Summer Solstice Is Here!
Summer, what a sweet time in New England. While our streets aren’t bustling as much THIS year, people are craving some mental relaxation at the beach or a local getaway.
Here’s what you need to know, 6 summertime activities that might need a quick glance at your insurance policy before you pack your weekender bag.
Traveling So Soon?
Question before you head out for a weekend, give us a call to see what is in your homeowners/renter’s policy. Here are a few things that may (or may not) be covered:
“Offpremises’” coverage- protects belongings covered anywhere in the world. When shopping for this as an add-on to your policy, it might affect your deductible in the event you need to put in a claim for stolen goods.
For high-price items like jewelry or furs, we recommend getting a separate policy entirely.
Renting A Car
Renting a car is a popular option to get out of town without the headache of something happening to your vehicle while out of state.
Most rental companies like to offer rental car insurance on top of their daily, weekly, or monthly rate, however it may benefit you to check your existing auto policy, as you might already have coverage for a rental car or at least discounts.
Get ready to fill up the gas tank, and GO.
Swimming Pools + Trampolines
Before having visitors over to your house, take a look at what’s called your “liability coverage” inside your homeowners insurance.
Because these two summertime favorite items are somewhat risky, you should know what your policy exclusions are for liability regarded related injuries. Nobody expects someone to sue Lisa’s mom for the broken arm of her child that happened during a play-date gone wrong, but we’ve seen it happen before.
And of course- your agent should be able to tell you if you policy is able to cover your property with one of these items, especially if you have a newly installed pool plan or a trampoline added to your backyard expansion plans.
Some insurance companies have recommended safety feature guidelines which will allow you to include their existence under your existing homeowners policy coverage such as safety gates, railings, and so forth.
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, both important things to have under your belt before you put on the sunscreen and pick up the snacks!
There are three types of boat insurance loss settlement provisions for damages to your boat:
- Actual cash value (ACV) or market value: Your insurer will reimburse you for the current value of the boat, minus your deductible, if you experience a total loss. For a partial loss, the insurer will pay for the depreciated value of lost or damaged items, minus your deductible.
- Agreed amount value: You and your insurer have agreed upon a value of your boat at the time you purchase the policy. I.E. = Amount you will be paid from a total loss – minus your deductible. In other words, no depreciation is taken on a partial loss.
- Replacement cost coverage: In the event of a total loss, your insurer will pay to replace your boat with one that is as similar to your boat as possible.
The personal property coverage of your homeowners policy may cover a small boat for say a small amount like $1,500 or less in physical damage. However, coverage for your liability risk is limited. A large boat will be excluded from your homeowners policy for property and liability coverage.
Personal watercrafts, such as jet skis, often require a separate policy that may be offered by your homeowners’ insurer.
Give us a call so we can walk you through the details for a boat-owners insurance policy in the state of MA specifically.
ATVs
ATVs are not covered by standard automobile insurance policies, but your homeowners policy may partially cover liability.
Ask your agent if you have sufficient coverage on your homeowners policy. If you do not, you should consider a separate ATV policy. Ask your provider about age restrictions regarding who may operate the ATV or if the policy covers friends and family. Make sure you have the right coverage for your situation and intended use.
Safety First
In conclusion, it never hurts to err on the side of caution. Summertime activities are made to be relaxing and fun. Just make sure if the situation goes ary you’re fully protected to replace against damages or injury.
J.M. Whitney Insurance and Co. is an independent insurance agency located in Watertown, Massachusetts. Give us a call, stop by, or request a quote online to find out how much we can save you on your insurance needs.
If you liked this blog, stay tuned for more from J.M. Whitney Insurance!
Visit our social media pages for additional information and tips!
@jmwhitney on Facebook, Instagram, Twitter or LinkedIn
