What are the different types of insurance available?

In Maryland, there are many different types of insurance available. Most commonly, people obtain auto insurance and homeowners insurance. Auto insurance covers damage caused by a vehicle accident, while homeowners insurance covers damage to your home caused by an accident, natural disaster, or other event. Other types of insurance include health insurance, which covers medical costs, and life insurance, which pays out a sum of money to a beneficiary in the event of the policyholder’s death. Those who own businesses may need to purchase additional types of insurance, such as liability insurance, which pays for damage or injuries caused to other people; property insurance, which covers damage or theft of business property; and workers’ compensation insurance, which pays benefits to employees who are injured on the job. If people own valuable items such as jewelry or artwork, they can also purchase insurance for those items. Insurance regulation laws in Maryland are in place to protect consumers and ensure that providers are offering a fair and reliable service. Insurance companies must be licensed and must comply with all laws in order to legally provide coverage to Maryland residents. Consumers should research different types of insurance to make sure that the coverage they are purchasing is adequate and appropriate for their needs.

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What are the different types of insurance available?

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