If you’ve just purchased home or auto insurance, you may think that you have comprehensive coverage for your unusual vehicles or high-value home. In reality, you’ll need something called specialty insurance to protect those assets. What is specialty insurance, exactly? Specialty insurance is specifically designed to protect assets that are not particularly common and therefore not covered under other insurance policies.
Examples Of Specialty Insurance Policies
If you own one of the following items, you may want to consider purchasing an additional specialty insurance policy to cover any accidents, theft, or damage.
ATV Insurance
Not everyone has an ATV, making this type of vehicle a prime candidate for specialty insurance. Like auto insurance, ATV insurance will help pay for damages and injury to you or another person as a result of your handling of the vehicle, in addition to coverage if the ATV is stolen. ATV prices can run into the thousands of dollars, depending on the model and features selected, so specialty insurance can help you protect your investment and get you back off the road sooner than if you had to pay out-of-pocket.
Flood Insurance
Contrary to what many homeowners believe, damage caused by floods is not covered by their existing homeowners insurance policy. Instead, they’ll have to purchase separate specialty insurance to protect their home or car. Flood insurance is offered in two types of policies: one that covers your building property up to $250,000, and one that covers your personal property — including furniture, your car, and other possessions — up to $100,000. Most homeowners do not have to buy either of these policies unless they’re in a high-risk area, where ownership of a home may necessitate it; however, it is a smart investment to make in the case that flooding ever occurs.
Motorcycle Insurance
Motorcycle insurance, like ATV insurance, is separate from traditional car insurance. It will reimburse you for expenses related to accidents, injuries, and lawsuits and can also help you replace your motorcycle if it is damaged or stolen. Motorcyclists involved in an accident with a driver who has inadequate or no insurance will also receive financial support through their own insurance policy, which can save them a significant amount of money in an already stressful situation.
Boat Insurance
Boats may feel like carefree ways to get around, but they typically require owners to maintain insurance policies. Boat insurance covers loss or damage of a variety of watercraft, including most motorboats (fishing boats, etc.) and pontoon boats, paddle boats, leisure crafts, and yachts. It does not typically cover canoes, kayaks, and other small or personal watercraft. Boat insurance covers collisions, property and bodily damage, and theft. Additional coverage can be purchased for medical payments, fishing equipment, and oil spills, among other options.
RV Insurance
RV insurance covers you from excessive financial loss in the event of an RV accident, including property and bodily damage to you or other motorists. As with motorcycle and ATV insurance, RV insurance is a separate policy from car insurance. Additional coverage options can include campsite and vacation coverage and full-timer coverage if you plan to live in your RV as your full-time residence for a period of time. Without this type of insurance, you can be faced with extensive financial burdens to repair or replace your RV while traveling.
High Value Home or Renters Insurance
High value home insurance is one of the most comprehensive types of insurance available and is tailored to provide coverage for homes with special design elements and other features, homes that were designed by an architect or decorated by an interior designer, or homes that have historical significance. The same is true for high-value apartments or condos being rented. This type of insurance can also cover high-value art, rugs, jewelry, and other special items, like antiques, that are stored inside the house. High value home insurance can be beneficial even for homes that are modest but older, so speak with an insurance agent to determine whether your home is eligible.
Choosing A Specialty Insurance Broker
Speak with the insurance agents at John M. Glover for more information about specialty insurance or to purchase your own policy. The brokerage’s experienced agents can help you choose the best policy for your needs and create a comprehensive package of customized insurance policies for your needs. John M. Glover prioritizes personalized customer service, taking the time to understand each customer’s unique needs, as well as assisting them in making claims and getting information about their coverage before and after purchasing policies. In addition to specialty insurance, the brokerage can assist customers in obtaining auto, home, and renters insurance, among other traditional insurance options, acting as a one stop shop for your insurance needs.