One of the questions that we at HBW Insurance Group, serving the greater Catonsville, MD area, are often asked is whether you can add a roommate to your renters’ insurance policy. Once we say that you can add a roommate to your policy, we are asked about the pros and cons of adding a roommate to your renters’ insurance policy. Read on to learn some of those pros and cons. 

The Cons of Adding a Roommate to Your Renters Insurance Policy

One of the most significant downsides to adding a roommate to your renters’ insurance policy is that you now have to recalculate your policy limits to ensure it meets the coverage level needed for you and your roommate. If you are added to an existing policy, you have no control over ensuring the policy is paid for or changing the policy limits as you see fit. 

The Pros of Adding a Roommate to Your Renters Insurance Policy

Adding a roommate to your renters’ insurance policy has many benefits, with one of the biggest being the price. When you share a policy, the cost of splitting a policy is generally cheaper than each roommate buying their own policy. Sharing a policy makes sense for those on a tight budget. 

There are pros and cons to adding a roommate to your renters’ insurance. Still, as a general rule of thumb, most insurance professionals recommend maintaining separate renters’ insurance policies so you know exactly what is covered and what is not covered regarding your policy and so you have complete control over your own policy limits. If you want to purchase a renters insurance policy in the greater Catonsville, MD area, please contact us at HBW Insurance Group to learn more.

Life insurance is excellent financial aid for people of all ages who need protection and financial security. However, seniors need the most support and peace of mind when planning retirement. Anyone who wants top-quality life insurance products to help them prepare for the future can count on the experts at HBW Insurance Group to provide reliable advice and options to meet your needs. 

Life Insurance Options

There are a few different types of life insurance available to individuals today. Each has its own set of terms and conditions and coverage. Young individuals who want to protect their families may usually choose term life insurance. However, there is also whole life insurance, which allows the policyholder to build value that may be borrowed after a specified time. While whole life insurance is also a good option for seniors, universal life insurance is also a great match. 

Universal life insurance also offers a fund that can be withdrawn for emergencies or borrowed against when the policyholder needs more buying power or to cover daily expenses in the future. Anyone wanting to learn about life insurance and which options are best for their situation can consult one of our licensed life insurance agents for more details and recommendations. 

Reach Out Today

Life insurance can offer stability and additional resources for retirement. Be sure to secure life insurance protection and peace of mind. Call or stop by HBW Insurance Group today to get the assistance you need if you live in or around the Catonsville, MD area. We are waiting to provide superior service to help you protect the things that matter most. 

Are you looking for a health insurance plan that meets your needs? If so, working with the experienced team at HBW Insurance Group can help make the process easier. We are happy to meet you if you’re in the Catonsville, MD area.

Here’s what you need to know about choosing a health insurance plan that suits your lifestyle.

Understanding Your Coverage Needs

When choosing a health insurance plan, it’s important to consider your coverage needs. Do you need coverage for routine checkups, or do you require substantial medical assistance? Are you taking any regular medication that specific plans may or may not cover?

How often you need to receive healthcare and if specialized providers are a part of your care plan are important factors to consider. Taking the time to evaluate your needs can help you find a plan that meets them.

Review Plan Types

Most insurance providers offer four main categories of plans: Preferred Provider Organizations (PPOs), Health Maintenance Organizations (HMOs), Point-of-Service Plans (POSs), and High Deductible Health Plans (HDHPs).

Preferred Provider Organizations (PPOs) are the most common type of health insurance plan and offer a wide network of providers. With this kind of plan, you can receive care from any provider within your coverage network.

A healthcare insurance professional at HBW Insurance Group can help you review each plan type in detail and identify the best option for your lifestyle.

Contact Us Today

HBW Insurance Group provides comprehensive advice to Catonsville, MD residents. Our team of experts can help you review different options, understand your coverage needs and ensure you’re getting the most out of your policy. Contact us today to learn how we can help you choose a health insurance plan that meets your needs.

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!

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. 

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.

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.

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.

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!