What is refundable homeowners insurance?
With 100% refundable homeowners insurance from Baltimore Equitable Insurance, you will pay a deposit when your policy begins, instead of annual premiums. When you no longer need your policy, that deposit is returned to you, along with any additional deposits you make during the life of your policy. Your home, condo, or apartment is still protected from the unexpected, and every dollar you spend on coverage is still yours.
How is a deposit different from an annual premium?
With a conventional homeowners insurance company, you pay premiums year after year that are gone forever. It’s an expense you can never recover. A homeowners insurance deposit for a Baltimore Equitable Insurance policy is 100% refundable. Every dollar you spend on coverage is still yours, with the same reliable coverage.
How does refundable homeowners insurance work, step by step?
Instead of annual premiums, you make a deposit when your policy begins. Your home, condo, or apartment is protected from loss or damage for the length of your policy. When your coverage is no longer needed, we promptly return your deposit to you — with no fees or cancellation penalties. It may sound too good to be true, but Baltimore Equitable Insurance provides a true alternative to paying an annual premium for homeowners insurance.
Is the coverage the same as a traditional homeowners insurance policy?
Yes, the coverage is the same when you choose 100% refundable homeowners insurance from Baltimore Equitable Insurance. We offer the same coverage as a conventional homeowners insurance company, but with one big difference. Your money still belongs to you.
When do I get my deposit back?
We will promptly return your 100% refundable deposit if you ever need to cancel your policy — such as when you sell your home or move to a new apartment. All you need to do is complete a cancellation form and send it by email or mail to initiate your insurance deposit refund.
Will my deposit be reduced if I make a claim?
No. Your deposit remains yours for the duration of the policy and when you cancel. There is no penalty or surcharge.
Are there any additional bills after I make my deposit?
Yes. You will need to increase your coverage amount when the cost to rebuild your home increases. You can augment your coverage with an additional deposit, which is 100% refundable when you no longer need your policy.
What types of properties can be covered?
Baltimore Equitable Insurance provides policies to homeowners, condominium unit owners, and renters. “Landlord” policies for personally owned rental properties are available. We do not offer commercial policies.
Do I need extra coverage for jewelry, fine art, or other valuables in my home?
If you own expensive jewelry, fine art, or other costly items, you will want a separate “rider,” which is an addition to your policy’s coverage. Obtain an appraisal for those items, provide it to us, and we will determine an additional deposit amount to ensure you are covered in the event of loss. That additional deposit amount is 100% refundable when you discontinue your policy.
Can I cancel at any time, and are there fees?
If you ever want to cancel your policy, you can do so at any time without penalties, hidden fees, or hassles. Please send us your cancellation form (found with your policy) by email or mail. You can also contact us to request a cancellation form. We will promptly return your 100% refundable deposit.
Who is Baltimore Equitable Insurance, and why haven’t I heard of it?
Although we have been offering 100% refundable insurance since 1794, Baltimore Equitable Insurance is still a well-kept secret — often shared among family members and friends. We have built a reputation through word of mouth, growing stronger for more than 230 years and counting.
How can I be sure my money is safe?
The Maryland Insurance Administration, Pennsylvania Insurance Department, and AM Best (a national rating organization) conduct an annual review to assess our company’s financial stability and ensure we have sufficient funds to cover losses and refund all deposits. We have enough to refund every deposit more than three times over. Learn more about our financial strength.