How to Protect All of the Structures on Your Property with One Home Insurance Policy

Does your property contain detached structures that will also require insurance coverage in the event of theft, fire, or a storm? Most home insurance policies are written in the greater Frederick, MD area contain a protection clause for other structures coverage. If you are uncertain if your current home insurance policy provides the protection that you need, the team at Wellspring Insurance Network Inc. can conduct a review for you. This will also be a good time to review your personal articles coverage and make sure that it is at the appropriate level to protect all of your items, no matter where they are located on or off of your property.

What Types of Buildings Does Other Structure Coverage Protect?

Have you improved your property with a gazebo or other free-standing structure? Do you have a detached garage or a privacy fence? Those are the types of structures that will be covered by the other structures clause in your homeowner policy. If you have a substantial structure and want to make sure that you have an adequate level of protection it is a good idea to thoroughly review your policy. The properties on your land are covered in the event that the peril that causes the loss is part of your home policy protection. The level of coverage is typically a percentage of the protection for your dwelling.

Now is a good time to review your home insurance policy to make sure that you have the coverage that you need for all of the buildings and structures on your property. Contact Wellspring Insurance Network Inc. today if you are in the greater Frederick, MD area and would like a policy review. Our team of professional agents is here to help!

How Does a Speeding Ticket Affect Car Insurance?

When a person purchases an auto insurance policy, it is extremely important to maintain a clean driving record. Any type of traffic violation may or may not impact a person’s monthly premium. Fortunately, there are certain steps a person can take to help mitigate the risk of a premium going up if a person gets a speeding ticket. Here at Wellspring Insurance Network Inc., we are all about making sure you can afford your auto insurance and we want to do everything we can to make your policy as affordable as possible. This is why we put together a helpful go-to guide to help you understand how a speeding ticket affects car insurance in Frederick, MD. 

Look for a Defensive Driving Course

A defensive driving course is also sometimes referred to as traffic school. As a driver, you want to make sure you are always going the speed limit, but it’s not uncommon for people to get at least one speeding ticket during their lifetime as a driver. If you happen to be one of these people, you should contact your insurance company and ask about a defensive driving course. You may find you are able to have your ticket dismissed. Typically, you can have one ticket dismissed per every 12 months. Even better, some of these courses are offered online, allowing you to complete them at your own convenience. 

Speeding Tickets Increase Your Rates

Here’s the truth of the matter. A speeding ticket is likely to increase your policy amount because it reveals you are not abiding by the law when behind the wheel of a car. Always go the speed limit.

To learn more about speeding tickets and how they impact car insurance, contact Wellspring Insurance Network Inc. serving Frederick, MD.

The Insurance Policy You May Not Know You Need: Landlord Insurance.

Whether you are a landlord of several properties or are simply renting your extra space for the summer, do not forget Landlord insurance. There is much at risk and elements that you may not have considered when it comes to liability and insurance requirements. Wellspring Insurance Network Inc. provides insurance for homeowners in various situations in and around Frederick, MD.

What Are You Responsible for as Landlord?

The question of your rights and responsibilities as a landlord clears up why insurance is so important. In short, you could end up responsible (liable) for just about any situation your tenant is involved in while they rent from you. Yes, they should have renters insurance but that only covers so much and it is not unheard of for lawyers to go after the landlord in different situations where a tenant cannot pay. Whether a tenants dog bit someone, or their guest injured themselves on the property no matter the situation the liability could fall right on your lap. Full coverage landlord insurance can give you peace of mind when it comes to renting out your properties.

Landlord insurance does not just protect you from lawsuit type situations, you need coverage for the event of a natural disaster or even a "disaster" renter who makes the home inhabitable until repairs are made, in some cases insurance can even cover the loss of income from that time lost. Also note that if you are simply relying on your established homeowner’s insurance policy, it may be voided by the fact that you no longer live in the home. Each situation varies and it is important to talk to a knowledgeable agent. 

Contact us to discuss your Landlord Insurance needs. At Wellspring Insurance Network Inc. we proudly provide insurance to residents in and around Frederick, MD.

Do I Need Renters Insurance for an Isolated Home?

If you have rented a vacation home or condo, you need to ensure it just like your primary home. Your possessions will be at high risk because you aren’t available all the time. However, many factors go into setting the price for your renter’s insurance plan, and in most times, the cost of protecting a secondary home is always higher than that of a primary residence. This is because having someone around the property protects it against perils and keeps burglars away. So, whether you have just rented your new second home or you already have one, this guide will assist you to know the importance of having enough insurance coverage for your isolated Frederick, MD home. 

Cost of insuring a vacation home

To protect your isolated home, you simply need to buy an independent renters insurance plan. The insurance company, like Wellspring Insurance Network Inc., will consider some factors before setting the premium price. Usually, the factors include the deductible you choose, replacement cost limit, as well as other applicable risks.

Why is ensuring an isolated home more expensive?

The residence is inhabited most of the time, so the probability of filing for claims is higher. For instance, if a vacation home catches fire, no one will be there to contact the fire department, meaning that the loss will be catastrophic, especially if the residence is located in a remote place.

Make sure you don’t mislead your carrier to think that your isolated home is your primary home just to reduce the cost of premiums. The savings you will make on the renter’s insurance plan are not worth the risks.  Your insurer will not offer the protection you need if you file a claim for your vacation home and they realize you lied about its status.

For more information on renters insurance for your isolated Frederick, MD home, contact Wellspring Insurance Network Inc.

 

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.

Do You Really Need Off-Road Insurance?

Everyone in Rockville, MD loves adventure. There is nothing like exploring the bumpy roads off the highway and discovering just how well you can drive when the way is not paved and predictable. Some people, however, choose to go without off-road insurance, which is more risk than you should take in a day. Imagine a curve being too sharp and your ATV flipping over for destruction. You could find yourself out of the recreational vehicle you love if you do not have enough cash in the bank to replace the damaged auto.

The potential for off-road accidents is higher than you know, which is why you should protect yourself and your investment with insurance. Wellspring Insurance Network Inc. can help you find the right off-road indemnity plan.

Why do you need off-road insurance in the first place?

Aside from protecting yourself from financial turmoil in the event of an accident, many state-owned parks and public recreational spots, in general, require you to have off-road assurance. You cannot legally drive your ATV through these areas without proof of financial responsibility that goes beyond the hundreds or thousands that you have saved in the bank. Also, the average homeowner or automobile insurance attachment covers the basics of your ATV in Rockville, MD and nothing more. You may find yourself underinsured if you only depend on the options that standard insurance policies offer.

G & G Independent Ins can help!

Some off-road vehicle owners shy away from off-road insurance plans for fear of the cost. Wellspring Insurance Network Inc. agents, however, can help you find the indemnity plan that works best for your budget.

You do not want to be caught between a rock and a hard place because you failed to protect yourself with a good insurance policy. Call our offices today for an off-road assurance quote!

The 2 Main Types of Wedding Insurance

If you have spent months – or longer – planning your perfect wedding, then any glitches can be extremely stressful. Full-on disasters can be heart-stopping. A great way to protect all the time and effort you have put into planning the perfect event is by purchasing wedding insurance.

There are two main types of wedding insurance that you should consider investing in. To learn more about these, contact the staff at Wellspring Insurance Network Inc. serving Rockville, MD.

Liability

This type of wedding insurance will pay for any damage that occurs to the venue. It may also pay for medical costs if someone becomes sick at your wedding or suffers an injury. In some cases, this type of coverage will include liquor liability insurance, which will pay out if you are sued for any type of damages that result from drunken guests. The limits for most wedding liability insurance range from $500,000 up to $2 million; however, you may find options up to $5 million.

Cancellation/Postponement

This type of insurance coverage will provide you with reimbursement for costs if you have to delay or cancel your wedding due to an illness or injury in the wedding party, extreme weather, a death in the family, or other reasons that you cannot control. If you wind up having to book a new ceremony, then this insurance can help cover the costs.

If you have a wedding in the near future and want to make sure you are protected if the unthinkable happens, then purchasing wedding insurance is a smart move. Regardless of if you are in Rockville, MD or somewhere nearby, you can get help with making sure you get the right amount and type of coverage by contacting the staff at Wellspring Insurance Network Inc.

3 Questions to Ask When Buying Pet Insurance

Caring for your pet involves much more than providing them with food and shelter-it also means making sure that they are in good health. Pet owners in Rockville, MD, have a responsibility to bring their pet to the vet for routine wellness exams, get their vaccinations, take them for a checkup when they are sick and ensure they have best medical care possible. Unfortunately, getting your pet the health care they need can be expensive. The good news is there is pet insurance available to help with the expenses of your pet’s health. If you are considering pet insurance, here are 3 questions to ask before buying.

Do the Premiums Increase as the Pet Ages?

As your insured pet ages, the policy terms and conditions may change and the premiums may increase. In most situations, a standard policy will generally exclude any condition that a claim has already been made. For example, a condition that may affect your pet for several years could only be claimed through a lifetime coverage policy, which is usually available as a coverage option through many pet insurance providers. It is important to note that it is a misconception that pet insurance isn’t available for older pets, but it is necessary to ask about this before buying a policy.

Are There Different Deduction Options?

The deduction you have to pay depends on the coverage you are purchasing from Wellspring Insurance Network Inc. The deduction is the initial payment you make to the health provider before you can use the insurance policy. The smaller you deduction is, the larger the premium will be. Pet insurance generally has the option of three different types of the deductions-annual deductible, per incident deductible and pet illness category deductible.

Are There Any Exclusions to be Aware Of?

It will depend on your insurer and your policy whether or not there are exclusions; however, many policies for pet insurance do have similar exclusions, including:

  • Pre-existing conditions
  • Prosthetics and mobility aids
  • Pet training
  • Pregnancy, breeding and whelping
  • Cremation and burial

For pet owners, insurance is beneficial in helping to pay medical bills, preventative care, and medications. It is important to understand the type of policy that you are interested in, such as coverage for older pets. Be sure to inquire about the different deduction options and if there are or are not specific exclusions in your policy.

If you live in or around the Rockville, MD area and are interested in a pet insurance policy, contact Wellspring Insurance Network Inc.

Off-Road Vehicles Require Special Insurance Coverage

Check with your agent at Wellspring Insurance Network Inc. in Rockville, MD if you are planning to use off-road vehicles, which are also known as all-terrain vehicles (ATVs). ATV use is a special insurance risk and for that reason, it requires special insurance coverage. To be safe, ask your agent to conduct a thorough insurance review to see how the use of ATVs may impact coverage.

For example, some life insurance policies do not cover the insured if they engage in risky activities such as skydiving and the use of ATVs. There may be specific exclusions in the policies that need to be discovered by your insurance agent to make sure the coverage you have is adequate for your needs. You want to be sure that you are not caught off-guard by a surprising and devastating lack of insurance coverage in the case of an accident when using an ATV.

Not only do you want to make sure you are covered, you also want to make sure any children are covered because children can use ATVs as well. You will want the driver to be covered and the riders to be covered. You will want the ATV equipment to be covered and any property damages to be covered. If there is an accident, where someone is injured or dies, you want that liability to be covered as well.

The coverage for off-road vehicle use is just as important if you own the ATVs or if you occasionally rent them. Many rental companies have serious rental agreements with liability limitations that they ask any customers to sign in order for them to waive their rights for any claims for damages. In an innocent moment, it is possible to rent an ATV and not have any insurance coverage at all for any accidents that may happen. Do not let this happen to you. Simply check in with your agent at Wellspring Insurance Network Inc. in Rockville, MD first before using any off-road vehicles. Contact your agent for advice on what insurance you might need for the use of ATVs.