Summer Fun Insurance Coverage
Summer fun insurance coverage, are you protected? The spring and summertime sees most homeowners engaged in more outdoor activities. Whether it’s the opening of the home pool, setting up trampolines and/or games in the yard, or just having patio dinner parties, the outdoors beckon us. Are you protected? According to the National Association of Insurance Commissioners there are some basic tips that can help make sure you are protected while you enjoy summer fun.
Pools and Trampolines
They’re great fun, but they can also increase insurance risks. It could be prudent to purchase an umbrella policy that provides additional coverage beyond your homeowners policy, to extend your liability coverage. Note that insurance companies can be very strict about pool and trampoline additions to the home, and in some cases can limit or cancel your policy if you do not inform them of a new pool or trampoline purchase/installation, and/or do not follow strict guidelines for safety.
It is therefore highly recommended that you contact your insurance company before the purchase/installation of pools or trampolines — for rates, exclusions, limits and safety guidelines expected. In many cases safety measures, like installing a fence, a locked gate, and warning signs around the area may result in insurance rate discounts.
For boat-owners it is important to have the right kind of coverage, not only protecting you against injury aboard your boat,but also against bodily injury inflicted and/or property damage. Many policies can be suspended during the off season and then reactivated when the new season begins. Others cannot. There are some policies for watercraft that have minimum or fully-earned premiums. So speak to your insurance agent in detail and read your policy carefully.
Summer Fun Insurance Coverage
Types of Loss Settlement Provisions for Boat Coverage.
- Actual Cash Value (referred to as ACV) or market value. If you experience a total loss, the insurer reimburses you for the current value of the boat, minus your deductible. If there is a partial loss, then the insurer will depreciate lost or damaged items, and pay out that amount less your deductible.
- Agreed Amount Value. This refers to a prearranged agreed value between you and the insurer at the time of the policy purchase, and there is no depreciation at the time of any loss. If you experience a total loss, in that case you will be paid the agreed value less any deductible. If you experience partial loss from damage your payout would be on a replacement cost basis, less your deductible.
- Replacement Cost Coverage. In this instance, if a total loss occurs, the insurer will replace the boat as close in similarity as possible.
A small boat for $1,500 or less in physical damage may be covered by your homeowner policy, while any liability risk would be limited. Jet skies and other watercraft often require a separate policy. Talk to several insurers and agents to find out what is best for your needs.
For more information about summer fun coverage and tips about ATV’s, travel and other endeavors, visit the National Association of Insurance Commissioners Tips Guidelines.