Other important personal insurance coverages
Personal umbrella
A personal umbrella liability policy provides an extension of liability protection over and above your personal liability policies (i.e. home, auto, boat, etc.)
Purchased in amounts of $1,000,000, this coverage should be a part of almost everyone’s insurance portfolio and is recommended by most attorneys and financial planners. Clients with significant assets to protect should consider carrying higher umbrella coverage limits.
The annual premium for a personal umbrella policy runs in the $160 - $200 range per $1,000,000 in coverage. The actual premium depends on the number of “exposures” (i.e. homes, cars, boats, etc.) protected under the policy and can differ from company to company. Umbrella liability policies are generally placed with a family’s home insurance company.
Boat Insurance
Boat insurance is written to cover the hull, motor, and some personal effects. It also provides liability protection should someone be injured while riding in your boat or if you should strike a person or another boat in the water.
Following are some important items to understand about boat insurance:
Even though your policy shows a set value for hull and motor, claims for damage to your hull or motor are settled on an actual cash value (ACV) or depreciated basis, just as an auto insurance policy provides settlement on your damaged vehicle.
It is important to have knowledge of your policy’s navigation limits. Coverage could be impaired should your claim arise from an accident outside of these limits.
Likewise, it is also important to understand the “lay up” period on your policy. Boat insurers understand that most New Englanders do not navigate their boat in the winter months. Therefore, most policies in our area restrict coverage to certain boating months.
Looking for a boat quote? Download our boat insurance application.
