summer toys: Insuring your pool, trampoline, or boat

Winters are long and cold where I live in the St. Charles, MO. When summer finally arrives, all you want to do is take advantage of the warmer weather-whether it's riding a jet ski at the lake or taking a dip in the pool at home.

These "toys" are what summer's all about, but there's always that chance of someone getting hurt using them-which puts a real damper on the fun. Because of that risk, it's smart to have insurance coverage to protect you.

If your summertime fun involves a recreational vehicle (RV), an all-terrain vehicle (ATV), a personal watercraft (PWC) like a jet ski or a wave runner, a boat, a golf cart, a motorcycle, a bicycle, a trampoline, a pool, or even a swing set, you should consider the possibility of an accident and how to protect yourself before it happens.

What Kind of Insurance Coverage Do You Need for Your Summer Toys?

Review the types of insurance available to you for your particular toy. You will need to consider physical damage coverage for your property as well as liability insurance. Most insurance policies also include coverage for property damage to others and coverage that will reimburse you or a guest for hospital or doctor bills.

Property Damage: If you're thinking about getting property damage coverage, estimate the value of your property and how much you would lose. If you have an RV or a boat, you're probably looking at a pretty sizable loss without insurance. We usually recommend choosing the highest liability limit the underlying policy has to offer and then adding an umbrella policy to your portfolio.

Liability Insurance: If you or a guest is injured while using one of your summer toys, medical bills can add up quickly. A guest could even sue you if he or she is injured on your property. If you're worried about legal action or high medical bills not covered by your homeowner's policy, you should talk to your insurance provider about adding extra liability coverage to your homeowner's insurance plan, or take a look at an umbrella policy.

Umbrella Coverage: If you have an umbrella liability policy, don't forget to include your summer toys on this extended liability coverage. Confirm that your umbrella carrier will allow any of these toys to be included. Some carriers may not allow personal watercraft to be included.

Trampolines
Kids love trampolines, but they carry significant risks. Check with your carrier to make sure your homeowner's insurance policy covers a trampoline. Some carriers prefer not to absorb that exposure, and some may cancel or decline to renew your policy if they find out you have one on your property.

Pools
Physical damage to an underground pool is probably not covered on your homeowner's policy if "earth movement" is specifically excluded. An aboveground pool may be protected by "other structures" coverage in the policy. Medical expenses and liability coverage on the homeowner's policy will provide some coverage if a guest is injured.

Boats
Your homeowner's policy can include a boat up to a certain length. Check with your carrier on its size limitation. However, I usually recommend insuring your boat on a separate policy altogether. That way, if there's a claim, it doesn't count against your homeowner's policy.

Just like sunscreen protects your skin from sunburn, insurance will help protect your finances in the event of a lawsuit. Claims are considered a blemish on your record. The more claims you have, the higher a risk you are considered to be. You'll have to pay higher premiums, and you may even have trouble getting coverage.

And just as important as being properly insured is exercising all safety precautions when operating your summer toys, to keep them fun and safe.

Discuss with your agent what kind of summer toys you have and how you will be using them to determine how much insurance you need to protect your assets, your lifestyle, your health, and your well-being.

Steve Ludwig is a licensed insurance agent at Select Insurance Group with a broad spectrum of expertise in accident, health, property and casualty insurance as well as specializing in working with the individual.
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Important facts to know about vacant homes

Did you know that your Homeowners Insurance policy will severely restrict your coverage if your home is left vacant or unoccupied for more than 30 days, and in most cases will exclude all coverage if the home is vacant for more than 60 days?

In today’s real estate market, more and more investors are faced with owning vacant or unoccupied homes. It is more important than ever that you make sure that your investments are properly covered from further downside risk. Whether your home is on the market, between tenants, or undergoing a renovation, regular insurers do not like vacant properties...but we know and understand the unique needs of investors who require insurance on their vacant dwellings.

Unfortunately, vacant homes are at much greater risk of vandalism, fire, and water damage losses. For this reason, owners are faced with a double whammy…reduction in coverage, and higher premiums related to Vacant Dwelling insurance.

Select Insurance Group is a nationally licensed specialty insurance agency providing vacant home insurance coverage through more than 30 insurance providers for the unique needs of real estate investors, whether your home is currently rented or vacant.

We will insure your home, whether it is a single family residence, duplex, or under renovation. But we will only insure vacant dwellings, rental dwellings, and second/seasonal homes…that is why we are the experts and can always obtain the best coverage and rates to suit your particular needs.

Not sure which policy is right for you? Click here to shop insurance options available to you or call 1-855-GET-SELECT (438-7353) today.

Common Business Insurance Mistakes

Do not make this common mistake with business insurance:

Business owners are busy people. If their business is growing, it seems like there are never enough hours in day. One common mistake business owners tend to make is forgetting to have their insurance coverage grow with the rest of their business.

Often, a new business start up may opt for a B.O.P (Business Owners Policy) which easily protects against the risk exposure of an initial start up company. It may be that you even raised coverage a bit as things went along. As you probably know, a BOP usually covers liability and property and may have other coverage added on to it. For most start ups and small business, it’s a great way to get coverage value from a lower premium than separate policies.

However, as your business grows, it is possible to outgrow the original coverage you put into place.

For example, are your general liability limits keeping place with your growth in revenue and business assets. How about your property limits? One area that is often missed is the technology growth and expenditures that can easily be missed or under insured. Suppose your business started with you a phone and a computer. Now, you have 2 offices, two phone systems, and a number of computers, faxes, office furnishings and much more. Have you checked to make sure your limits will meet the requirements should you need to replace some or all of this? Has your income grown as a result? Is the liability coverage enough?

Working together with your licensed insurance professional to insure you are protected as you grow your business is important. Make your insurance professional an advisor and keep them appraised. Even if you occasionally call in and talk to a support person, it is your licensed professional who best can advise you on your commercial insurance needs.

contact me at 1-855-GET-SELECT (438-7353) for advise on your Commercial Business

Steve Ludwig
President/CEO
Select Insurance Group
st. Peters, mo

Part Time Business Insurance

Does my part time business need insurance?

A recent survey showed that up to one in ten households operate some type of home based business from their home. Many of these same small, part time business owners have not put some sort of part time business insurance in place. In fact, many of these part time business owners mistakenly think their personal insurance will protect them.

Home based business owners are at risk for serious financial losses in the event of theft, accident, damage or perceived damage to a client, natural disaster, vehicle accident or other types of loss or damage. Most homeowners policies won’t cover business related losses. If you‚ are operating from home, not only can you be risking business property, but personal property which won’t be covered with a business incident.

One possibility is a business rider added to your homeowners policy. If you are writing or just using a phone and computer for your part time business a rider may be all that is needed. However, if you are manufacturing or perhaps doing some type of repair work for a client in your basement, garage or even den, there is a good chance you need more commercial insurance coverage. If you hire an employee, you must have workers compensation insurance.

The risk of not having appropriate coverage is formidable. If you have started a small, part time business, contact a licensed commercial insurance professional. Work with them to determine what insurance is needed. Typically, you need some type of general liability insurance coverage, business property insurance, and if you have employees, workers compensation.

Don’t risk all you have worked for up until now by avoiding or neglecting this important component of being a business owner. As an experienced, licensed insurance professional, I will guide you to what coverage is needed today, and more important, how to protect the future as you grow your business.

Steve Ludwig
President/CEO
Select Insurance Group
Saint Peters, Missouri

Quote, Select, and Save by calling 1-855-GET-SELECT (438-7353)

Select Insurance Group™ is a Missouri domiciled Insurance Brokerage agency based out of St. Louis, MO. We handle a full line of insurance products Including Auto Insurance, Homeowners Insurance, Health Insurance, General Liability Insurance, Workers Compensation Insurance, Medical Malpractice, Special Risk Insurance, and More! At Select Insurance Group ™ you have a wide variety of coverages and top-rated companies to choose from, ensuring you are receiving the best policy for your insurance Dollar. SHOP, SELECT, AND SAVE! Call us toll-free at:1-855-GET-SELECT (438-7353)or visit www.selectinsuranceteam.com to start saving today!