Get a Quote

Why Boat Insurance

Even though you probably won’t use your boat for the entire year, it is a good idea to keep it insured year-round. While it is in storage, it will be protected against theft, hail damage, or any other covered hazard. When you are ready to get back on the water, you will not need to reactivate your policy.

There are two basic types of boat insurance coverage – actual cash value and agreed value. How the depreciation is handled determines which type of policy is written.

An agreed value policy will cover the boat based on its value when the policy is written.

An actual cash value policy costs less initially, but factors in depreciation. The policy will reimburse up to the actual cash value of the boat at the time it is declared a partial or total loss.

Your homeowner’s insurance policy will cover your watercraft, but only on a very limited basis, with lower limits and many liability restrictions. In order to adequately protect your boat, a separate insurance policy is recommended.

There are some things that a boat insurance policy will not cover, such as wear and tear or corrosion, damage caused by mold or animals, such as birds, insects, and rodents, mechanical breakdown, and lack of maintenance.

Give Us A Call

If you are a boat owner and live in Kansas City, MO, make sure your boat or watercraft is properly insured. Rich Insurance Agency LLC can provide a quote or answer any questions you may have. Contact us today. You will be glad you did.

Are you a homeowner in the Kansas City, MO area? If so, make sure your most important asset is well protected with homeowners’ insurance. Our team of insurance experts at the Rich Insurance Agency LLC serves the people of Missouri by providing insurance protection for all their needs.

Why Home Insurance?

The level of coverage is one of the most important parts of this coverage. The most common level of coverage is HO-2, which is a broad policy that offers protection against 16 perils listed in the policy. An experienced insurance professional will make sure you are not paying for more coverage than you need.

Here are some things you need to know and understand about homeowners insurance coverage.

Know about any exclusions to the coverage. Most insurance policies do not cover earthquake or flood damage, for example.
Know the dollar limitations on claims
Know the replacement cost of your home
Know the actual cash value of your home
Know the amount of liability coverage

Homeowners insurance protection is necessary because it protects the home and personal property of the homeowner. Insurance becomes the primary source of rebuilding funds in the event of a total loss. It will also provide the liability coverage necessary in the event of any legal action resulting from injuries or damage from someone else on their property.

If you wonder how much homeowners insurance you need, it has to be enough to cover the cost of rebuilding your home if it is destroyed. For your personal property, make sure you have coverage limits that are at least 50% of the dwelling coverage amount. Your liability limits should be high enough to cover all your assets.