Insurance coverage

comsnark said:
Curious: Why would you not do it under your homeowners policy?
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First I am assuming company has same rating, same coverages (doubt it but maybe), same premium, so we can take that argument out of there. Also I am not saying I would not do it with the same company that insures my homeowners policy, I am just sayin I would not add it to my homeowners policy.

The one good arguement that I can think of for having them together would be to have the umbrella go over top of the boat rider, however most umbrella policies will allow you to schedule other policies as long as you provide a copy of the dec with premiums listed as umbrella policies are usually a % of the premium paid for the liability portion. Or if you had a seperate boat policy with the same company your umbrella would still go over that.

The second is that you have them together with the same company again can't argue with that logic I just think it should be on a seperate policy from a ho policy.

My logic is personal lines underwriters are usually a different bunch. You use models to tell you if you should write something and how much to charge and underwriters do not get a lot of say. If you have a HO claim there is a good chance when your policy comes up for renewal you will be non-renewed. When you go to get another policy one of the questions on the application is have you ever had any ho claims, if so guess what company A will not write you. My logic is if I am trailering my boat down the road and I cause an accident which damages my boat, or I have a liability claim while on the water I would prefer to have that on a seperate policy especially if I am paying the same premium that I would pay to begin with (not sure if that is the case but it sounds about right) instead of that being a ho claim. If I have a boat or yacht policy claim and the company decides to drop me I can go find someone who specializes in boat policies and get it, probably talk the company into allowing me to add that policy to my umbrella (since there is a buffer) and still keep my auto, ho and umbrella with the same company.

Also you are sharing limits with your ho policy not that big of a deal since you have an umbrella but if you had a seperate policy you would have a whole nother stack of limits prior to it touching your umbrella.

That is where I was coming from when I made that statement, that said I know nothing about insurance and you should consult with your agent to make sure you have adequate coverage.
 
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after reading this i need to shop around again, i was just quoted 1700 a year for the 270.
 
ehaze said:
after reading this i need to shop around again, i was just quoted 1700 a year for the 270.
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You ABSOLUTELY need to shop that quote. I am paying a little over half that for a 2003 270SD (it also covers my trailer!) with agreed value/replacement coverage from a Chubb affilate.

I am not sure that Chubb writes the coverage if you dont have other insurance with them, but its worth checking out. I am not an insurance broker and have no affiliation with Chubb.

Good luck!
 
ehaze said:
after reading this i need to shop around again, i was just quoted 1700 a year for the 270.
Click to expand...

First Born said:
First I am assuming company has same rating, same coverages (doubt it but maybe), same premium, so we can take that argument out of there. Also I am not saying I would not do it with the same company that insures my homeowners policy, I am just sayin I would not add it to my homeowners policy.

The one good arguement that I can think of for having them together would be to have the umbrella go over top of the boat rider, however most umbrella policies will allow you to schedule other policies as long as you provide a copy of the dec with premiums listed as umbrella policies are usually a % of the premium paid for the liability portion. Or if you had a seperate boat policy with the same company your umbrella would still go over that.

The second is that you have them together with the same company again can't argue with that logic I just think it should be on a seperate policy from a ho policy.

My logic is personal lines underwriters are usually a different bunch. You use models to tell you if you should write something and how much to charge and underwriters do not get a lot of say. If you have a HO claim there is a good chance when your policy comes up for renewal you will be non-renewed. When you go to get another policy one of the questions on the application is have you ever had any ho claims, if so guess what company A will not write you. My logic is if I am trailering my boat down the road and I cause an accident which damages my boat, or I have a liability claim while on the water I would prefer to have that on a seperate policy especially if I am paying the same premium that I would pay to begin with (not sure if that is the case but it sounds about right) instead of that being a ho claim. If I have a boat or yacht policy claim and the company decides to drop me I can go find someone who specializes in boat policies and get it, probably talk the company into allowing me to add that policy to my umbrella (since there is a buffer) and still keep my auto, ho and umbrella with the same company.

Also you are sharing limits with your ho policy not that big of a deal since you have an umbrella but if you had a seperate policy you would have a whole nother stack of limits prior to it touching your umbrella.

That is where I was coming from when I made that statement, that said I know nothing about insurance and you should consult with your agent to make sure you have adequate coverage.
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Wes,
The company I am with, State Auto, considers them seperately. Seperate limits, liabilty etc. Your concern about non-renewal is certainly a valid reason for not including your boat on your HO policy. Interestingly, when they quoted me a stand alone policy the premium was almost $2,000 but as a rider on my HO policy, it was $700. Also, they would not extend my umbrella to the boat unless they had the boat insurance. They obviously don't want to be in the boat insurance business.

On a seperate note, I would use a broker rather than an agent. I know the laws vary by state, but in general the broker's fiduciary responsibility is to their client. Whereas the agent's fiduciary resoponsibility is to the insurance company they represent. My .02.
 
ehaze said:
after reading this i need to shop around again, i was just quoted 1700 a year for the 270.
Click to expand...

I don't know where your boat is, but that seems really high if you're not subject to getting frequently hit with hurricanes. I have the same boat and am paying $1,000 less.
 
2400/ Year with Progressive in Panama City on Agreed Value, good coverage, LOW deductible...
 
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