We know there must be lots of questions going through your mind as you learn all about Perpetual Insurance. If you have additional, or specific questions about your situation, simply give us a call.
A “live” person will direct your call to one of our specialists.
Why do you only write in Maryland and Pennsylvania?
Baltimore Equitable Insurance has purposely made the perpetual policy available in Maryland and Pennsylvania. This geographic limitation provides a great benefit to our clients by making prices remain affordable. Our customers are rated for events that could occur in just two states and do not share the cost burden associated with higher risk areas of the United States.
What is a Perpetual Policy?
Similar to the definition of the word perpetual, which means never ending or never changing, a perpetual policy never ends. Once you purchase a perpetual policy, you have coverage until you decide you no longer need it, and ask for the coverage to be cancelled.
What does a fully refundable deposit mean?
A deposit is what we call the “premium” for your perpetual policy. You make a deposit with us and we provide insurance. When you no longer need your insurance, you cancel your policy and we refund your entire deposit.
How come I have never heard of you before?
We are the best kept secret in Maryland and Pennsylvania. We have been around since 1794 and are the oldest company in Baltimore as well as the second oldest insurance company in the United States. We rely on our policyholders for referrals for new business rather than spending huge amounts of money on advertising. This has enabled us to provide great customer service and insurance coverage for our policyholders.
Are you a “normal” insurance company?
We are like any other insurance company in Maryland or Pennsylvania. The only difference is the unique way you pay for our insurance and your policy will never expire. We operate under the rules and regulations of the Maryland Insurance Administration and Pennsylvania Insurance Department. We issue the same type of policies you are accustomed to, but the major difference is that all your payments are fully refundable.
How do I know that Baltimore Equitable Insurance will be here for me in the future?
Baltimore Equitable Insurance has prospered for over 200 years. Our history indicates the conservative nature of our Company and our financial statements demonstrate the strength to continue into the future.
How do I know my money is safe?
A yearly review is done by the Maryland Insurance Administration and AM Best (a national rating organization). They determine the financial stability of our company and that we have enough money to pay our losses and refund all deposits.
How do I know what my policy covers?
You will receive a binder which includes a copy of your policy with all the coverages provided and any endorsements purchased. It will include a declarations page (dec page) that details the amount of insurance you have, when the policy goes into effect and the total deposit required for your policy. Of course, you can always call or email us if you have any questions.
Once I pay the deposit, will I get any other bills?
Yes, you will. You will receive increases based on the cost to rebuild your home-but, remember- any additional money paid will be added to your deposit and would also be fully refundable when you cancel the policy.
What happens if I don’t want to give you any more money?
You will continue to have the amount of insurance that you already paid a deposit for until you decide to cancel your policy. Your coverage will remain at what was originally purchased. The only problem with this is you may not have enough insurance in the event of a loss. You also will be assuming part of any loss if you fall below 80% of the total cost to replace your home.
How do I look up how much I owe?
You can look this up on the customer portal page found in the Current Customers section. You will need your policy number in order to do this. You can always call our office (800-272-1794) during normal business hours, and someone will be happy to provide you with this information.
Can I pay my deposit with a credit card?
Currently, this is not an option. But, if you wish to make an ACH payment (electronic movement of money between banks) please go to our Current Customers section. Or call us (800-272-1794) and the accounting department would be happy to assist you.
My neighbor would like some information, do you have any brochures I can give them?
Click on the referral form found in the Current Customers section and someone will mail or email your neighbor information.
Can I get a separate “rider” to cover my jewelry or fine arts?
Yes, you can! Under your policy you only have very limited coverage for special items, such as jewelry and fine arts. For example, you would only have $2,500 for all of your jewelry in the event of a covered loss. So, we recommend if you have some more expensive items, you get them appraised, and send us the appraisals. We will then “schedule” the items separately and you pay an additional deposit, which is fully refundable when you no longer need the coverage. The nice thing about having a separate schedule for your appraised items is that you get extra coverage and there is no deductible.
Can I purchase flood insurance from you?
Baltimore Equitable Insurance does not sell Flood Insurance. Flood insurance is sold through the National Flood Insurance Program (NFIP).
Can I get any coverage if my sump pump overflows?
Baltimore Equitable Insurance offers two endorsements that provide coverage for Water Backup of Sewers or Drains. One endorsement provides coverage up to policy limits and has a $1,000 deductible. The other endorsement provides up to $5,000 of coverage and has a $250 deductible. Both endorsements require an additional deposit that is fully refundable when cancelled. This is an endorsement everyone should consider.
Do you offer any additional “umbrella” insurance?
If you have your primary residence insured with Baltimore Equitable Insurance, you may complete a supplemental application for an umbrella endorsement. The umbrella endorsement provides additional liability coverage over your homeowners’ liability and other exposures’ liability (for example, auto liability). An additional deposit is charged for this endorsement and may change yearly, based on your exposures. The additional deposit is also fully refundable.
Do you have any other endorsements?
Baltimore Equitable Insurance offers many other endorsements. Call our office (800-272-1794) and speak to one of our knowledgeable team members for more information.
Other Types of Policies
Do you only offer Homeowners insurance?
No, we offer both a Condominium Unit Owners policy and a Renters policy. Both of these policies are perpetual and have a fully refundable deposit.
Do you offer commercial policies?
No, we do not offer any type of commercial policies.
Do you offer coverage for my rental property?
If you have your primary residence insured with us, we can write insurance for your rental property if it is located in Maryland or Pennsylvania and is rented by not more than two families for private residential purposes. Unfortunately, we cannot write a home or condominium that is rented on a weekly basis.
Can Baltimore Equitable Insurance cover my vacation home or secondary residence?
We sure can, if you have your primary residence insured with us, and the vacation home is in Maryland or Pennsylvania. You would need a separate policy and it would require a perpetual deposit that is also fully refundable when you cancel the policy.
Cancelling your Policy
How fast can I get my money refunded to me?
It is as easy as 1-2-3.
- All you need to do to get your money refunded is complete the cancellation form which is part of your policy.
- Mail, fax or email the cancellation form back to us. Once we receive the form, we will cancel your policy on the requested date.
- We will refund all the money you have ever paid to us the very next day. No Hassles! The money is yours whenever you want or need it.
How long do I have to have my policy before I can cancel?
There is no minimum time requirement. You can have you policy for one day or 25 years and you will still get back everything you paid when you cancel your policy.
Do you deduct any fees if I cancel?
No, everything you have paid is fully refundable.
Do you reduce my deposit to pay for a claim?
The deposit ALWAYS belongs to you and is not reduced if you have a claim. We pay the claim from our money.
What happens to my policy if I die?
Everything you have paid to Baltimore Equitable Insurance is transferred to any remaining named insured listed on the policy (your spouse, a co-owner, etc). If you are the only named insured on the policy at the time of your death, the funds will be refunded to your estate. You should check with your estate planner to learn how your deposit would be handled when your insurance is no longer needed.
Reporting a Claim
I have some damage to my house, what should I do first?
First, make sure you and your family are safe. Then, if it all possible, stop any further damage from happening. This may mean turning off the water or boarding up a window. We also have preferred contractors that you can call that will do emergency repairs. Their numbers are located in the Current Customers section.
Who should I call to report the claim?
Call our office number, 800-272-1794. If it is during normal business hours, someone will be there to help you through the process. If the office is closed, please follow the directions on the phone, and dial 2 when appropriate. This will connect you to our after-hours call center that will take your name and number. One of our representatives will call you back as soon as possible.
What is a deductible?
The deductible is what you pay first when you have a claim. Baltimore Equitable Insurance will then pay everything else that is covered under your policy up to your policy limits.
Is there a claim form that needs to be completed?
Yes, it can be found in the Current Customers section of this website. You can also find a list of our preferred contractors in the Current Customers section. You should always call our office first to report the claim, so that we can provide helpful tips to settle your loss quickly.
What happens if I do not want to use one of your preferred contractors?
You are also free to use a contractor of your choice. All estimates for permanent repairs are required to be approved by Baltimore Equitable Insurance before any work begins. Emergency repairs are not subject to this requirement. In addition, before you sign anything, you should verify the extent of coverage that will be provided by your Baltimore Equitable Insurance policy and what could possibly come from your own pocket.