Monthly Archives: May 2020

When should I get a home insurance policy in Maryland?

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For those that are in the Frederick, MD area, owning a property can be a great option. When you own your property in this area, you can enjoy the long-term financial benefits and also have a stable place to live. When you are looking to purchase a home in this area, you also need to make sure you get a quality home insurance policy. 

When Taking Out a Loan

One situation when you should get a home insurance policy is when you are going to take out a loan. If you need a mortgage to purchase your property, it is important that you comply with all of your loan obligations. One big part of this is making sure that you have proper insurance coverage. Any mortgage lender is going to have specific requirements that need to be met. Not having this coverage could put you in loan default.

When Wanting to Cover Asset

Even if you are not obligated by a mortgage lender to carry home insurance, you should still get it for your property. When you do get a home insurance policy, it will protect your asset. This will include providing you with coverage to repair or replace your home following a fire or other serious situation. This coverage can also provide you with protection for your personal assets. For those with expensive collectibles or jewelry, you can receive additional policy riders to ensure you are fully covered. 

If you are looking to purchase a home or are evaluating your home insurance needs in the Frederick, MD area, you should speak with the team at Wellspring Insurance Network Inc. The insurance professionals at Wellspring Insurance Network Inc. can help you to identify your insurance needs to properly protect and cover your assets. 

What Maryland Drivers Need to Know About the FineFix Pause

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Maryland motorists who are enrolled in the FineFix program are getting a temporary break from making payments because of the COVID-19 pandemic. Payments won’t be due again until 30 days after the state of emergency in Maryland is lifted. Our team of experts at Wellspring Insurance Network Inc. in Frederick, MD can assist you with all of your auto insurance needs whether or not you are part of the FineFix program.

FineFix was created in 2019 to assist motorists who owed uninsured auto fines. This partnership between the Uninsured Division of Maryland Auto Insurance and Maryland Department of Transportation Motor Vehicle Administration allowed eligible drivers to have 80 percent of their uninsured auto fines forgiven if they paid 20 percent of what they owed while enrolled in the program. Once the rest of the fine was forgiven, motorists could once again register a vehicle with the state. Officials say that step helped reduce the number of uninsured motorists on the road. Completing the payment program also meant that residents with outstanding uninsured fines no longer had to worry about their Maryland income tax refunds being intercepted to pay their fines.

FineFix enrolled qualified motorists in the second half of 2019 with an option to pay the entire amount due or set up a payment plan. The COVID-19 payment pause is for the people in the program who were paying in installments. No new enrollments have been accepted in 2020.

If you have questions about your FineFix payments or are searching for an insurance carrier now that your uninsured auto fines have been forgiven, talk to an expert at Wellspring Insurance Network Inc. in Frederick MD. FineFix was created to get you back on the road and we’re here to help.