Best Homeowners Insurance Agencies in Silver Spring

Frequently Asked Questions

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• What options do Silver Spring homeowners have if one insurer denies them coverage or if they are unable to obtain coverage from any carrier at all?

  A single insurance denial should not discourage Silver Spring residents. Premiums and underwriting standards vary between insurers. It is a good idea to look into different insurers because one rejection does not necessarily mean universal disapproval. If efforts with private insurers fail, the Maryland Property Insurance Availability Program, also known as the Joint Insurance Association (JIA), may provide homeowners with limited coverage options.

• How can Silver Spring homeowners navigate payment options for their insurance premiums, and what factors should they consider?

  Homeowners in Silver Spring can choose between annual and monthly insurance payments. Some insurers offer yearly payments, often with discounts, which can alleviate the hassle of monthly outflows. However, opting for monthly installments provides greater financial flexibility by avoiding a larger once-a-year payment. Importantly, homeowners should review their mortgage terms, as some lenders may require specific payment methods.

• How do Maryland regulations govern the process of notifying Silver Spring homeowners when their insurer wishes to cancel or not renew their policy?

  When an insurer decides to cancel or not renew a homeowner's policy in Silver Spring, they must follow specific notification regulations set by the state of Maryland. The insurer must notify the policyholder at least 45 days in advance of general cancellations or non-renewals. However, if the reason is non-payment of premiums, a 10-day notice is required. The receipt of this notice by homeowners is not a legal requirement.

• Will a poor credit standing affect homeowners' insurance rates or be considered for policy cancellations in Silver Spring?

  Insurance companies in Silver Spring are not permitted to use an individual's credit history to determine homeowners' insurance rates or to cancel policies. Insurers may look at both the applicant's and the property's loss history. Homeowners should double-check the accuracy of these reports using services such as LexisNexis. If people are denied coverage because of these reports, they have the right to see the information that caused the denial.

• Will standard Silver Spring homeowners' insurance policies cover basement water damage caused by groundwater infiltration?

  In Silver Spring, standard homeowners' insurance does not cover damage caused by groundwater entering basements through foundation flaws or poor drainage. Proactive home maintenance, such as inspecting appliances, emptying outdoor faucets, and knowing where the emergency shut-off valve is located, can reduce the need for claims. Homeowners should review their insurance policies to understand the coverage limits for water-related damages.

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.