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Insurance Education

The Truth Behind Boat Insurance!

2/17/2021

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While it might not be the best time to be out on the water in this damp and cool weather, it is the perfect time to prepare for when you can be! Today we are going to be talking about the truth behind your boat insurance! 

Dreaming of warmer days and spending hours back on your boat? Or have you not stopped spending days on your boat regardless of the weather? Nothing a few layers can't help with, right? Regardless if your boat is currently tucked gently away in storage or hasn't missed a Saturday out, having the proper coverage and insurance is incredibly important. It is so important that we want to dedicate a whole blog about how to have the best boat insurance to enjoy life in the Lowcountry, and to help keep you safe on and off land! 

What Do You Need To Know About Boat Insurance? 
  • The first step is choosing a plan that makes the most sense for you and your watercraft. If you feel uncomfortable in knowing what you need, sit down with us at Abri Insurance or with another trusted insurance agent or company to decide what is best for you. If you already have coverage for your boat, always make sure you know what is and what isn't covered. 
  • The rate you will pay for your insurance will depend on many factors including the type and size of your boat, your driving record, where you boat, what you are using your boat for (recreational vs. a money-making venture), and if you've been formally trained or not on how to use your boat. 
  • For those of you who don't boat all year round, there are saving options available to you. Some companies offer something called a "lay-up" which is a discounted insurance rate for when your boat is in storage for the off-season. 
  • Some homeowner's insurance policies do offer coverage for your boat, but only to a certain extent. Make sure to know what your homeowner's insurance covers when it comes to your boat and if it covers your boat at all! Don't make any assumptions.  
  • Depending on its size, you will need a stand-alone policy for your boat. It is also recommended that if your boat costs between $10,000 and $20,000 regardless of its size, it should still have its own policy. 
  • Basic boat coverage only offers limited coverage for your personal belongings. You can add on additional coverage for your personal belongings if you wish, which may feel like you're spending more, but in the long run, it will be a very smart investment and can help you save money. 
  • Extra coverage is very important outside of protecting your personal belongings. Please look into extra coverage for things like water towing, passenger injury, and fule spill liability.
  • Do you need boat insurance? We would always answer yes. Like we mentioned above, your homeowner's insurance does cover your boat, but only up to about $1,000 or 10% of what your home's insurance value is, according to nerdwallet.com. If you own a boat, you know coverage like that will hardly cover anything at all. Liability coverage, the coverage that pays for damage done by your boat, is also not covered under home insurance. 
  • Please remember that mother nature does not have an off button or an offseason. While most boat owners here in Charleston really only pay attention to the weather during hurricane season, there is still a threat of damage all year round. 
  • Owning a boat comes with a risk factor outside of being on the water. Damage while transporting your boat, theft, vandalism, fire, and much more can happen all year round. This time of year, theft is very common, since your boat is sitting unattended in a boatyard. Protect yourself and your boat beyond the time you spend on the water. 
  • Your boat, not surprisingly, is an investment. Most owners will finance the purchase of their boat instead of paying for it upfront. In these cases, most lenders will require you to carry boat insurance all year round! 

What Does Boat Insurance Cover? 
Basic boat insurance will offer its owner a certain amount of protection, but adding on more coverage can be your best route of action. Let's begin by talking about what your basic boat insurance policies will cover. 
  • Property Coverage - This will help in paying for repairs if your boat is damaged in an accident, from collision, fire, vandalism, theft, and damage done to permanently attached equipment like your anchor. 
  • Medical Coverage - This will help pay for the expenses you could incur if you or some else is injured on your boat, including X-rays, medications, and hospital visits or stays. 
  • Liability - This will help cover you if you are involved in an accident that results in damaging someone else's property. 
  • Having insurance for your boat also helps if you get hit or are involved in an accident with an individual who is not insured. 
  •  It is also best to speak with us at Abri about towing coverage, coverage for any special equipment you use for professional or recreational use on your boat, accessories, and your boat trailers. 
  • Also, consider adding on one of two damage coverage options. One is called an agreed amount value and the other is called actual cash value. In the case that your boat is destroyed, an agreed amount value plan will give you an amount of money that you and your insurance company agreed upon beforehand. The actual cash value option will give you the amount of money that the boat is worth on the market at the time of damage. 
  • Make sure to know where your insurance stands with coverage for gadgets, salvage, and mechanical breakdowns before going out on the water. 
  • If you are an owner of a yacht or a very large vessel, most policies will cover you for a certain amount of territory that you can navigate in and still be covered. If you venture outside of that area, you might not be covered. 
  • If you own or purchase an older boat, most insurance companies will send out a marine surveyor to assess the condition of the boat and its market value. However, it is always a safe option to have an inspection done like this even if it is not required. 
  • It is also very important to understand what your insurance will not cover. This includes damage from mold, insects, and zebra muscles. It does not cover damage from sharks or other creatures, normal wear and tear, and defective machinery or machine damage. 

What Are Some Common Boat Insurance Myths? 
  • My driving record doesn't affect my insurance premiums! 
This is very false! Your driving record will be checked when you go to buy boat insurance, and the more violations you have the more expensive your premium could be, and it might even prevent you from getting insurance until your record is cleared up. 
  • Insurance rates for owning a boat are very high! 
When it comes to owning any recreational vehicle or pursuing a hobby like owning a boat, you will have plenty out of pocket expenses. However, if you keep a good credit score, keep up with your excellent driving record, and take boat safety courses, you can be eligible for discounts on your premiums. 
  • My boat insurance will go up during hurricane season! 
This is a mixed bag statement. For those who don't live along the coast, hurricane season will not affect your insurance premium. However, for all of us here in the Lowcountry, insurance premiums are set due to your location. Since hurricanes are prevalent here, you might see higher monthly premiums than what your friends pay in landlocked stats who take their boat to the lake. 
  • I don't need boat insurance. 
While your local community might not require boat insurance by law, the marina you store your boat in and the company you financed it with will require that you do. 
  • My policy will cover my boat wherever I go! 
Please know that your coverage will only cover you and your boat within a certain area. Before traveling and going far distances on land or water, make sure you know where you can go with your boat while still being covered! 

Owning a boat is a huge responsibility but it will provide hours of fun and entertainment, and for all of our fishermen and shrimpers, a boat can help your business be very lucrative. We hope this information clears up any confusion or concern you have about your boating insurance. If you are still confused or have any more questions, please don't hesitate to reach out. We are here to provide the best boat insurance in Charleston! We're Abri Insurance and we are here to make sure you have the best coverage for life in the Lowcountry! 

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The Top 5 Flood Insurance Myths

10/19/2020

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Even as hurricane season begins to wind down, that doesn't mean we will be seeing the rain or tides clear up in the Charleston area anytime soon. To help ease your questions or doubts if flood insurance is right for you, here are 5 of the top flood insurance myths, debunked.

Welcome back to the blog! We are thrilled that you are wanting to continue your education about the world of insurance and that you want to learn more, in particular, about flood insurance. We're sure you've heard time and time again that you should be considering or looking into purchasing flood insurance, and being an insurance company ourselves, we do agree with this sentiment. Sure, here in the Lowcountry, you'll be hearing this much more often than you would in most other places. With three popular beaches, at least two main rivers, and countless creeks, this just comes with the territory. If your home is on or near the ocean or the rivers here in the Lowcountry, it should come as no surprise that you should already have flood insurance purchased and in place. If not, then please know we are concerned and we want to speak with you right away.

However, for a lot of residents whose neighborhoods or areas around their homes have never seen flooding, it might be hard to justify this extra expense. Remember what we talked about it on our last blog. Hurricanes and their powerful and dangerous effects are moving farther and farther inland and becoming more disastrous in places that haven't seen these effects before. Still not totally convinced? Then let some good old fashioned debunking help you think otherwise. Here are 5 of the most common flood insurance myths debunked and the actual facts behind the myth.

Myth #1: You can only buy flood insurance if you own a home.
Reality: This is very false! You can buy flood insurance if you're renting, for an apartment, for a condo, for your business, and more! As a renter you'll want this insurance to protect your belongings inside the space you're renting. If you are wanting to protect your business and everything you use to operate and run it in a rented building, then flood insurance is also available to you, and should it be an option you're looking into if you don't already have it.

Myth #2: Flood insurance is already included in my homeowner's insurance policy!
Reality: According to FEMA, most homeowner's insurance policies do not cover flood damage. It might cover small damages done by water, but not by floods themselves. If your pipes burst or leak or your toilet falls through the ceiling because of water damage, then your insurance will cover these things. If a hurricane comes through and leaves two feet of water in your living room, that will not be covered. Many policyholders find out far too late that their policy doesn't cover flooding. When do they find out? When their home is already flooded and there is nothing they can do. We encourage you not to make this mistake! Please chat with us or your insurance agent and find out how much water damage or flood damage your insurance is currently covering. If you want more coverage, invest in it now. If you don't have any coverage at all, it might be wise to look into some before it's too late.

Myth #3: I only need to buy flood insurance if I live in a high flood area!
Reality: Every home is at risk of flooding, even if you live in a low-risk or moderate risk area. According to FEMA, it is more likely for a home to experience flooding in 30 years than a fire. Also, over 20% of flood claims are made from homes that were not in high-risk areas.

Myth #4: I should wait until the storm season to buy flood insurance.
Reality: Most people who don't have flood insurance only start thinking about buying or consider buying it when a bad storm is coming or their home has already been flooded. Why wait until it's too late to make such an important choice? Also, flood insurance policies take up to 30 days before they go into effect. This makes waiting until you're very close to storm season even more risky and stressful. Begin planning and purchasing in the dryer season when you're less likely to think about it. If you do, you'll be thanking yourself during the times you would normally begin to panic!

Myth #5: If my home floods, Government assistance will take care of all the repairs!
Reality: To get governmental assistance after a flood, the flood has to be declared a federal disaster by the president. According to FEMA, less than half of all floods are declared disasters. Even in the case that a flood is declared a disaster, most people will only receive between $5000 and $7000 in financial help. This most often comes in the form of a low-interest disaster loan that must be paid back. Financial assistance that comes from your insurance policy does not need to be repaid, and you can get upwards to $100,000 if not more in assistance. We urge you not to rely on FEMA or other disaster relief programs when it comes to flooding. You will most likely get hardly enough in assistance to cover your basic needs!

Are you feeling a little more swayed after this list? Please know that these are just some of the common myths. There are many others out there still left to be debunked and replaced with facts that lean towards the many reasons why you should seriously think about purchasing flood insurance. If you have any questions about this or would like to discuss flood insurance policies with us, please don't hesitate to reach out. We want to make sure that you're covered and safe before it's too late!

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What You Need To Know About Hurricane Insurance

9/30/2020

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The joy of fall can be tainted by the threat that hurricane season is still with us until November 1st. Make sure your home and your family are prepared and insured for anything that could happen. 

Hurricanes and the Lowcountry go together like a day at the beach and a potential sunburn. No matter how much we love living here, there are just a few things that come with the territory. Hurricanes, flooding, and tropical storms are just some of the potentially dangerous, scary, and everyday threats we have to live with. It's the price to pay for living in one of the most beautiful places in the southeast. No matter if you're new to Lowcountry or not, you always need to make sure you're prepared for anything. Your home needs to be safe and secured, your evacuation plan needs to be established, and your insurance needs to be ready to support your home and property through what ever damage these storms could bring. According to Forbes, NOAA updated its 2020 storm prediction to upwards of 13 to 19 storms, already reaching 9 named storms by August of this year. In the past that many storms didn't appear until October. Over 60 million people are living right in the hot spot for these storms, and South Carolina is apart of that. Even if you aren't currently insured for the damages a hurricane can bring there is no better time than now to get started. 

  • According to Forbes, the good news is that some home insurance companies will give some partial insurance reimbursement for home improvements when preparing for hurricane season. Make sure to check in with us or your insurance provider to see if this will be an option for you. If you're in the market for a new policy, let us know if you'd like this to be an option or something available to you while we research the perfect plans! Hurricane shutters, windows, and roof protection can be some of the options that can be covered with a discount or a rate reduction with some insurance plans. 
  • Before hurricane season starts, you should spend some time sitting down with your policy to see what coverage you do have and what you might be lacking. If there is anything you might want to add to your current policy, please don't hesitate to chat with us about that. Also, if there is anything unclear about your policy, we are more than happy to explain and walk you through it. 
  • Take the time to make a proper inventory of your belongings just in case serious damage occurs. You can keep a written or digital list of your belongings, but taking a video can save you time and help with speeding up the adjustment process. If they can see it with their own eyes, the proof in what you lost is right there. They will see your electronics and valuables and will be able to price it quickly and proficiently. These videos can be stored in your cloud or your Google Drive, away from harm or other damage. 
  • Consider buying flood insurance. Even if you don't think it's necessary, consider the trend of hurricanes in the last few years. Coverage is now available further inland than ever before, thanks to damage and flooding from hurricanes like Harvey in 2017 and the like. Do your research and weigh the pros and cons with us to keep you safe and within your budget. 
  • It's hard to truly grasp the inevitable, but make sure your policy can cover some very big expenses. The Insurance Information Institute recommends that you should have a plan that will cover the expenses to rebuild your home if it comes to that. It is important to know that the resale value of your home is not the amount that it will take to rebuild it. If faced with such devastation, the last thing you want to worry about is if you'll be able to put a roof back over you and your family or not. 
  • When it comes to your possessions, along with taking meticulous inventory of what you have, make sure your policy covers and protects enough of what is important to you from the bottom floor to the attic. 
  • Don't forget to check your policy for other expenses that will need to be covered when disaster strikes. If your home has been destroyed, has serious flood damage, or your roof is missing, you'll need somewhere to stay. Some plans will offer ALE coverage, additional living expenses, that will cover the costs you'll build up if you have to lives somewhere else if your home has been rendered uninhabitable. According to the Insurance Information Institute, ALE will cover your hotel, meals, and other expenses that are above and beyond what you'd have to spend at home. 
  • When you check in with your insurance company or with us while preparing for a hurricane, make sure you have a policy that covers your car, boat, and other vehicles. Make sure to ask about coverage on additional buildings on your property like garages, storage units, sheds, and more. 
  • Keep all insurance documents in a safe and dry space. Adding them to your evacuation kit along with other important documents is always a safe idea. 
  • Always make sure you have the right deductible for what you need. Just to be safe, make sure you have the deductible amount saved up to pay it off when disaster strikes. Not having enough set aside to pay that deductible can prolong the recovery process. It might seem like a hefty sum to pay right now, but it will be far less than paying to replace everything lost in a disaster. 

How does your insurance plan stand up to all of these requirements, needs, and reminders? Are you ready for hurricane season and what's left of it? If not, please don't panic. We are just a phone call away and are here to help you get protected and covered. We are excited to work with you and love being a part of the Summerville community!

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