Insurance and Trust |Boat Insurance | Jennifer Versaggi

Insurance and Trust |Boat Insurance | Jennifer Versaggi

auto, life insurance

Living in Florida, there is nothing more fun or exciting as boating in the summer. It is no wonder that 75 million people participate in recreational boating in the United States according to the 2012 data from the National Marine Manufactures Association. However, many people are confused and not sure as to what boat insurance is and why they need it. Below are just a few basics to get you started.

If you are new to boating, you may think that your homeowner’s insurance policy will magically stretch to cover your boat. Sadly, this is not the case. Your boat has absolutely nothing to do with your home’s policy, just like your car can’t be covered under your homeowner’s policy. Boats are unique and require a separate policy. However, depending on the carrier, you might be able to bundle your boat policy with an auto or homeowner’s to receive a premium discount.

In some ways, your boat policy is a combination of a homeowner’s and auto policy. Like home insurance, a boat policy covers you for liability if someone is injured on your watercraft and gives you the choice between replacement cost or actual cash value in a total loss. Like auto insurance, boat coverage typically includes coverage for bodily injury that your boat inflicts on others, and property damage your boat inflicts in a collision with a dock or another boat. You can also purchase comprehensive coverage against theft, vandalism, fire and flood, personal property coverage for your fishing gear, uninsured boater insurance, and even roadside assistance in the event you need a tow.

Now you know some of the basics of boat insurance. If you have further questions about boat insurance and what is covered or not, please call our agency and one of our representatives can you help you. .

Insurance and Trust | Why Do I need flood Insurance | Jennifer Versaggi |

Insurance and Trust | Why Do I need flood Insurance | Jennifer Versaggi |


Why Do I need flood Insurance?

In the past 5 years all 50 states have experienced floods, or flash flood. Florida, in 2014 accounted for over 2655 flood claims with over $117,861,100 in money paid to policyholders. This in a year where there were no major storms had a direct hit on the state. Individuals have no idea that Flood is not included in there homeowners insurance, and are shocked when they need to make a claim. Below are some interesting facts about flood insurance and why this is an important coverage to buy, even when you don’t live in a flood zone.

• According to the National Flood Insurance Program (NFIP) 20% of all flood insurance claims occur occur in preferred flood zones, and receive 1/3 of Federal Disaster Assistance
• A car can easily be carried away by just two feet of rushing water
• Just a few inches of water from a flood can cause tens of thousands of dollars in damage
• In high risk area, your home is more likely to be damaged by flood instead of fire
• If you do not have flood insurance, and require Federal Disaster Assistance it is usually a loan that MUST be paid back with interest. For a $50,000 loan at 4% interest, your monthly payment would be around $240 a month ($2880 a year) for 30 years. Compare that to a $100,000 flood insurance premium which is about $400 a year
• In 2010 to 2014 the average flood insurance claim amounted to nearly $42,000

As you can see, flood insurance is an important coverage and should be something everyone should consider. No matter where you live.