Insurance

3 Tips to Buying Condo Insurance

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If you own a condo, your association probably covers insurance protection for exterior structural damage of your unit plus common areas. This policy, however, won’t cover the interior of your condo or your personal goods. Individual condo insurance from  HBW Insurance Group will ensure your Catonsville, MD condo and goods are well protected against any eventuality. Here are a few tips to obtaining the policy you need.

Review Condo Association Policy

Before buying condo insurance, review your association’s policy to get an idea of the protection it offers. The policy should specify where the association’s responsibility ends and yours begins. Knowing what your policy covers will enable you to make wise decisions on the individual condo insurance you buy.

Assess Your Protection Needs

Individual condo insurance can provide you with interior damage, personal property and liability protection. Liability coverage protects you against accidents that occur to others on your property. Interior protection covers damage to ceilings, floors and interior walls from such perils as fire, theft, vandalism and hazardous weather. Condo contents coverage protects your personal goods.

Before obtaining a policy, assess the risks to your condo and what it would take to protect your personal goods. The more costly your unit, the more insurance protection you need. If you own pricey electronics, furniture or personal goods, you should have ample coverage to protect these investments. Your liability limits should be sufficient to protect your personal assets.

Compare Condo Policies and Costs

Once you’ve assessed your needs, take time to compare condo insurance policies and costs. By personalizing your condo insurance, you can obtain just the coverage your need at a price you can afford.

At HBW Insurance Group, we can help you make wise insurance decisions that will benefit your future. Contact our Catonsville, MD office today for all your condo insurance needs. 

 

Do You Need Condo or Home Insurance for a Townhome?

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Here at HBW Insurance Group in Catonsville, MD, one of the questions that we are frequently asked is what type of insurance you need for a townhome. In some cases, a townhome can be insured through condo insurance, while in other cases, a regular homeowner’s insurance policy is needed. Here are a couple of the questions you should answer when you are deciding whether you need condo or homeowners insurance for a townhome. 

Who is Responsible for the Exterior of the Building?

One of the questions that needs to be answered when determining if you need condo or home insurance for a townhome is who is responsible for the exterior of the building. If you are responsible for the exterior of the building, then you will need homeowners insurance. If an HOA or a management company is responsible for the exterior, you may only need condo insurance. Condo insurance covers only the inside of the building, while home insurance covers both the inside and the outside. 

Who Owns the Land? 

The second question that you need to ask is who owns the land that the townhome is built on. If you own the land, you have to insure that land, and home insurance covers the land and the building. If a management company or HOA owns the land that your townhome is built on, they have to insure the land, not you, meaning you may only need condo insurance in this situation. 

If you are looking to insure a townhome, contact HBW Insurance Group in Catonsville, MD. We will help you determine what type of insurance is right for your property and then find the policy that is ideal for your situation. Call us now to obtain a free quote. 

What Should I Look for in a Good Health Insurance Policy?

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Picking a good health insurance policy will be essential to you and your family. If you live in Catonsville, MD or the DMV area and are seeking health insurance, HBW Insurance Group is here to help. There are some key things to consider, with variables based on whether you are picking a singular, or family health insurance policy. Contemplate the below carefully when choosing your policy:

How Much Insurance Will I Need? – This can be tricky, as unexpected health issues can arise at any time. Considering the categories insurance plans fall under- Bronze, Silver, Gold, and Platinum- you can calculate what you may need throughout the year.

The lower the medal, the higher the deductibles, fewer costs that are covered by the insurance and lower premiums you will pay. If you don’t have any current health issues or take prescriptions regularly, this may be the right type of policy for you. Conversely, Gold and Platinum plans will have higher monthly premiums, lower deductibles and more costs covered by the policy. These are good plans for people with ongoing health issues and require prescriptions. The silver policy lands right in the middle and is a good plan for someone with no ongoing health issues, but wants enough coverage to cover unexpected sicknesses and prescriptions. This can also be a good plan for a family, as families with children have more frequent doctor visits overall. 

There are a plethora of health insurance plans available and choosing the proper plan can seem overwhelming. You can minimize this feeling by practicing due diligence through research and comparisons of the plans you are interested in- to find the one that works for you. 

What Aspects Should You Consider Before Buying Life Insurance?

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Life insurance is a great investment and a safety net in your loved one’s future. However, purchasing one can be tasking because of the many factors one ought to consider. This article has simplified the factors to three simple steps. At HBW Insurance Group, we advise clients to choose an affordable and sufficient bundle for all your needs within Catonsville, MD. To know these factors, read on.

Carry out a Personal Assessment
Before heading to any agency within Catonsville, MD, it is wise to know what perils you want covered. Nonetheless, at HBW Insurance Group, we have agents who can inform you of the various insurance policies and the needs they meet. This will be important in giving you insights on the perils that could affect your family when you pass. Know whether you will need a lump sum settlement for your family, as an inheritance, or a policy that will cater for their debts and burial expenses.

Do Comparisons on the Offered Policies
After knowing your needs, compare the options offered. Life insurance policies vary especially in the rates offered and the resultant lump sum figure to be compensated with. A case in point, the term and cash value policies. Term policies are less profitable compared to the cash value policies that build up huge revenue over time. Alternatively, cash value policies are the common ones, and you can choose from whole life, variable or universal life insurance.

Review the Policy before Purchasing
At HBW Insurance Group, we take our clients through a vigorous process. This entails informing the clients on renewal guidelines, the clauses within their respective policies, essence of keeping their current policy until the new one kicks in and affordability. Reviewing your policy yearly to beat inflations is also advised. For more guidance, we are in Catonsville, MD and you can contact us any time.

 

Do All Businesses Need Commercial Insurance?

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Commercial insurance is a type of policy that was created to protect both the business and the business owner. Keeping this in mind, not all business owners are going to need a large commercial policy, but all can benefit from some sort of commercial policy. For those in the Catonsville, MD area, the agents with HBW Insurance Group can answer any questions you may have.

The first thing to consider when thinking about taking out a commercial policy is the size and scope of the business and how much you would be affected if it shut down or if a law suit was filed. If you simply sell things from your home from time to time and have no large inventory and have no real potential for a lawsuit against you or your business, you may not need a huge policy. If you have a large amount of inventory, a store front, and customers that come into that store front as well as employees that work for you, you certainly need a comprehensive policy.

Creating an LLC, or a limited liability corporation, will help to protect you from lawsuits but it does nothing if your place of business burns down and inventory is destroyed. A commercial policy is going to protect you from three things, lawsuits, destruction of property, and replacing items if there is any sort of disaster. Commercial policies are always a good idea even if your business is not all that large yet. For those larger, more established businesses, a good commercial policy is entirely necessary.

If you live in the Catonsville, MD area and need more help with your commercial policy, contact the agents with HBW Insurance Group today to find out more. Commercial insurance does not have to be complicated with the right agent.  

What Can Happen If You Don’t Have Commercial Insurance?

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What is the key difference between personal and commercial auto insurance? Many entrepreneurs get by with nothing but a personal policy, while others jump on the opportunity to invest in a commercial policy as soon as possible. What sets one apart from the other.

There are a lot of features that commercial policies make available that you won’t find in a personal insurance package, but the key difference really comes down to who’s driving the car.

If you send an employee out to handle a bank transaction and they get into an accident on the way, a commercial auto policy can cover that, but a personal auto policy will not. Commercial policies from providers and agencies like HBW Insurance Group are primarily designed to ensure that a business owner who enlists their employees to drive on company time, in a company car or in their employer’s car, will be protected should something go wrong while that employee is on the road.

It’s true that some personal policies will allow for other drivers in certain circumstances, but you’d be hard pressed to find one that covers paid employees borrowing your personal car for business purposes.

Most pizza delivery drivers, Uber drivers, Lyft drivers, etc. will provide their own personal insurance. Uber and Lyft drivers in particular are driving their own cars and working as private contractors. In other words, while they may answer to the company, they are technically their own bosses. This isn’t the case when you hand your new hire the keys to your car and ask them to pick up some supplies.

In any event, when in doubt, it’s worth talking to your provider about your policy to make sure that you are covered in both business and personal affairs.

Reasons To Purchase Life Insurance At A Younger Age

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Odds are, if you are in your 20’s or 30’s, you may not even be thinking about purchasing life insurance but that could be a huge financial mistake. Purchasing life insurance at a younger age is beneficial in a number of ways but most younger people do not really even consider it. Before you count it out, read these reasons for purchasing life insurance when you are younger. They may just change your mind on the subject. 

  • It saves you a lot of money. There are two main reasons why life insurance is cheaper when you are younger. First, because you are of a younger age, you have a lot of life left which means companies are not expecting to pay out life insurance for a long time. Because of this, they charge less. Second, younger people tend to be more healthy. Being in better health results in cheaper life insurance rates for the exact some reasons. 
  • It can keep premiums low. The younger you are when you buy your life insurance policy, the better your premiums will be. Not only that, they will remain to be lower throughout your life. If you wait until you really need life insurance, then the premiums will be a lot higher simply because you are older and likely less healthy. 
  • It may seem like spending money now on something you do not need yet wastes money, but it really doesn’t. You want to lock in the lowest rate possible so that when you are older and really need it, you are paying a lot less. 

If you are ready to explore your life insurance options, contact us today at HBW Insurance Group. We serve the Catonsville, MD area and would be happy to help you explore the available options that will fit in your budget. 

Tips to Consider Before Buying Flood Insurance in Cantonsville

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Flood insurance may not be offered by your insurance company, and it’s partially because the government already offers it at often low rates. However, flooding causes costly structural damage and increases the presence and spread of mold, so this isn’t something to ignore or simply take the cheapest rates with. Take these tips into consideration before selecting a flood policy for you.

Lower Rates Equal Less Coverage 

Attractive rates are excellent until you think about what it will mean for you in the end. Arguing with an insurance company about whether or not something falls under the policy is not something you need when you’re staring at a basement full of water. Finding comprehensive coverage is a smart thing you can do to start feeling like you have recourse when there’s a few more storms headed your way then you’d like to see.

Shopping Around 

Understanding how different insurance companies work can be an excellent tool in knowing you made the right decision. Many consumers with insurance often have a ‘grass is greener’ type of thinking, especially when they start understanding just how many types of insurance companies are out there. From huge, brand-name companies to small, family ones, there’s a lot to consider besides just price. A large company may be able to offer you better rates initially, but they may then up the prices on your premiums if something happens to you, while a smaller company closer to you will have gone through the same flooding event as you. HBW Insurance Group  serves Cantonsville, MD, and we’re here to get you flood insurance that counts. Our agents understand the devastation of floods, and we urge you to call today if you need to add on flood coverage!

What Renter’s Insurance Does

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If you happen to be living in an apartment, the last thing on your mind might be renter’s insurance.  For one thing, you don’t own the apartment and for another, surely the landlord has insured it.  Thirdly, you probably aren’t in possession of anything that is priceless.

However, what happens if:

  • There is a fire in the building and you lose everything you own and now have no place to lay your head?
  • Someone breaks in and steals your TV, music player, cell phone, laptop or anything else?
  • The cable installer falls in your apartment and decides to sue you?

If you don’t have renter’s insurance, you will be the one responsible for replacing all of your stuff, even if it isn’t your fault that they are damaged or lost.  Take a minute and just consider what it would cost to replace all of your clothes, furniture, and electronics.  The amount can be astonishing.

Things that renter’s insurance can cover include things like theft, damage from fire and smoke, water damage, temporary living expenses if you can’t use your apartment, liability protection in case anyone is injured in your apartment. 

Another great thing about renter’s insurance is that it is really more affordable than you might think.  Think about the amount of deductible you need to have.  While higher deductibles mean that the price of insurance will be lower, how much can you afford out of pocket if you have a claim?

Renter’s insurance can be well worth the time to look into it and in the end, it can even save you thousands of dollars if the unthinkable happens.  If you are in the Catonsville, MD area, call or stop by HBW Insurance Group to find out more about renter’s insurance and how it can help you today.

 

 

Adventure and ATVs in Cantonsville: What to Know Before you Ride

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ATVs are great for to go out there and find some adventure. Both adults and kids alike have a great time feeling the wind as they whip along the road, hold on when bumps are hit so they don’t go flying off and just feeling the excitement of getting out into the open. If you’re going to get an ATV for the first time in Cantonsville, here are some facts to keep in mind, so you can have fun and stay safe when you’re out there. Cantonsville, here are some facts to keep in mind, so you can have fun and stay safe when you’re out there. 

Skip the Bells and Whistles, Unless It’s Safety Gear

You don’t need to buy the ATV that comes with a thousand buttons and levers. Chances are, it’ll only confuse you when you’re out there. If you’re new, buy something that you can easily control when you’re out there, and protect yourself when you’re out there! You may not be going as fast as a motorcycle is, but buy the gear for it anyway. Helmet, goggles, jackets, proper footwear: you’ll be happy you have it if something unexpected happens. 

Explore to Your Heart’s Content

The more exploring you do, the more comfortable you’ll feel on an ATV. Obviously start slowly and on the easy trails. Maryland has some beautiful countryside, and you probably know a few out the way spots you can’t wait to take your ATV to. Once you’ve had enough successful outings where you feel comfortable, try adding another person on the back and practicing there or take it a rougher terrain and see what it can do! 

Is Insurance Required?

Maryland does not specifically require you to get ATV insurance considering you’re generally not at risk for hitting another vehicle or injuring a pedestrian. However, don’t leave this up to chance. You do not need to be held liable for theft, accident or injury when you get the right protection. HBW Insurance Group can answer your questions so you can get on your way.