It is not easy to navigate the internet to comparison shop affordable insurance plans. You find dozens of policies where you have to decipher what each means and the real benefit to you. Most importantly, you have to know if there are any gaps in your coverage that could put you at risk. There’s also the potential frustration of encountering an insurance agent that is more interested in selling a policy than providing valuable education and guidance which could also leave you vulnerable to risks.
To alleviate these frustrations, you need a reliable and trustworthy local insurance company that is there to serve you, without any sales pressure, and educate you on your options so you can make an informed choice.
Whether you’re looking for insurance coverage for your home, vacation home, cars or other assets our brokerage will make sure that we find a customized solution that you will be completely happy with and protected by.
Unlike insurance agents who only represent and sell premiums for one insurance company, we are an insurance broker that represents you. We help search for the best insurance policy for your needs.
We work closely with our clients to research:
and then recommend the insurance policy that best fits the bill.
Automobile insurance is there to provide you with financial protection you need, in case there are auto-related accidents that include damages, loss, or injuries. It is there to protect you, the passengers in your car, other drivers and pedestrians. It can also protect you from financial loss in the event of an accident that damages your car or the property of others. In addition, auto insurance coverage can reimburse you if your car is damaged by fire or other elements, vandalized, or stolen.
Since state governments want to ensure the safety and protection of its citizens, driving without automobile insurance is illegal in most states.
Not only that, having sufficient insurance coverage for yourself as a driver and for your car is a moral and social responsibility. The reason being, driving without auto insurance – or the ability to personally cover the expense for any damages you may incur – creates a financial risk and hardship for others.
A basic auto insurance policy contains six types of coverage.
Liability coverage has to do with the damage you cause to others. This coverage is expressed as three numbers, for example 100/300/100, which means $100,000 in bodily injury coverage per person, $300,000 in bodily injury coverage per accident and $100,000 in property-damage coverage per accident. This coverage is also set up to pay for your legal bills if the accident is determined to be your fault. Because this coverage covers the damage you do to others, most states require a minimum level of coverage. Bodily injury liability covers not only medical bills but also lost wages to the other party, if you are the cause of an accident.
This pays for repairs or replacement of property that you damage or destroy. For example it could be another car, fence or wall. This coverage can also pay for pain and suffering damages if you are due to a car accident.
Collision insurance covers the repairs on your own vehicle if you get in an accident, regardless of fault. If there is significant damage to your car, it is called “totaled”. When repair costs exceed a car’s value, such as more than 70 percent, the insurance company will typically tow the car to a salvage yard and reimburse you the cash value of your vehicle so you can purchase a new car.
Medical payments coverage pays for the medical expenses you and your passengers incur as the result of an injury from an accident. You are also covered when driving someone else’s car or if you are injured when another car hits you. This policy pays regardless of whose fault it is. Personal Injury Protection coverage pays for medical expenses and lost wages for you and any other passengers who are injured in an accident. Not only that, it also covers funeral expenses. However, if you already have good health and disability insurance, you may not need not to purchase this coverage as it may duplicate the coverage you already have.
This coverage pays for any damage to your car that is not due to an accident. It covers natural disasters such as fire, earthquake or flood, vandalism or theft and large animal collisions (eg: hitting an elk or deer).
An Uninsured motorists (UM) policy covers your medical bills if an uninsured driver hits your car or commits a hit-and-run (hitting your car and quickly driving away). This coverage helps when someone causes an accident but doesn’t have enough insurance or funds to cover your medical or other expenses. In that case, their insurance pays its maximum and then your UM coverage pays for the rest, within your policy limit.
Other Types of Auto Coverage
Looking into life insurance can be very confusing since it can be difficult to determine what you really need. Some of the important questions we ask in helping you determine this include:
In addition, some other factors to consider when choosing a plan are if your spouse is working, if you plan to provide college funding for your children, if you anticipate possible estate taxes, and so on.
We take the time to understand your unique situation in life to determine the insurance amount that is best for you and your family. Based on this, we give you different insurance product options to choose from that best fit both your needs and your budget.
People buy homeowners insurance for the same reason they have car and health insurance: If a home is damaged or someone else injured on the property, insurance helps owners cope with the financial consequences.
Homeowners insurance policies provide inclusive coverage for losses to your home, your personal belongings and for any detached structures on your property. It also provides protection in the event of an injury to people on your property. Therefore, homeowners insurance is actually a combination of two different types of protection:
However, there may be other things that home insurance does not cover. That is why we get to know our clients and understand their needs, so then we can create a comprehensive property risk management program for them. For most of our clients, we recommend a comprehensive homeowners policy.
Homeowners Insurance Basics:
While each situation is unique, here the essentials that every homeowner should consider when choosing coverage.
Your policy should cover the cost of the replacement of your property, minus any deductible (the amount you would be responsible for before the policy covers your loss). Replacement cost is what it would cost today to rebuild your house in the event of loss, based on current building codes.
Your policy has a separate amount to cover your personal belongings, minus a deductible. We always recommend that you create a home inventory of your personal items. This will make it much easier to document your loss during the claims process.
If you become legally responsible for an injury to a guest on your property, or for damage you cause to another person’s property, personal liability coverage will give you that much needed protection.
Basic coverage is included for any detached structures on your property such as a garage, shed, or fence. There are limitations on the amount of coverage available for these types of structures, depending on the amount of coverage for the home itself.
If your home were to become so damaged or destroyed that it is uninhabitable, your policy can provide very valuable benefits to cover additional housing and living expenses.
Self employed, seasonally employed or work for a company that doesn’t offer group health benefits? You can purchase an individual health insurance plan to cover you and/or your family!
At BMC Insurance, we work with several trusted health insurance carriers and we take the time to explain your health care plan options in simple terms, your coverage and how to best use it. We build custom packages to include health, dental and any supplemental insurance coverage you may need, while staying within your budget. Not only that, we will give you an overview of the actual cost of your health care, including how we can help you apply for any valuable tax credits. Additionally, we are an authorized partner with the MediShare Program and the Maryland Health Connection!
Benefits of enrolling in an individual health insurance plan for you and your family
You can keep your policy when you change your work or job, or become self-employed.
You can choose a policy that best fits your particular needs, including an extensive network of providers and the ability to choose the appropriate level of coverage.
Individual health insurance may actually cost you less, and you may be eligible for a tax credit to lower the overall cost of your premium.
Individual health insurance covers all essential health benefits, and is available to you regardless of any pre-existing medical conditions.
Here are things to consider when considering plan options:
If you are considering an individual plan for yourself or your family, let the health insurance experts at BMC help you find coverage that works best for your situation. We will hold your hand through the process and guide you to the right solution.
BMC Accounting, our sister company, offers a full range of accounting services, including, professional income tax preparation, financial consulting and business management services. BMC Accounting currently provides services to more than 450 businesses and well over 1000 individual clients in 25 states and 4 foreign countries.