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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 Truth Behind RV Insurance

10/28/2020

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No matter if you're enjoying the safer side of vacationing in 2020 or living out your dreams of traveling in your golden years, your beloved RV needs the best insurance possible to keep you and your travel dreams safe.

2020 might not have been the year for vacations, but there have still been some ways to (safely) get out of the house with any real dangers or worries. One of the best ways to travel now is by RV! Thankfully with so many places to drive to in the United States, we have been able to travel and see some of our favorite and new favorite places from the comfort of our own mini living rooms. While some people only use their RVs for vacation purposes and others live in them full time, these vehicles, no matter their size, still need insurance. Do you have the proper coverage or do you have questions about what this coverage can give you? This is what we are going to be discussing in our blog today! 

First of all, you might want to know what RV insurance is. It is the agreement you've made with your insurance provider to pay an agreed-upon monthly amount to provide coverage and protection for your RV if damage or harm comes to you, your vehicle, or others. This insurance covers a wide range of vehicles from camper vans to converted buses to your travel campers and motor homes.

Like any other standard insurance that you can buy, you can pick and choose from a variety of coverage plans depending on the size and type of your RV, what you use it for, and more. There are two basic types of RV insurance, one is if you use your RV for recreational use, and the other is when you use your RV as your permanent residence. RV insurance will cover Class A, B, and C vehicles. While this is a plan that you and your insurance agent will pick together, the more you add to your plan to cover your RV, the more expensive it will become. If you have any questions about your RV or your current coverage, please don't hesitate to reach out and talk with us! 

As we mentioned above, there are two different types of insurance based on how you use your RV. The first type, Recreational Insurance, is just for those who use their RV for vacation. Full-timers insurance is dedicated to those who live in their RV full time and consider it their permanent residence. Coverage for full-timers is closer to homeowner's insurance if you choose. You can add additional coverage for personal liability and loss assessment. Here are a few things to know about what to expect in your coverage:
  • You will need to buy motor home insurance. Since this is a vehicle you will be driving on the road, it needs to be insured for at least the minim liability for your state. If you don't have insurance and you're caught, you could lose your license, receive some heavy fines, or even face jail time according to Progressive Insurance. 
  • If you are towing something on your motor home, like a travel trailer, you don't need insurance for that since you aren't actually driving it. However, you should consider getting coverage for it as it is an important asset to your travels and enjoying your RV. The car you might be pulling on this trailer will still need insurance though, as will a boat. 
  • RV Insurance is very important because it is protecting the large investment you've made. Also, just like any vehicle, it can be involved in very serious accidents, In the case of an emergency, you will be grateful that you have insurance compared to the alternative. 

What does RV insurance cover? This is a very important question to ask your insurance company when you're in the market. You will be looking at a plan that does multiple things for you! 
  • Your injuries will be covered. Regardless if you caused the accident or not that resulted in your injuries, all of your medical bills will be covered up to the limits you have chosen. 
  • Your plan will cover damage done to your RV from uninsured drivers or drivers whose coverage can't cover your damages or injuries. 
  • Your plan will also cover damages and injury done by you and your motor home or RV. According to progressive, this is the only required coverage you need in most states, but we urge you to add more to your plan for the protection of you and your belongings. 
  • Your plan will also cover damages to your RV. Most plans will offer you collision and comprehensive coverage which will help in protecting your RV from acts of nature, theft, windshield damage, vandalism, accidents, and more. The collision part of your plan will help in cases of an accident with an object or vehicle, regardless of whose fault it is. With most plans for your RV, you have to have both collision and comprehensive coverage, you can't have one without the other! 

We mentioned previously that there is an opportunity to add more options and coverage to your RV. We do suggest that when building your plan that you include all the coverage we have listed above. However, when it comes to this next list, it all depends on you, your personal needs, and your insurance agent. Again, please don't hesitate to reach out to us if you'd like to discuss your options or begin creating the perfect plan for your needs. 
  • One possible add on is total loss replacement of your RV. If it is totaled, your insurance company could pay for a brand new one, minus the price of our deductible. 
  • Another add on is roadside assistance. Not every company provides this, but it can be an option. This can help you get towed when you need, help with a flat tire, help if you're stuck in the mud or snow, and much more! 
  • If you happen to get into an accident and you can't stay in your RV after the accident occurs and you are 50 miles or more away from home, some companies offer an add on for transportation, lodging, and more. 
  • We know that some of you love to travel with your pets or they live with you in your motorhome. Some companies have add on options for pet coverage if they are hurt in an accident involving the RV or motorhome. 
  • An additional and important potential add on that some companies offer is something called vacation liability. This will cover you if or yours staying in the RV are hurt while on vacation. It can also cover property damage. 

How is your current RV insurance looking now that you've read this blog? Are you feeling confident about your next trip or are you feeling even more nervous from when you started your research? Don't panic! Now that you know this information, you know what to think about and talk about when you give us a call. We are here for you and your RV, so gas it on up and give us a visit! 

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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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