May 06 May Coverage of the Month: Summer “Toys”
As the weather heats up, it is finally time to get all your summer “toys” out of storage and into the water or road. There are a lot of summer “toys”, whether you are slipping your boat into the water, hooking up your fifth wheel or kicking up some dirt on your ATV, having the proper insurance coverage is a necessity.
Summer is the time to enjoy these “toys,” but make sure you have the proper coverage. You must be prepared as an accident with one of these “toys” can lead to property damage and a lawsuit. It is wise to check your policies and be sure you are completely covered.
Here are a few tips for insuring your summer “toys.”
Trampolines and Swimming Pools are a bit of nuisance for insurers and that’s because the risk of accidents and injury is high. Liability from your backyard “toys” is covered by your homeowner’s insurance but there is a problem. Due to the nature of the injury that can occur, most homeowner’s policies provide only limited coverage.
Motorcycles or ATV – If you own a motorcycle, your auto and homeowner’s policy provide no coverage. You must purchase a motorcycle policy or recreational vehicle endorsement. Motorcycle insurance can dramatically in price depending on your driving record and the type of bike you own.
Motorcycle insurance is very similar to auto insurance. It encompasses collision, comprehensive and liability. It is extremely important to carry the proper amount of liability insurance which will cover your financial obligations in accidents and will pay for damage to other property or people. Lastly, be sure to verify that passengers are covered as they are often excluded.
RV Insurance – It is more than a car and it is not quite a house, which is why it can be challenging to find the right coverage for your home on wheels at an affordable rate. If you are using your RV for only a few weeks out of the year, it may be covered under your homeowner policy. If you spend a lot of time in your RV a specialized policy is your best option. Be sure to review your policy in full and find the best insurance to protect your home-sweet-home away from home.
Boats – It is possible to add a boat to your homeowner’s policy, however, it is often best to purchase a separate policy that is specific to your boat. Most homeowner policies do not cover marine events like wreck removal and salvage work – so why risk having limited or no coverage?
Purchase a boat policy for your boat. Boat insurance comes in a couple of different varieties. Agreed value, typically more expensive, allows you to set the value of the boat and that is what you will be paid in the event of a total loss. Actual cash value, usually less expensive, factors in depreciation and pay out what the boat is actually worth at the time of the event.
Making sure your summer “toys” are covered before you head out for the weekend is always a good idea. Talk to us about these “toys” or your summer fun could be very costly!
Call our office today to speak with one of our Personal Risk Advisors who can help add coverage to your summer “toys.”
Personal Risk Advisor
Personal Risk Advisor