How can specialty insurance help you?
Updated: Aug 1, 2020
You might have heard the term before—"specialty insurance"—and thought it wasn't for someone like you. (AKA, Not a millionaire with a giant house and 20 cars)
But in reality specialty insurance is there to protect your labors and passions such as motorcycles, boats, classic cars, or RV's. In all of those instances, you need the additional protection of specialty insurance. Why do I need it? Unique situations and specialized items, such as motorcycles and boats, need specialized protec
tion that go beyond what standard auto and homeowners policies can provide. For example, if you are a landlord and you decide to evict your renters, you could be sued. A homeowners policy doesn't cover that—but a landlord policy does as long as it has personal injury coverage. If you have a boat, your state might not require you to have insurance for it. But homeowners policies often only provide limited coverage (if any), and they usually don't cover injuries or accidents that happen on the water. Watercraft coverage protects you against theft, liability and more. Watercraft coverage through a homeowners policy is really more for little, tiny boats. Perhaps the most common specialty coverage is umbrella, which provides an extra layer of liability protection beyond your home and auto policies. Say you're responsible for a crash with multiple injuries. Your auto liability limits likely aren't enough to cover all of those medical expenses, which means you could be responsible for the additional costs. An umbrella policy is designed to kick in at that point, paying the amount above your other policy's limits.
AZ Insurance Team 480-535-5709 https://www.azinsuranceteam.com
*All policies are a little different and this may not be applicable to your insurance policy, talk to your agent to see what your policy covers.*