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Renee Oliver Insurance Agency, Inc.

13975 Connecticut Avenue, Suite 312
Silver Spring, MD 20906

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What Condo Insurance Offers

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Your condo complex says you must purchase condo insurance, so you visit Renee Oliver Insurance Agency Inc. serving Silver Spring, MD. You don’t actually know what condo insurance does yet, but you know you have to have a policy so you can move into your new home.

Condo Insurance: A Type of Home Insurance

Condo insurance does exactly what homeowners’ insurance does. This type of home insurance provides protection for the interior of your condominium and its patio or balcony. It includes coverages for:

  • property damage protection,
  • liability,
  • named peril,
  • temporary housing coverage.

Named Peril and Property Damage Protection

If a named peril, such as fire or tornado damages your home, the property damage coverage kicks in and pays for the repairs to the condo. This includes the patio or balcony attached to your condo. If you store items in a storage unit assigned to your condo on the property and it incurs damage, thereby damaging your property, that’s covered, too.

Liability Coverage

The medical care and settlement paid to any individual who incurs an injury while at your home also falls within the coverage of your condo policy. If the individual sues you, the liability coverage pays the court costs, attorney fees, and the court settlement, too.

Temporary Housing Coverage

Some condo policies also offer payment for temporary housing if a named peril damages your condo to the point that you cannot safely stay there. The housing payments last for the time that repairs take place.

Contact Renee Oliver Insurance Agency Inc.

Let Renee Oliver Insurance Agency Inc. serving Silver Spring, MD help you fulfill your condo complex’s condo policy requirement. Call us today.

Do You Need Umbrella Insurance?

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Most people don’t give much thought to their insurance coverage until they experience a loss. Then, it’s too late to add coverage. That’s why it’s important to understand the limitations of your insurance policy and whether you need additional protection. After all, your home, renters, and auto insurance policies all have limits. If you experience a major loss, those limits could quickly be reached, leaving you responsible for the remainder. That’s where umbrella insurance comes in.

Umbrella insurance is designed to provide protection beyond the limits of your homeowners, renters, or auto insurance. It kicks in when you’ve reached the limit on your other policy and can help pay for things like medical bills, legal fees, and damage to property. In some cases, umbrella insurance can even provide coverage for certain types of lawsuits that wouldn’t be covered by your other insurance policies. Renee Oliver Insurance Agency Inc. in Silver Spring, MD provides you with this guide on navigating umbrella insurance. 

How It Works

For example, let’s say you’re found responsible for a car accident that resulted in $100,000 in damages. Your auto insurance policy has a $50,000 limit for bodily injury liability. That means your insurance company would pay up to $50,000 toward the damages. The other driver could sue you for the remaining $50,000, and you would be responsible for paying that amount out of pocket.

If you had an umbrella policy with a $1 million limit, it would pay the remaining $50,000, so you wouldn’t have to.

An umbrella policy can also provide coverage for certain types of lawsuits that wouldn’t be covered by your other insurance policies. For example, if you’re sued for libel or slander, your homeowner’s insurance policy likely won’t provide any protection. But an umbrella policy would.

If you’re looking for extra protection beyond the limits of your homeowners, renters, or auto insurance policy, Renee Oliver Insurance Agency Inc. in Silver Spring, MD can help you get the coverage you need. Give us a call today to learn more about umbrella insurance and how it can help protect you from major financial losses.

 

Why You Need Full Coverage for Your Silver Spring MD Auto Loan

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Do you have a car loan in Silver Spring, MD? If so, you need full coverage auto insurance.

Here are three big reasons:

1) Reduce Risk for Your Lender

If you have a loan on your car, the lender is the vehicle’s legal owner until you pay the balance in full. That means if your car is totaled or stolen, the lender is out of the money they lent you—and they will want that money back. Full coverage auto insurance protects your lender’s investment and you from paying the entire loan amount if something happens to your vehicle.

2) Get Back on the Road Faster in an Accident

If you’re in an accident and they deem your car a total loss, the insurance company will pay off your loan, and you can get a new loan if you still qualify. Without full coverage, you would have to come up with the money to pay off your loan yourself. That could take months or even years, depending on how much you owe.

A Renee Oliver Insurance Agency Inc. agent can help you find the right policy to get back on the road as soon as possible after an accident in Silver Spring, MD.

3) Stress Less When You’re On the Road

The peace of mind that comes with knowing you’re fully protected is priceless, no matter what happens. When you have full coverage, you can relax and enjoy the ride—without worrying about what could happen.

Full coverage auto insurance is a must if you have a car loan in Silver Spring, MD. It protects your lender and gives you the peace of mind to enjoy your car. Contact Renee Oliver Insurance Agency Inc. today to get started on your policy.

Protect your family with a whole life insurance policy

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The Renee Oliver Insurance Agency Inc. is here to help families and individuals in the greater Silver Spring, MD area with all of their life insurance needs. If you wonder which type of life insurance is the appropriate choice for your lifestyle, we can help! In this article, we will look at the benefits of whole life insurance policies.

Benefits of whole life insurance

With a whole life policy, you will receive a death benefit as you will also build up a cash value within the policy. The main advantage of whole life policies is that you can access the cash portion of the policy during your lifetime. 

If you are looking for alternatives to a term life policy, whole life may make sense for you and your family. Many people choose to access the accumulated cash value of their whole life policies once their children are grown. When one’s children have grown and become financially independent, a parent may choose to access the funds that have grown within their policies. 

Significant life expenses, such as a house down payments, college tuition, weddings, and retirement, can be defrayed with the funds from a whole life policy. Of course, it is also possible to leave the funds to be passed on to the policyholder’s beneficiary.

Now is a perfect time for you to find out more about the available life insurance options in our area. 

Learn more today!

If you are a resident of the greater Silver Spring, MD area, Renee Oliver Insurance Agency Inc. can help you with all of your insurance needs. Please stop by our office and learn more about the whole life insurance policy options available in our area.

Determining Coverage for Your Business

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When it comes to insuring your business in Silver Spring, MD, there are some commercial policies that will benefit every business and some that will benefit certain types of businesses or industries. Even if you are just starting out, it’s imperative to get the right insurance for your business.

General liability insurance is recommended for every business since it provides protection against common customer incidents, such as property damage, bodily injuries, or advertising injuries. Any accident can lead to big legal bills, which is why this policy is so important to have. Other liability policies can also be needed, such as professional liability insurance if you provide professional services to clients. 

The risk for your business will determine what other policies you need. An agent at Renee Oliver Insurance Agency Inc. can help you determine your risks and the best policies for your business. If your business has valuable property then you may want commercial property insurance, since this covers your physical assets against damage or loss. If you have a small business and are in a low-risk industry, you may be able to bundle commercial property insurance with commercial liability in a business owner’s policy. These two policies address just the bare bones but it’s important to consider your location, operations, and industry when building a policy.

If you have employees, you will want to have workers’ compensation insurance and it’s required for businesses in Silver Spring, MD. Workers’ comp insurance will cover on-the-job employee illnesses and injuries. If you have business-owned vehicles then you should have commercial auto insurance. If you have a large online component for your business then cyber liability insurance can protect you from costs associated with data breaches and can cover notification costs, legal expenses, and credit monitoring. 

Contact Renee Oliver Insurance Agency Inc. to get a quote for commercial insurance. 

Home inventory: 5 Steps for finding the right home insurance coverage in Silver Spring, MD

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"How much home insurance do I need?"

Renee Oliver Insurance Agency Inc. gets asked this question often. While there are a lot of variables to consider, the answer starts with a home inventory.

A home inventory catalogs your belongings. In the event you need to make a claim, this document will speed up the process and help maximize your payout. But it also ensures you have the proper protection from the start.

That’s why Renee Oliver Insurance Agency Inc. recommends beginning here before purchasing home insurance. Located in Silver Spring, MD, their agents list five steps for conducting a thorough home inventory.

Organize each area

Avoid getting overwhelmed by dividing your home into sections. Complete one area before moving on to the next. Find a process that is easiest for you.

Record key information

Include descriptions of each item, purchase dates, and estimated prices. Also, for appliances and electronics, jot down makes, models, and serial numbers too. Scanning or taking pictures of sales receipts is encouraged.

Group like items

Save time by lumping similar items together. Low-cost goods, like clothing and dishes, are too time-consuming to list one by one. Assign a value to the entire group

List expensive items individually

However, all high-end valuables should be listed separately. Jewelry, antiques, and other collectibles may require additional coverage beyond traditional home insurance. Consult with an agent to ensure these will be covered.

Update frequently

This list should grow as you make more purchases. At a minimum, review the home inventory every year. Add in any new items. Update your digital records, but also store a backup copy somewhere safe.

Find an agent serving Silver Spring, MD

Using your home inventory, Renee Oliver Insurance Agency Inc. can better determine how much home insurance coverage you need. Schedule an appointment today.

Umbrella Insurance FAQs

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Liability insurance is included in your homeowner’s, automobile, boat, and renter’s insurance. In other words, you are covered if you are found responsible for an accident. However, in the event the losses of the other party exceed your policy’s limits, the difference could come directly out of your pocket. This could leave you bankrupt. In situations like this, umbrella insurance can be beneficial. Here are some commonly asked questions Renee Oliver Insurance Agency Inc. has had, along with their answers, for Silver Spring, MD residents.

What Exactly Is Umbrella Insurance?

Look at umbrella insurance as a backup to your standard liability coverage that can work with all of your insurance policies. In the event that the damages of an incident exceeds the limits of your policy—be it home, auto, or commercial—your umbrella insurance policy will kick in, take over, and cover the difference.

What Does Umbrella Insurance Typically Cover?

Umbrella insurance is designed to provide coverage for the difference between the liability limits of your insurance policy and another party’s losses. Therefore, if you are found at-fault for an accident that resulted in $150,000 in damages and only have $50,000 in liability coverage, your umbrella insurance would cover the remaining $100,000.

What Happens If I Don’t Have Umbrella Insurance?

If you don’t have umbrella coverage, you could potentially be held liable for any damages that go over the limits of your existing liability coverage. The other individual could sue you for their losses, potentially taking your home, savings, retirement fund, and other assets.

Insurance can offer much-needed peace of mind, and umbrella insurance adds even more to that. If you would like to learn more, reach out to us at Renee Oliver Insurance Agency Inc. We have helped many residents of the Silver Spring, MD and can help you as well!

How much life insurance is enough?

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One of the most common questions that get asked about life insurance is how much is enough. It would be great if there was a single answer, but unfortunately, there isn’t. Life insurance is a very personal thing and it is different for everyone. By talking to your independent insurance agent, you can get suggestions for ways to make sure you have the right coverage. In Silver Spring, MD, Renee Oliver Insurance Agency Inc. can give you the assistance you need. 

You need enough life insurance to make sure the ones you leave behind will be taken care of. That amount will not be the same when you are 25 years old as it will be when you are 45 years old. At 25, chances are you won’t be responsible for anyone other than yourself. You will only need a minimal amount of life insurance. 

Once you have people who depend on you, you need to have a different level of life insurance. Especially if you have children, you may have to provide for them for 20 years. How much money that will require depends on what your spouse or partner provides and what you will need to provide. You need to take a good look at what the future looks like without you there. 

Do you have a mortgage? Do you want your kid’s college paid for? Is your spouse a stay-at-home or working person?  Social Security will provide for the children until they are 18 with monthly payments, but would that be enough to keep them in their current home? Sit down and play with the figures. At least 7-10 years of your income is what experts suggest.  Only you can decide if it is enough or if you need more or less. 

Contact Renee Oliver Insurance Agency Inc. in Silver Spring, MD to talk about your life insurance needs. 

Four Tips to Help You Photograph an Auto Accident for Insurance Purposes

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When you have been involved in an accident in Silver Spring, MD, one of the most crucial steps you should take is to take as many photographs of the scene as possible. These photos will eventually serve as important evidence when you file an auto insurance claim with us at Renee Oliver Insurance Agency Inc. Here are a few tips to help you take solid pictures for insurance purposes.

Make Sure You Capture All the Damage

When taking photos after an accident, it is imperative that you get a picture of all of the damage. This includes deployed airbags, broken windows, dented fenders, etc. You want pictures of all the damage on the inside and outside of the vehicle. Don’t forget to get pictures of the road debris as well. Your injuries count too! Ultimately, these photos will help ensure your claim is calculated correctly.

Take Photos from Various Angles

To ensure you are thorough, you will want to ensure that the photos you take are taken from a variety of different angles. This will make it harder for someone else to argue against your photographic testimony. In addition, you will want to ensure that you have close-up images that fully capture how severe the damage is.

Utilize Different Settings

When using your phone or camera to take photos, make sure to take pictures with and without the flash. It isn’t uncommon for a photo to have a glare or shadows, but if you take multiple shots in different lighting forms, you may find that one has a clearer view. This is particularly important if the accident itself occurred at dusk.

Need to File an Auto Insurance Claim in Silver Spring, MD?

Whether you need to ensure you’re properly covered in the event of an accident, need to file an auto insurance claim, or need more tips for taking appropriate photographs for your insurance claim, contact the professionals at Renee Oliver Insurance Agency Inc.

Required Commercial Insurance in Maryland

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If you are the owner of a Maryland business, you need to have certain commercial insurance policies to protect your business. There are two types that the state requires of most businesses in the state. If your company meets the requirements for one or both of these insurance policies, it’s important to get it right away so that you aren’t hit with fees and fines. Give us a call at Renee Oliver Insurance Agency Inc. in Silver Spring, MD.

Workers’ Compensation

In Maryland, every business that has at least one employee must have workers’ compensation insurance, even if it is just one part-time employee. With this coverage, you and your employee are protected against the costs associated with an accident or illness that an employee has at work. It protects you by paying for the medical bills and lost wages that are needed after an employee accident. It protects your employee by making these funds available when they are needed, so there’s no need for the employee to sue your company. There are a few exceptions to this rule, so talk to an agent about whether this coverage is required for your business.

Commercial Auto

If your Maryland business owns a vehicle, that vehicle has to have a commercial auto policy on it. This is mandated no matter what the type of vehicle it is. The policy must have a certain minimum amount for bodily injury liability for one person who is injured and a different amount for all of the bodily injury liability from an accident. There is also an amount required for property damage liability. 

Protect Your Business

To get the types of commercial insurance policies that you need, and some that aren’t required, give us a call at Renee Oliver Insurance Agency Inc in Silver Spring, MD.