Property Insurance in South Carolina

Property insurance companies across the country offer coverage for more than just traditional house structures. With the types of residences growing and ever changing, it’s important for insurance carriers to offer coverage for structures and dwellings not typically used as homes. Today, yacht and boat owners can buy insurance for their unconventional dwelling from many property insurance providers. There are a few things you need to know when shopping at for property insurance in South Carolina however, and these pointers should help you understand the specifics better.

What You Need to Know about Boat Insurance

  1. You Need Boat Insurance – Many people who have boats or yachts believe that their homeowners insurance will extend to cover their extra water dwelling property, but in many instances, this is not the case. if you own a small sailboat with a small engine or no engine, your home insurance might be able to add supplemental coverage to protect your extra property. But if you have an expensive and powerful $50,000 USD boat or yacht, your homeowners insurance from here will most likely not cover it. This is why you need to purchase separate insurance for your boat in order to protect it from the perils that exist out on the open sea.
  2. Boat Insurance is Like Home Insurance Plus Auto Insurance – The feature that makes boat insurance similar to home insurance is that it can cover for expenses associated with injuries incurred by other individuals while on your boat. It’s like auto insurance in that it can cover expenses for bodily injury and harm that your boat causes to others during operation such as in the incident of a collision. Unlike home or auto insurance however, there can be times that you will be allowed to suspend your insurance – that is, you will not make premium payments and you will not be able to avail of the benefits of your coverage. The reason why people choose to suspend their boat property insurance in South Carolina is when the boat is not in use. This can be a gamble however as natural events and accidents might still occur around the property.
  3. Your Boat Might Still Be Insured When It’s Out of the Water – If you’re boat is out of the water and attached to your car, it will be covered by your auto insurance. So if in case you are involved in a collision while your boat and car are attached, your auto insurance will cover the expenses. The problem here is that the financial assistance you will get might not be enough to answer for all of the expenses as there could be a limit on the coverage your auto insurance will provide for attachments and extras like a boat.