Personal Insurance Needs for the Summer

July 5, 2012      

If you're buying a new watercraft or other toy, or opening the pool, or starting up your motorcycle , you should consider your summer insurance needs before setting off on vacation.

Safety does not take a summertime break you should know your risks and considering your personal insurance coverage and liability.

Pool Insurance
You have probably been enjoying that pool with all the hot weather we have been having in Virginia, Maryland and DC. But you could find yourself in financial trouble without the right insurance coverage.

Regular homeowners insurance may not provide enough coverage if you have a pool, and some policies may even exclude pools.

Pools can be dangerous, so they increase your liability risk because you stand a greater chance of being sued or having to pay someone's medical expenses. When you get a pool, you should boost your liability coverage.

Antique and Classic Car Insurance
Summer is the season for taking antique and classic cars out of the garage and showing them off in club events and parades.

Those vehicles can demand separate insurance from your regular car because of their more limited use and their value. Collector cars can become much more valuable as they age.

Insurers offer agreed-value or stated-value policies. You'll likely want agreed-value, which means you and your insurer agree on the car's value.

Liability coverage is especially important with collector cars that can be difficult to drive if they have small windows or lack mirrors.

Boat Coverage
A watercraft for summer fun is also a lot of risk.

For a canoe, small sailboat or small motorboat with less than 25 mph horsepower, your homeowners or renters insurance may provide all the coverage you need. For larger and faster boats, or personal watercraft-like Jet Skis, you'll need a separate marine policy.

The cost will depend on your boating background, type of boat and where you'll use it.

Your age, driving and credit histories, boating certifications, and whether you own or rent a home can affect your policy cost, too.

Other cost factors include the boat's engine type and whether it has safety equipment such as fire extinguishers.

Proper boat insurance will pay not only if your boat is accidentally lost or damaged, but it also will cover damage or injuries to others as well as your legal costs if someone takes your boat for a joy ride without permission.

Motorcycle Insurance
A 12-month policy is priced to reflect the length of the riding season and risks during the non-riding season for each state.

All motorcyclists are required to have liability coverage for property damage and bodily injury that you may cause to other people in an accident. Check with your agent if that coverage also extends to passengers on your bike.

Whether you've had an accident, where you ride and how you store the bike all affect your motorcycle insurance premiums.

Discounts are available if you've taken a safe-riding course, are a member of a motorcycle organization or club, or if you own more than one bike.

If you need to add personal lines of insurance, or to have your personal insurance policies reviewed, contact TriState Business Insurance.

Fox Business

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