Should We Combine Auto Insurance Policies?

A change in life circumstances could have a big effect on your auto insurance. Getting married, welcoming a teen driver to the family, and negotiating the best deal between roommates are common situations that cause Gambrills, MD residents to rethink their car insurance situations. The experts at Bay Point Insurance can help you decide the right move for your specific circumstances. These are some of the things your agent may discuss with you.

  • There are two ways to amend an existing insurance policy. One involves adding a new vehicle. The other designates an additional driver to the existing coverage. Each update affects your policy in different ways.
  • When adding another person to your policy, you can choose to designate them as a qualified driver or non-driver. Qualified drivers are assumed to have operational power over the vehicles on your policy, which means your rates increase to accommodate the additional risk. Non-drivers usually don’t change your premiums.
  • Insurance carriers require that all people on a policy have the same residential address. You can’t add anyone who doesn’t live with you, but you can add anyone else who resides with you. Combining policies with roommates could score you a discount that makes ends just a little easier to meet.
  • If the other partner in your insurance plan has a bad driving record, it could cost you more to combine policies. High-risk drivers and anyone on their policy pay higher premiums to account for the increased potential of accidents.
  • Your roommate’s new Corvette might not be the best policy mate for your Honda Civic. Even if you don’t drive it, just being associated with an expensive and/or high-risk vehicle can raise your own risk.

Be sure you’re making the right choice before you sign on the dotted line. Contact Bay Point Insurance for personalized and professional guidance on your Gambrills, MD auto insurance.

Understanding Flood Insurance

One of the biggest mistakes that homeowners make is to assume that flood insurance is included as part of their homeowner’s insurance. In most cases, it is not. Flood insurance is a different type of insurance policy with very specific guidelines. At Bay Point Insurance we want to help you understand your flood insurance options in Gambrills, MD and surrounding areas. 

Do You Need Flood Insurance?

In order to better understand your flooding risks, FEMA (Federal Emergency Management Agency) creates flood maps each year. These flood maps evaluate and communicate the flooding risks for all of the U.S. Along with the help of an educated insurance representative, you will be able to decide on whether or not you need flood insurance for your residence. You will also be able to decide what types of coverage and in what amounts you need coverage. 

It is important to note that even residences outside of flood zones are also at risk of flood. In fact, 20% of all flooding happens outside of the FEMA documented flood zones. 

Get Guidance

Flood insurance is highly detailed and specifically customizable. It is very important that you discuss your flood insurance options with a trained professional to make sure you are getting the coverage your family needs. You will want to avoid purchases more coverage than necessary while also making sure you have a safe minimum of coverage as well. 

Stay Up To Date

Once you have established a flood insurance policy, be sure to keep it up to date. Any changes to the policy should be noted ASAP. In many cases individuals let their coverage lapse, or there is a change in their coverage which they are not aware of when flooding strikes. 

If you would like to learn more about flood insurance, please contact the friendly staff at Bay Point Insurance serving Gambrills, MD and surrounding areas. 

Do I Need Liability Insurance for My Boat?

One of the most important things for a boat owner to think about is what would happen if someone was injured while riding in their boat. Everyone knows that liability insurance is a requirement for vehicles on the road. Many tend to think that liability insurance isn’t a necessity for a boat. Boat owners who live in Gambrills, MD can call the agents of Bay Point Insurance if they have concerns about liability insurance for their boat and if it is really needed.

Floatation Devices and Safety Precautions

The best way to prevent injuries while boating is to make sure everyone on board the boat has their own floatation device and this it is worn properly at all times. Passengers should keep their hands in the boat at all times. Don’t allow children to lean over the sides of the boat while it is in motion. As the boat owner, it is up to you to keep your passengers safe by explaining safety tips and making sure everyone has a life jacket.

Liability Insurance Is Always A Good Idea

While liability insurance may not be a requirement, it is a good idea to have a policy in place for your own protection. With a policy in place, if an injury does occur your policy will cover the cost.

At Bay Point Insurance, agents are always available to answer any questions Gambrills, MD residents may have about liability insurance for boats. Call and talk to an agent today to make sure you are fully covered before you take your family and friends out on the water. Get the peace of mind you deserve by signing up for a liability policy today!

Four Things You Must Know About Life Insurance

Nobody likes to think about their own – or a loved one’s — demise, but almost every household needs life insurance coverage. The loss of life can bring not only emotional devastation but financial difficulties as well. Insurance is a pillar of personal finance – we insure our Gambrills, MD homes, our vehicles, and our valuable possessions, yet many people are confused about life insurance and why they need it. Here are four of the most important reasons you need to discuss your life insurance options with a Bay Point Insurance agent: 

Someone Relies On You Financially? You Need Life Insurance 

If you are a spouse or the parent of dependent children, it’s practically a financial obligation to carry life insurance. However, you may also need life insurance if you are a child of dependent parents, sibling of a dependent adult, someone’s life partner or ex-spouse, an employer, or a business partner.  

There Are Two Types of Life Insurance 

The two life insurance types are called “Term Life” and “Permanent Life”. Term Life insurance is the least expensive, simplest, and fits most needs. Your life insurance company will base your term life policy premium on the possibility of death within a given term, such as 10, 20, or 30 years. Your premiums will be guaranteed for that term. With Permanent Life insurance, there is an added savings mechanism called “cash value”. Cash value is designed to keep the policy active into perpetuity.  

Life Insurance Can Be Surprisingly Inexpensive 

While a bells-and-whistles Permanent Life policy can be pricy, If you are reasonably young, in good health, and don’t engage in risky behaviors such as smoking, most people will be pleasantly surprised when they see the relatively low premiums of a no-frills standard term policy. 

It’s Not As Complicated As It May Seem 

In the vast majority of situations, your household will be well-cared for by simply purchasing a life insurance policy that replicates all or most of the insured person’s income for a length of time the household needs that income. 

Do you have questions about choosing the perfect life insurance solution for your unique needs? Give Bay Point Insurance a call today or stop by our Gambrills, MD office. 

 

 

 

 

 

5 Ways to Choose a Health Insurance Plan

Selecting a health insurance plan is very important for good protection and peace of mind. Whether it is being purchased for you only, or you have a family to cover, getting the right insurance product matters. With Bay Point Insurance, serving Gambrills, MD, you have the opportunity to get a quality health care plan. Then if you need it, you will have more protection and fewer worries.

Assuming you are covered and finding out that is not the case is a bad feeling. We can help you avoid that, so you are not potentially putting yourself or your family at risk of not having enough health insurance coverage. Here are five ways to choose a plan that is going to work for you.

1. Understand All Your Options And What They Really Cover

2. Consider Any Chronic Conditions You or a Family Member Has

3. Look to the Future and Potential Needs, as Well as the Present Requirements

4. Choose Thorough, Comprehensive Coverage to Fully Protect You

5. Work With a Trusted Health Insurance Agent to Get the Right Policy for Your Needs

Contact us today at Bay Point Insurance, and let us help you choose the health insurance plan that will meet your needs. We appreciate all our clients and are happy to serve the Gambrills, MD area. We will answer your questions, provide you with quotes, and show you options for health care coverage. That way you have the opportunity to choose the kind of plan that will work for and help you feel protected, both now and for the future. The peace of mind that comes with proper health care coverage is worthwhile and can make it easier for you to fully enjoy plenty of other things in life.

Understanding the Difference Between Umbrella and Excess Liability Insurance

When shopping for Gambrills, MD insurance, you are likely to come across the terms umbrella insurance and excess liability insurance. While some insurance agents will seem to mention these terms together as though they are the same thing, it’s important to know that there are key differences between these two policy add-ons. Here’s what every insurance buyer should know:

The Basics of an Excess Liability Insurance Policy

An excess liability insurance policy provides the policyholder additional coverage when their underlying liability policy has reached its limits. For example, if your home was damaged in a flood and you need $30,000 to rebuilt but your homeowner’s insurance will only cover $25,000 in damages. If you have an excess insurance policy on that specific homeowner’s insurance policy, then it will cover that remaining $5,000. This type of liability insurance is also popular for business owners who may find themselves facing a lawsuit as an excess liability insurance policy will cover any damages not awarded by a general liability insurance policy.

The caveat is that excess liability insurance can only be attached to one underlying policy. 

The Basics of an Umbrella Insurance Policy

An umbrella insurance policy is a specialized type of excess liability insurance that similarly comes into play once an underlying policy has paid out to its maximum. However, unlike an excess liability policy that can only be adhered to one underlying liability policy, an umbrella policy may cover multiple policies such as both general liability and flood coverage. Additionally, umbrella policies are unique in that they provide additional coverage for things that the general policies may not cover at all, such as auto coverage in any country. 

Note, however, most umbrella insurance policies will only fulfill claims if and when certain rules are met, such as a set payout limit for an underlying automotive policy.

Learn More at Bay Point Insurance

For more information about these two types of insurance, contact Bay Point Insurance, serving Gambrills, MD and surrounding areas. 

 

What is the Flood Risk in Maryland?

Residents of the state of Maryland have to deal with plenty of flood risks. If you do not have flood insurance, consult with an agent at Bay Point Insurance serving Gambrills, MD and the surrounding communities. If you have flood insurance coverage already, ask your agent to conduct an insurance review to make sure the coverage is adequate.

Categories of Flooding in Maryland

The Maryland Emergency Management Agency (MEMA) identifies these flood categories:

  • Flash Floods: The risk comes from heavy rains over a short time causing streams and creeks to swell. If enough rain comes down, the land gets saturated. When there is no ability for the land to absorb more water, the pressure builds up resulting in flash floods and mudslides.
  • General Flooding: Maryland has two major rivers, the Potomac and the Susquehanna. Prolonged rain fills the watersheds that normally hold water. Excess water flows down into the rivers. Lots of water coming down from melting snow after winter may overfill the watersheds. This water then goes on to overflow the rivers. This may lead to large rivers like the Potomac and the Susquehanna flooding out to cover major areas with water.
  • Tropical Storms and Hurricanes: These storms bring heavy rain and high winds. They also cause dangerous storm surges. Storm surges are a form of flooding caused by the storm pushing excess water onto the shore with the movement of the incoming tide.

Outdated Flood Maps

MEMA reports that the average age of flood maps for Maryland is four years old. The maps do not represent the real risks. The climate is changing so quickly that the maps have not kept up. Using old maps to try to determine the current probability of experiencing a flood is not advisable. It is better and safer to assume the worst-case scenario. Go ahead and get flood insurance for your home.

Getting Flood Insurance

All homeowners in Maryland should have flood insurance. Flood insurance is a separate policy from home insurance. Call 410-987-3230 or email an agent at Bay Point Insurance in Gambrills, MD to get a quote for flood insurance.

Speed Boat Racer? You Need Insurance

The many lakes in and around Gambrills, MD often host fun speed boat races from professionals and amateurs alike. If you plan on racing one of these boats soon, please contact us at Bay Point Insurance to get the coverage you need to avoid serious financial loss.

High-Performance Boat Insurance is Available

Boating insurance varies depending on the type of craft you own. High-performance boating insurance is just one variety of policy and is designed to cover the issues that plague speed boats. This type of coverage is available from any insurance provider who offers boating insurance to their consumers.

This policy type differs from those for pontoon or fishing boats because speed boats typically have more expensive engines and a multitude of other pieces of equipment. For example, a successful speed boat racer needs a fine-tuned hand-shifting unit to provide them with the control that they need to succeed while on the water.

What This Type of Insurance Covers

High-performance boat insurance is essential for anyone who regular rides or races these types of boats. This coverage takes care of multiple elements of a boat, including paying reasonable costs to protect it from damage and recovery if it crashes during a race.

Other coverage include replacement cost for partial loss, emergency towing and assistance, personal effects coverage, windstorm expense coverage, medical payments for injuries, boat liability if another person is injured during a race, and protection from pollution damage caused by the boat.

Find High-Quality Boat Insurance

The high costs of racing a speed boat – and the possibilities of crashes – makes high-quality boating insurance in Gambrills, MD a necessity. So please don’t hesitate to contact us at Bay Point Insurance to get the coverage necessary to protect your boat from serious damage.

What kind of life insurance should I get?

One of the most important forms of life insurance that someone can have is life insurance. When you are looking for a life insurance policy to help protect your dependents in the Gambrills, MD area, choosing the right type of policy can be complicated. Fortunately, there are a variety of factors to consider that could help you pick the right life insurance policy for your situation. 

Amount of Coverage Desired

When you are looking for life insurance, one of the factors to consider is the amount of coverage that you need. You will need to get coverage that can help to support your loved ones and it is important to carefully consider all of their short-term and long-term expense needs. For those that need a higher amount of coverage, but do not want to have a high payment, getting a term life policy could be a good option. These will provide you with a certain level of coverage for the term of the policy. 

Investment Benefit

Another factor to consider is whether or not you want the policy to provide you with an investment benefit. With a term life policy, all of the money that you pay in premiums will be lost. However, with a whole life policy, a portion of your money each month will build up in an account that could eventually be cashed in. This can help to make whole life insurance a good investment option as well. 

If you are in the Gambrills, MD area and are considering your life insurance options, the team at Bay Point Insurance could provide you with great service. The professionals at Bay Point Insurance are well aware of the different life insurance options and could help you get into the best policy for your situation. 

Will Health Insurance Pay for Mental Health?

Life is filled with things to love and enjoy, but that doesn’t mean that it isn’t hard.  Sometimes, people need treatment when life becomes hard and they aren’t coping well.  Knowing if your health policy covers treatment will be something to consider if you are considering treatment for mental health or adjustment issues.  Bay Point Insurance knows answers can be hard to find so they want to Gambrills, MD residents as much as possible.

Will Health Insurance Pay for Mental Health Care?

Fortunately, there are laws that require insurers to cover mental health care.  When the Affordable Care Act was signed it required insurance companies to cover ten essential benefits, one of them being mental health.  The Mental Health Parity and Addiction Act of 2008 was also expanded when the Affordable Care Act was signed into law.  What this means for Maryland residents is that any plan sold in the marketplace will provide minimum essential coverage and therefore will provide benefits for mental health.  This year, CareFirst Blue Cross Blue Shield and Kaiser Permanente are the two insurers offering marketplace policies this year.  Policies outside of the marketplace do exist, but they are not required to offer minimum essential coverage.  This means that they may offer little if any coverage for mental health needs.  Getting care can be difficult whether or not you choose policy in the marketplace or not. Fortunately, there are options if your policy provides limited or inadequate mental health coverage.

Other Options

Counseling centers located at a church or university often have affordable options available for those in need.  The National Alliance on Mental Health Maryland also has provides services.  

Bay Point Insurance knows that Gambrills, MD residents might still have questions so they are available via email or phone if you still have questions