Category: Out Of Pocket Expenses

The Truth Behind Boat Insurance!

2/17/2021

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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Abri's Insurance Checklist for 2021!

1/19/2021

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It's the new year, and it's time to start fresh. To make the most out of your insurance plans this year, here is our insurance checklist for 2021!

Hello readers, and welcome back to the blog! Goodness, it's 2021 already! As much as we were happy to see 2020 go, it's a little wild to think how quickly last year seemed to fly by! From all of us at Abri, we want to wish you a very happy and healthy new year! A new year is so exciting, it means growth, change, and adventure. You might buy a new home, a new car, get married, retire, or finally get the opportunity to take that trip you've been planning for years! We will be here for all of your insurance needs, changes, and upgrades to help support and care for you and your loved ones this year. A new year, in its harsh reality, also means that there is the opportunity to face bad weather, unexpected illness and injury, accidents, and much more. We will also be here to help you with all of your insurance needs to cover and care for all of these situations to keep you and your family as safe and protected as possible!

A new year also means making the most out of each of your insurance plans, and we want to make sure you're getting the most out of what you're paying for every month. To do that, we've created our very own insurance checklist for 2021. We ended 2020 with an end of the year checklist, and now we are kicking off 2021 with a checklist to make this the best year yet!

We are sure that you're no stranger to making goals, plans, and resolutions for a new year. How about starting the new year off right with a resolution that you can stick with and start on the right foot with? Good news, it's simple and easy. Start this new year off by sitting down and reviewing all of your policies and coverage that you have for every aspect of your life. From home to health insurance, make sure you know exactly what you're paying for and will be covered for in 2021.
What does 2021 have in store for you that you already have planned? Are you having a baby, retiring, moving, or buying a new home? If you already have these big life changes heading your way, make sure that your insurance policies are going to have you covered for everything you have planned and for all the possible things you don't have planned.
This past year has lead us to spend a lot more time at home with our loved ones and our four-legged best friends. We appreciate our pets love and company now more than ever. Many homeowner insurance policies don't provide protection, care, or liability for your pets. Make sure to sit down and review your policy for this, or give us a call to update your current policies.
2020 was an incredibly unique and incredibly difficult year for small business owners. Did you begin your very own small business in the comforts of your craft room or beloved "she-sheds" and it has grown bigger than you thought possible? Are you looking into buying your very first insurance policy for your new small business in 2021? Now is the perfect time to start talking with us and getting started with that. Did you have to sell or close your business or part of your business at the beginning of the new year due to the impacts of 2020 and the pandemic? We are also here to help make that difficult process a little easier by helping you to change your insurance policies to reflect these changes!
Like we mentioned at the beginning of this blog, a new year can rush in all kinds of wonderful and exciting things. It also has its share of difficult and unexpected expenses. While we hope these situations never happen to our clients, we want to make sure you're ready for anything! Are you and your auto insurance policy prepared and ready for the instance a car hits you and the driver doesn't have insurance? Remember, most basic car insurance policies just offer coverage for when you hit someone, and not the other way around. What happens if you're the one hit by someone who has no coverage? While this might cost a little more in your monthly premium, it will save you more money and a headache in the long run. Sit down and review your policy for uninsured motorist coverage. This will help you recover from an accident with someone who is uninsured, and it will even protect you if you're a pedestrian and you're hit in a hit and run situation. While it's sad that you can't rely on everyone, make sure to rely on yourself this year. We can help keep you safe no matter what.
While life insurance and your life insurance beneficiaries might not be what you want to think about when starting a new year, it might be more important than you think. When you pass, whoever is listed as your beneficiary on your life insurance plan will receive your death benefit, no matter what your will states. Make sure your beneficiary and your other important paperwork match your intentions exactly as you want before the year gets away!
Are you taking full advantage of your insurance companies? Almost every insurance company has its own app that can help manage your information, policies, payments, benefits, and more with just a click of a button. Make sure you've downloaded them onto your smart devices and that you're making the most of your policies. Some of these apps even come with opportunities to track your driving records and your health and wellness to help you save money or get money back. Why wouldn't you want to take advantage of that in the new year?
A new year always means new goals and aspirations, many of which take money and savings to achieve. One of the best ways to save money with an insurance plan is to have umbrella coverage or to bundle your plans. Using an umbrella plan can offer you more protection with everything you need insurance for, it can save you money, and it can also help you manage and work with fewer insurance companies. Why work with multiple companies, have multiple bills to pay, and different companies to call or contact when you need help when you can pay, manage, and work with just one or two?
All professionals know the ins and outs of their industries, insurance is no different. Learning more about your policies, digging deeper into the insurance world, and truly understanding exactly what you and your family need in your unique and individualized coverage can be the best gift you've given yourself! Why not get a jump start on this new year and schedule a personal insurance review? These one on one meetings with us can help you tackle and check off all of your insurance to-do list items in one sitting. We might even be able to catch a few forgotten to-do list items, or help remind you of a few things you've forgotten to do or include in your current insurance plans and policies.
A new year means new paperwork and documents to keep in your car, your wallet, and organized at home. You also need to make sure you keep track of last year's insurance documents when it comes time to do your taxes. Your insurance company will also be sending you specific documents to help with your taxes, so it's a lot to keep track of! Make sure to put your new documents in their proper places when you receive them, don't wait and let them get lost in piles of mail. Put your health insurance cards in your wallet, your auto insurance information in your car, and your home insurance and other policy information in a safe and secure location in your home. Having copies and putting them in a portable and fire and waterproof box is also not a bad idea. This way in times of emergency, it can be taken with you, or if your home is subject to fire or other natural disasters, your important insurance documents will be safe.

These are just ten easy steps and ideas to put on your 2021 new year's checklist. They don't even include trips to the gym or cutting carbs! You can even schedule an appointment with us at Abri to make sure all of your insurance policies for your life here in Charleston, South Carolina are all in perfect order. All of us here at Abri want to make sure you have the healthiest and safest new year. So please take this checklist to heart, and please reach out to us right away if you need to change or update your policy in any way. It's better to be prepared now at the beginning of the year before anything happens over the next 12 months ahead of us. 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 Realities of Reaching Your Deductible

12/18/2020

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Coming to the end of the year means hurrying up and getting all of your health procedures done because you have or will be hitting your deductible. What does this really mean for you and your health?

Happy December, everyone! As we are quickly coming to the end of open enrollment and gearing up for a brand new year with a whole new deductible to meet, the rush to get in all of our doctor's appointments now and go through with all of those proceeds you've been waiting to get done is on before next year begins! However, this year might get in the way of that due to COVID restrictions and regulations, and the fact that this year has gone by so quickly. With so much going on in our insurance world, in your health journey, and with the holiday season being here, we wanted to dive a little more in-depth about hitting your deductible and what this can and cannot mean for your health and your bank account.

First and foremost, we do want to stress that your health is the most important thing in this equation. If you need healthcare or a medical procedure done, please get it done. Don't wait to meet your deductible to get the healthcare that you need. If it's something you need now to stay healthy, to improve your quality of life, and to help keep you safe, get it done now. While money can be daunting when it comes to going to the doctor, there are so many options out there for you. First, please speak with us here at Abri if your health insurance coverage isn't providing you with enough coverage. We will continue to help you find a plan that is affordable and will provide the coverage you need for your health care needs. If we can't apply this new plan right now, we will help you pick out the best plan possible for the new year and help you navigate your medical expenses now.

Next, speak with your doctors. Many doctors, offices, and hospitals do provide payment programs and options, they just don't advertise them. To find out about them, you have to ask about them. So please ask! Also, we understand why you might have chosen a plan that has a low monthly rate and a high deductible. You might not be able to afford a plan with a higher monthly premium, so you're okay with having a higher deductible. However, if you do choose this and choose to wait to reach that deductible to finally get the treatment you need, it could turn out to be much more expensive than just getting a higher monthly premium plan. What happens if you're sick and wait too long to get the care you need? You could cause serious damage to yourself that requires more treatment, medicine, and surgery to help keep you healthy and alive. These medical procedures and treatments can end up being way more expensive than if you had just gone to the doctor in the first place and more expensive than getting a higher monthly premium. So please think about that, and please put your health first.

However, if you are still going to wait to hit your deductible, there are a few things we wanted to share with you. Even if you don't hit your deductible, you should still get the most out of your insurance plan as you can before the year is up. You've waited long enough, you've paid for it all year, research what you can give back to yourself, and take advantage of it. Don't just plan for the end of the year, consider next year too and how these visits can help you now and in the months to come. Also, don't forget, if you have hit your deductible for 2020, your deductible will go back to zero once 2021 rolls around!

For those who have reached their deductibles or who are very close to reaching them, now is the time to think of the basic exams and procedures you need to get to promote your healthiest self. Think about the basics! Get your yearly physical, get your prescriptions refilled, get lab work done, a colonoscopy, a mammogram, and the yearly visits you need to promote your best health and life.
Once you've reached your deductible, this is also a great time to get those procedures many consider a waste or not important, remember they are still important to you. Visit like this can include trips to your dermatologist, a visit to your physical therapist, having a bone density test, covered reconstructive surgery, weight loss programs, and covered treatment, or attend a sleep study to finally control your snoring!
Remember that a ton of people are just like you. They have been waiting until the end of the year to finally get all the appointments they need. So, if you want to get them and take advantage of the fact that you've reached your deductible, plan and schedule them early! If you don't get the appointments you want at the end of the year, cancel them and get planning for next year. Let these and other appointments go towards next year's deductible.
Make sure to keep all of your receipts and records for all of these procedures and appointments for tax purposes and if your tax company fights you hitting your deductible or not. You will have the paperwork to prove that you did indeed.
If you have an HSA (health savings account) please make sure that you know if your plan is a use it or lose it situation, or if unused funds will roll over into the next year. If your HSA doesn't roll over, please make sure to utilize your funds now; get your prescriptions filled, get more contacts, get that pair of glasses you've been wanting, stock up on those kinds of things, and get seen for the appointments and procedures that you can before the end of the year!
The Los Angeles times makes a very good point when it comes to your calculations about reaching your deductible. Be very careful with your calculations and when picking the procedures that will help you reach your deductible. There can be a lag in getting all of your paperwork finished and claims received this time of year. This time constraint can cause a big financial headache between you and your insurance company, and another between you and your doctors office. Be prepared to deal with this, and this is another reason to hold onto all of your paperwork!

Lastly, we are here to help you find the best insurance plan for you. Has this open enrollment season made you realize how difficult it can be to find the plan you want? Were you unhappy with your insurance this year and didn't hit your deductible or get the care you need? We can help with that! As the year winds down, make sure you add contacting us to the top of your list to make 2021 a more stable year for you and your health insurance plan!

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Best Tips For a Pain-Free Open Enrollment

11/18/2020

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The dawning of November means the beginning of open enrollment. If you are new to the process or you're looking to make it a much easier process than you've experienced, that is what this blog is all about!

While the idea of turkey and stuffing is on the minds of most of our readers, November is an incredibly busy month for us and it has nothing to do with picking out what sides to match our turkey or the perfect pumpkin pie. While these are things we still make time for and hope you get a ton of enjoyment out of, November for all of us at Abri means one thing; Open Enrollment! While we want you to enjoy the most out of your Thanksgiving and the last bit of fall here in Summerville, if your insurance plan is expiring and you will be needing new health insurance coverage, we hope you make open enrollment one of your priorities over the next month. We are here to help you through every step of this process and want to make it an extremely pain-free experience. That is why we wanted to dedicate this blog to multiple ways on how you can make it a pain-free process and what some of the best ways to handle open enrollment are. Don't stress, you've got this!

Open enrollment for 2021 began on November 1st and it ends on December 15th. Every year you only have a little over a month to search for, research, and choose your next best healthcare plan. Just a tad overwhelming. For our readers new to the blog and the insurance world, you might be curious about what open enrollment actually is. According to the dictionary, open enrollment is "a period of time during which one may freely enroll in or change one's selection of health insurance plan or other benefit programs that is ordinarily subject to restrictions." The short version is that your health insurance plan is expiring and it's time to get a new one. Sounds relatively easy, right? Well, we are here to make it as simple and as easy for our clients as we possibly can. Sadly, this is not the case for everyone.

Enrollment is a short period that pushes people to pick their plans very rapidly and has also been created to limit adverse selection. What makes it hard, even when you know all year that you have a short period to buy your plan, getting information about what your options are and what's available to you can be difficult to find or very confusing. That's where we can come in. If you are looking for an independent plan on the marketplace and outside of what your employers may or may not be offering, we can search the whole market with you and your family's needs and best intentions in mind. This can help you save time, save stress, save money, and help guarantee that all of you and your family's needs will be taken care of.

While you begin your journey and begin the search for health insurance, we wanted to provide you with a list of tips and suggestions on what to be thinking about and what to avoid while you're searching in the market.

Don't be fooled, please be in the know. Many insurance plans can simply be rolled over into the upcoming year, but that's not always the case. Please don't just assume that this is how it will be for you. Pay close attention to your policy and know if you will need to be looking for a new plan or not. Also, pay attention and discuss with your policyholder that even if you're rolling your policy over, double-check if anything is changing in your policy before you blindly decide to roll over your plan for this upcoming year.
Be aware of what kind of needs you and your family require and know how much you can pay for any out of pocket expenses, and know what kind of deductible will be best for your family. When considering a new plan, please take note of what services and plans your family needs. Are all of you relatively healthy or do each of you need consistent doctor visits? Is there a type of coverage that you want outside of basic medical care in your plan? Is there a set of doctors that you love and they are inspiring you to remain in their network? All of these questions need to be answered with your family and will dictate what you need to purchase. Don't buy an incorrect plan just because it's a good deal. Also, beware of low monthly payments and high deductibles. You might find a plan that has a low monthly rate, but that will more than likely be linked to an impossibly high deductible. This might be a great month to month expense for you, but you might end up spending more than you needed to reach your coverage or get the plan you needed, but instead, you're paying a ton out of pocket and never reaching your deductible.
While it is hard to find the best doctor for you and your family, it might be more expensive to stay with a previous doctor especially when you're not even visiting them that often. Sometimes choosing to stick with a certain set of doctors means choosing an expensive plan that you don't even really need to have. Sometimes it is worth switching plans and doctors to save you and your family some serious money!
Think about big changes that could be heading towards you and your family when choosing your next plan. Are you planning on having a baby in the upcoming year or possibly leaving or starting a new job? Is a child going off to college or are you and your spouse about to retire? No matter what big changes are heading your way, make sure you are aware of how each of these changes will affect your life and make sure your new potential plan reflects the support and care that you need to for these new chapters in your life

Now that you've read through this blog, are you feeling better about open enrollment? Regardless if you are or not, please remember that we are here to help. We know that you have many difficult questions to ask yourself to make sure you and your family are covered and cared for. We are here to do the rest of the heavy lifting once those decisions are made. If you have any questions or comments, please reach out to us now before open enrollment closes! We are excited to work with you and love being a part of the Summerville community!

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Abri News &
Insurance Education

The Truth Behind Boat Insurance!

Abri's Insurance Checklist for 2021!

The Realities of Reaching Your Deductible

Best Tips For a Pain-Free Open Enrollment

We are Abri

Archives

Categories

Abri News &Insurance Education

The Truth Behind Boat Insurance!

Abri's Insurance Checklist for 2021!

The Realities of Reaching Your Deductible

Best Tips For a Pain-Free Open Enrollment

We are Abri

Archives

Categories

Abri News &
Insurance Education