Risk Management is the term used to describe how to protect yourself and family against possible financial losses due to unexpected situations (risks), such as unemployment, an accident on the job causing physical disability, damage to your home or car or the unexpected death of a family member. Areas which typically fall under risk management include:
Insurance for auto, medical/dental, disability, life, home/property and mortgage.
Why You Need Insurance
Estate planning including a will, power of attorney, and living will (also known as health-care proxy).
Employer benefits, such as short-term and long-term disability, free legal services and health benefits.
Typical Employer Benefits
What type of insurance do you need in Maryland?
Most people understand the need for protecting their cars, homes, businesses, health and lives with insurance, but the cost can be prohibitive for many people.
In Maryland :
Mortgage companies require homeowners to insure their homes.
All motorists are required by law to insure their cars.
Car Insurance Requirements in Maryland
Renters insurance, health insurance and life insurance are currently optional and not required by federal or state law.
How to find the best price for insurance
It is important to do the research, either by web, telephone or in person, to compare insurance quotes offered by different companies.
Estimate the total yearly cost of obtaining each of the following types of insurance in Maryland:
Homeowners/renters (which ever is applicable to you)
Health insurance for you/and or your family
Term life insurance given your age and current health and family status (single, married, children)
Moving insurance - for the move from your current location to Maryland.
Add up the total for the insurance above to determine how much insurance will cost you over the coming year and determine what fits your budget.
Maryland Insurance Regulation
The Maryland Insurance Administration (MIA) is an independent state agency that regulates Maryland's insurance industry and protects consumers by ensuring that insurance companies and health plans act in accordance with insurance laws.
This site is brought to you by Towson University's Financial Services, DECO EEOL and the Maryland Coalition for Financial Literacy with a grant from the BRAC Higher Education Investment Fund, administered by the Maryland Higher Education Commission.
The State of Maryland requires that:
• All drivers must have proof of insurance by a Maryland approved insurance company.
• When you register or renew a vehicle, you must sign FR-19, an insurance certification form.