Wednesday, April 18, 2012

New Boat or Jet Ski? Here are some tips to get it insured

Summer is almost among us...If you got a new boat or jet ski you probably have thought about all the ways you can use it during the year, but have you thought about insurance?

When insuring your boat and jet skis, there are many lengthy questions that you may not know, unless you know a lot about boats.  Almost all boat insurance policies will cover the cost of replacing the vessel, engine and the boat trailer but Actual Cash Value boat insurance plans only pay for replacement less any vessel depreciation from the point of loss. When the craft is a complete insurance right-off then the second hand value of the boat is used to estimate its market value. Optional insurance usually includes coverage for reasonable repairs, emergency services to your boat, motor, or boat trailer, and wreck removal. Where there has only been limited damage to the vessel, partial damage repairs include the restoration less any items that can be deducted.

Agreed amount value insurance policies mean that the owner of the boat and the insurance company have decided on the cost of the boat, and in the aftermath of a total loss the owner will be compensated with that amount. Agreed amount value policies also replace old objects with new ones, exclusive of any assumption for depreciation. The majority of agreed amount value boat insurance policies necessitate actual cash value on specific destroyed assets like sails, protective covers, batteries, dinghies, trailers and aged outboard motors, lower drive units etc.

Almost all states make the standard boat insurance a requirement so it is important to abide by the law and obtain boat insurance as soon as you become a boat owner. Strangely, in the eyes of the Marine Industry, a houseboat is in the same category as pleasure boats like sailboats, jet boats and cabin cruises for instance. A speedboat for instance, is capable of high speeds requires a much different type of insurance than a small fishing vessel would because of the potential liability for the insurance company that comes with a speedboat compared to a fishing boat.

If you are a new boat owner, you would also need to know the boating laws and regulations. Make sure you look into those laws by your state. It’s important to remember that boat insurance isn’t that much different from car insurance, and that the laws that govern the water are just as important as those that apply on land. Reducing claims, fines and violations will not only save you money and insure that you obtain coverage, but can also keep you and your loved ones safe.

Thursday, January 5, 2012

Vacant house? You still need coverage!

What is a vacant house? A vacant home is a home with no contents that is either unoccupied or up for sale. These types of homes can be targets for theft and vandalism, and not to mention the homeless. Also with a vacant home, it is more susceptible to a burst pipe, or plumbing issues.

If you have a current homeowner policy, it will only cover your vacant home for about 30-60 days after you move out. At that time, if the home will be vacant for an extended period of time, you may want to look into purchasing a vacancy policy. Vacant house insurance is generally more expensive than regular homeowners insurance because there's no one living in the house to watch and protect it. You may be able to reduce your premium slightly by arranging for someone to check on your home regularly. The price of a policy also depends on whether the home has a central alarm system, deadbolt locks and smoke detectors. Insurers also may assess whether a policyholder has winterized the home to protect plumbing fixtures from freezing and can factor in how long the house will be vacant. A vacancy type of policy will cover the vacant house, and will protect against fire, vandalism, theft, malicious mischief, glass, and accidental discharge of water. These types of policies can be 3, 6, or 12 months.

 There may be a less expensive option to buying vacancy insurance. You could consider renting out your home while you're away. You will have to buy a landlord policy, or a rental dwelling policy which generally costs about 25% more than a standard homeowners policy, according to the insurance institute.