When purchasing insurance for ourselves, we know the importance of having home, auto, and life insurance to cover the unexpected. But did you know those benefits may not protect your valuables or customized home? Or that you need additional insurance for your recreational toys like RVs and boats? How about liability insurance for anything that happens at your house? At Hilb Group, we have the expertise to identify gaps in coverage and help you buy insurance to meet your needs. Below are five types of insurance you may not have considered, but should.
Valuables & Collections
Do you have high-value items in your home – a coin collection passed from generation to generation, art celebrating a milestone, jewelry marking an anniversary? While you might have a standard homeowner’s policy, there is limited coverage for these essential items. Instead, purchase “valuable and collection” insurance that provides you with higher limits against more causes of loss and can assist with any expensive repairs.
Recreational
Recreational vehicle and motorcycle insurance protect a significant investment – your vehicle and liabilities arising from their use, as an auto policy won’t cover their unique needs. Your coverage must go beyond damage to the car or property, theft, vandalism, and injury to yourself or others. It should protect you against personal liability and accidents with uninsured or underinsured drivers. For an RV, you can even cover the property inside or have extensions to cover personal items such as outdoor equipment, cooking facilities, refrigeration, and bathrooms. If you own a motorcycle, it may be a good idea to purchase custom parts and equipment coverage for your pride and joy.
Yacht & Watercraft
Boats hold a special place in people’s hearts who enjoy being on the water, which is why a watercraft insurance policy is so important. It will provide liability and property damage coverage (or “hull coverage”) on pleasure boats such as yachts, cabin cruisers, and sailing vessels in an accident, theft, or natural disaster. Some policies can also offer additional benefits, such as coverage for towing or emergency assistance, personal belongings on board, and fishing equipment.
Umbrella
Personal umbrella insurance is an additional layer of protection that can provide peace of mind in unexpected situations. This liability insurance goes above and beyond your coverage on your primary insurance policies, such as your homeowners, auto, or boat insurance protecting your assets and financial future.
This type of insurance isn’t just for the wealthy or those with high-risk lifestyles; this coverage can bridge the gap for damages exceeding your primary insurance policy limits while protecting your assets.
Private Client
Private client insurance offers tailor-made policies customized to meet each client’s specific needs. Designed specifically for high-net-worth individuals or families, it provides comprehensive protection for their unique assets, such as high-value homes, luxury cars, priceless art collections, jewelry, and other valuable possessions.
For example, a standard homeowner’s policy will replace a one-of-a-kind stone fireplace with materials from a home improvement store, while a custom policy will recreate the original. In addition, some policies may include luxury travel, kidnapping, and ransom insurance.
When considering any of these or other personal lines of insurance, working with a trusted insurance agent who can help you understand your options and determine the right coverage is critical. Contact us to learn more about our products and services.
