People's Insurance Counsel Division - Residential Property

In Maryland, insurance companies and their agents or producers are regulated by the Maryland Insurance Administration (MIA). The Insurance Commissioner is required to enforce the insurance laws passed by the Maryland General Assembly. By law, all insurance companies are required to file their rates and policy forms with the MIA and other laws regulate insurance claim settlements, non-renewal or cancelation of a policy and insurance premium. If you have a problem with your insurance company or agent, you can file a complaint with the MIA and an investigator will determine whether your insurance company violated Maryland's insurance laws. Violations are not found in most complaint matters and the law gives the complainant the opportunity to request an administrative hearing after receiving the investigator's letter finding that there was no violation.

 Introduction to Residential Property Insurance

Types of Policies

Residential property insurance is a term that encompasses several different types of insurance:

• Homeowner's insurance provides financial protection in event that your home is destroyed or damaged due to an unforeseen or catastrophic event.  Homeowner's insurance also covers personal property and can reimburse for medical expenses or liability claims resulting from property damage or personal injury to other people caused by you or members of your family.
  
  
• Dwelling insurance policies do not require that the insured property to be owner-occupied.  Dwelling policies typically include rental properties or structures that do not qualify for homeowner's insurance.
  
  
• Condominium insurance policies cover alterations and improvements that are part of the interior of the condominium unit.  They can also cover your personal property and can reimburse for medical expenses or liability claims resulting from property damage or personal injury to other people caused by you or members of your family.
  
  
• Tenant or renters insurance covers personal property inside an apartment or other rented structure.  Tenant policies will reimburse you for medical expenses and liability claims resulting from property damage and personal injury to other people caused by you or members of your family.  A tenant policy will also pay for additional living expenses (ALE).
  
  
• Flood insurance can be obtained through FEMA and the National Flood Insurance Program (NFIP).  Flood damage is not covered under a typical residential property policy.