Buying a Condo? What You Should Know about Condo Insurance

Like any other home investment, condos need to be protected with insurance coverage. Most condos come with master insurance policies that protect the outside of the building plus common areas. This leaves condo owners with the responsibility of protecting the interior of their unit and personal belongings. Here’s what you need to know to make wise condo insurance decisions.

Check Master Policy

Before selecting condo insurance, review what your master policy has to offer. Some policies offer “bare bones” protection, i.e. exterior damage to your building only, while others cover both interior and exterior structural damage. Once you know what your master insurance covers, you can take measures to protect your unit. A Wellspring Insurance Network Inc. agent can guide you in choosing the right coverage for your Frederick, MD condo.

If your master insurance policy only offers exterior coverage, you’ll need to protect your interior structures such as cabinets, lighting, floors, etc., against the risk of damage from fire or another catastrophe. Ensuring the interior of your condo can save you thousands of dollars in replacing these structures if you suffer loss. Your coverage should also extend to home improvements or renovations made to your property.

Personal Goods

Valuable personal goods such as furniture, appliances, electronics, clothing, etc., should have insurance protection as well. By making a home inventory, you can keep track of what you own and its value to simplify making a claim. With replacement cost coverage, you won’t have to pay to replace these goods out of pocket.

Liability Coverage

Liability insurance protects you against lawsuits if a visitor gets hurt while on your property. If you entertain often or have people staying with you on a regular basis, liability protection is a must.

For more information on condo insurance coverage and costs, contact us at Wellspring Insurance Network Inc. in Frederick, MD.

Is motorcycle insurance mandatory?

Though a motorcycle is a substantial investment, it comes with other financial obligations you need to take care of. Most people in Frederick, MD always ask themselves whether motorcycle insurance is mandatory. Others think that they don’t require motorcycle insurance when they have car insurance.

Do you need motorbike insurance in Maryland?

Of course, you do! According to Maryland law, all motorcycles must be registered and should carry the mandatory minimum amount of liability insurance. Insurance companies like Wellspring Insurance Network Inc. should offer the essential information you require on motorcycle insurance, particularly on the minimum compulsory liability coverage.

Personal injury protection isn’t mandatory for motorcycles

PIP is a component of car insurance coverage that only applies on a no-fault basis. Note that PIP rules for motorcycles in Maryland differ from those of vehicle coverage. Actually, it is not mandatory for a motorcycle policy. Due to this, PIP is rarely offered for motorcycle insurance policies. Unfortunately, this does not favor you as a motorbike user because PIP gives you some protection from injuries after a motorcycle accident even if you were at fault.

Are there penalties for failing to get motorcycle insurance?

Penalties and rules for failing to get motorcycle insurance in Maryland are the same as those for auto insurance. In Maryland, you are required to show proof of insurance if you want to register a motorcycle. This means that you won’t even get a Maryland license plate for your motorbike if you don’t have proper insurance. In case you terminate your motorbike insurance, you are required by law to surrender your tags to the Motor Vehicles Administration in Maryland before your coverage ends. Your insurer will notify the MVA in case your cover lapses as a result of non-payment or is canceled. Note that the penalties and fines for riding without an insurance cover are significant.

Be sure to contact Wellspring Insurance Network Inc. in Frederick, MD for more information on motorcycle insurance.