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All You Ever Wanted to Know About Insurance

Insurance 101: Do You Know Your Limits?

As we are in the days of summer, here are some helpful tips to make sure you and your loved ones are properly protected:

1) Pools and Trampolines: Before inviting friends and family over to enjoy your pool or trampoline, know that either may increase your insurance risk. It's a great idea to consider purchasing an umbrella policy in addition to your homeowners insurance. This increases your liability coverage and protects you in case of a loss higher than the limits of your home policy. However, please be aware that because pools and trampolines can be dangerous, some companies may not insure your property if you own them. Or if they do there may be policy exclusions on liability for related injuries or higher premium rates. An insurance company may also deny coverage or cancel your policy if you do not follow the policy's safety guidelines. This includes failing to inform them when you build a pool or purchase a trampoline. Check with your insurance provider for rates, discounts and guidelines like installing a fence or locked gate. If you lease a property with a pool, discuss your insurance options with your agent or insurance company.

2) Traveling: Whether you're leaving home for a weekend getaway or a long road trip, be aware of what your homeowners or renter's policy will cover while you're gone. Typically, your homeowners insurance will follow you and cover you even while you're not at home. Off-premises coverage means your belongings are covered anywhere in the world. If you're staying at a hotel and your belongings are lost or stolen, your homeowners policy will provide respond. The amount of coverage depends on your specific policy. In addition to your deductible, items will typically have a set limit on things like jewelry and furs. If you're traveling with high-priced items, it's a good idea to get separate insurance coverage for these items. Contact us today and find out what's covered under your policy!

3) Boats: A boat insurance policy provides liability coverage if someone is injured on your boat. It also covers bodily injury inflicted on others and property damage to your boat. These policies may be suspended during the months your boat is not in use. Read your policy carefully and feel free to call us with questions. There are three types of boat insurance that cover damages to your boat: Actual cash value (ACV) or market value, Agreed amount value, and Replacement cost coverage. Ask your account manager today for the difference!

Personal watercrafts, such as jet skis, often require a separate policy that may be offered by your homeowners' insurer. Or, you could also choose to purchase a policy from an insurer that specializes in boat insurance. We work with some great carriers and we can help you with the decision.

4) All-Terrain Vehicles (ATVs): These are not covered by standard automobile insurance policies, but your homeowners policy may partially cover liability. Ask us if you have sufficient coverage on your homeowners policy. If you do not, the best thing to do would be getting a separate ATV policy. There may be age restrictions for who is allowed to drive ATVs or if the policy covers friends and family. Make sure you have the right coverage for your situation and intended use.

As always, we are here to be your insurance experts! Don't be in the dark about your insurance coverage - we can help you learn everything you need to know about your policies.