THIS POST HAS BEEN UPDATED WITH THE NEW MARYLAND INSURANCE ADMINISTRATION BULLETIN. The amended law affects detached units organized under a condominium regime and is effective Oct. 1, 2023. Why the change? In recent years, some real estate developers have established condominium single-family homes that are not physically attached to other condo buildings. This has led […]
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Many condominium owners believe that the association’s master policy provides adequate protection. However, the master policy insurance that protects the building does not protect the interior of the individual condominium units. Make sure your limits are adequate based on your documents. Prior to purchasing an HO-6 Condo Homeowners insurance policy, you should understand how your […]
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National Insurance Awareness Day serves as a reminder to all individuals and small business owners to review their insurance policies to make sure they have the right coverage. This day was first launched in 2010 by the National Association of Insurance Commissioners (NAIC).https://content.naic.org/resource-center This day highlights the importance of protecting your finances, health, property and […]
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As a result of the hard market, we are seeing programs that were specifically designed for community associations being discontinued, insurance policies being non-renewed or cancelled, increasing property values and more insurance inspections. I have been in the insurance industry for over 50 years specializing in the habitational sector and have seen the cycles that […]
Read MoreWatch Out! With the closing of a banking institution, there may be a surge in schemes (phishing/malicious emails and social engineering) to redirect funds transfers and conduct invoice manipulation. Always, be on high alert and apply these best practices to avoid incident: Pay special attention to urgent requests for funds transfer. Verify the authenticity of wire transfer and […]
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Maryland House Bill 107 -Reserve Studies for Maryland Community Associations –The Maryland General Assembly passed new legislation requiring that community associations obtain a reserve study. This will apply to condominiums and homeowners’ associations. IMPORTANT: 1) On or after 10-1-18 – must have reserve study updated within 5 years 2) No reserve study – Must comply […]
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A special enrollment period (SEP) allows you to enroll in an ACA-compliant plan (on or off-exchange) if you have a qualifying life event. A qualifying event triggers a special enrollment period (SEP) for an individual or family to purchase health insurance outside of the regular annual ACA open enrollment period. ACA Open Enrollment period- November 1st to December 31st. Coverage goes in effect January of […]
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Insurance for College Students In college, there are so many things to be concerned with. Things such as class scheduling, housing arrangements, locating resources on campus, financial aid, and searching for student employment opportunities. The last thing on most college student’s minds is insurance! However, being adequately insured while in college will save you a lot […]
Read MoreAt Connie Phillips Insurance, we represent YOU, not the insurance company. We are interested in doing what is best for you. We work hard for our clients and enjoy empowering you through client education. An annual insurance coverage review is when you will meet with your agent to go over your current coverages in specific […]
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With the increasing effect technology has on the way we navigate the world today; we need to protect ourselves more than ever. If you are a business owner, indeed, you have decided to go digital to some degree. While data breaches have been the hot topic of discussion for years now, that is not the […]
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