Summer is unofficially here. School is out and the sunscreen has been bought. During this time of year, your plans are likely to include more entertaining, travel and outdoor activities. All this sunshine can help boost your mood, but before engaging in all the activities summer has to offer, stop and evaluate your insurance needs.
While traveling this summer, be aware of what your policy will cover while you’re away. Normally, homeowners insurance will follow you, protecting you even while you’re not at home. Off-premises coverage means your belongings are covered anywhere in the world. Check your policy to see what specific limits and when a deductible would apply. If you’re traveling with high-priced items, it’s a good idea to get separate insurance coverage for these items.
Before having that big family get-together so everyone can enjoy your pool or trampoline, know that both could increase your insurance risk. If an accident were to happen, the liability is on the homeowner. Consider looking into purchasing an umbrella policy to increase your liability coverage. However, because pools and trampolines can be hazardous, some companies may not insure your home or may tack on policy exclusions for liability for related injuries. Some companies may deny coverage or cancel your policy if you do not follow the safety guidelines or fail to inform them when you build a pool or purchase a trampoline.
Boat insurance provides liability coverage. It also would cover physical damage to your boat. When you look at your policy, make sure that your boat is insured for the amount you want. Your boat can be insured for actual cash value, agreed value or replacement cost. If you’re smart, during the winter months you dock your boat and the insurance policy is put on “garage mode.” This allows you to pay a lower premium since the boat is docked all winter. Make sure to inform your agent when you will be using the boat again so that there are no grey areas if anything were to happen.
Personal watercraft, such as jet skis, often require a separate policy that may be offered by your homeowners’ insurer.
ATVs and golf carts are most likely not covered by your standard automobile insurance policy, but your homeowners policy may partially give you some liability. On homeowners policies, you can often add liability for golf cart to your policy. You may consider a separate ATV policy. There may be age guidelines regarding who operates the ATV or if the policy covers friends and family.
If you have questions regarding your Oklahoma City insurance, ECI is always here.