purchased policy. Offers property and liability coverage against all losses on your home and property, except those specifically excluded.
Tenants Form (HO-4) —provides coverage for your personal property in a rental situation. Does not cover the building itself.
Condominium Form (HO-6) —covers your personal property and any owned portion of your condominium.
Market Value or Older Homes Form—Insures your home based on “market value,” (what it would have sold for just before the damage occurred.)
These policies offer varying amounts of protection against property damage, liability, medical payments and additional living expenses. Talk to a licensed, qualified Maryland home insurance agent to determine what protection levels you need.
Life Insurance
Life insurance helps bridge the gap between your dependents’ financial needs and monies available to them through other sources in the event of your death.
Determining the right amount of coverage to buy can be a difficult process. Some insurance experts recommend purchasing five to ten times your annual income in life insurance protection. However, sometimes this amount is not even enough.
The first step is to determine your current need and how much you can afford to spend. Some of the other factors you should consider in making this determination are:
- Number of dependents
- Marital status
- Income
- Family size
These common-sense tips will help you find the best life insurance policy available in your state at the most affordable price:
- Buy the right amount of life insurance—nothing more, nothing less
- Take good care of yourself, maintaining a healthy weight and exercising
- Buy a policy while you are in good health to avoid preexisting condition exclusions
- Answer all application questions accurately and honestly
- Compare policies carefully, examining both coverage and price
- Don’t sign on the dotted line until you understand all your policy’s provisions
- Verify all agent and company licensing credentials