Insurance Frequently Asked Questions

Similar to how car insurance works, if you get in an accident or incur a loss, you would file a claim with the insurance company. Often, you’ll have to cover the deductible then the insurer will pay for the losses and/or injury up to the limit if the incident is covered.

Boat insurance may cover physical damage to the boat and trailer. This would include the hull, motor, safety equipment, etc. Liability coverage may help pay for expenses if you cause an accident that damages someone else’s property.

Most states in the U.S. do not require boat insurance but your lender may. Or, if you’re mooring your boat at a marina, they may require insurance. Even if you’re not required to buy insurance, you might consider coverage to limit your risk. Like other types of insurance, boat insurance comes in a few varieties: collision, uninsured motorist, and liability.

If you’re thinking about buying identity theft protection, consider a few key things first. These services are really more for monitoring current accounts and addressing the theft if it happens to you. And much of the monitoring you can do yourself, given you dedicate the time and energy. Sometimes people are motivated to buy coverage when they feel they are at higher risk of becoming a victim. No matter what you decide, it makes sense to monitor your own credit reports for free at annualcreditreport.com and understand your rights by reviewing the Federal Trade Commission’s website on identity theft.

RV insurance is required when the vehicle is able to be driven (not being towed by a truck, for example). Self-propelled vehicles will require separate liability coverage and collision is highly recommend. You may also decide to buy an umbrella policy for additional coverage. Trailers being towed are typically covered by the towing vehicle’s liability policy. Shop around for coverage and discuss requirements/options with an insurance agent. 

Most homeowner’s insurance policies cover: the dwelling and other structures, personal property, personal liability, loss of use, and medical payments. Natural disasters that are typically covered (unless specified) include: fire, lightning, fail, wind, hail, and freezing. Other covered events may be: explosions, damage caused by vehicles, theft or vandalism.

Identity theft protection coverage typically provides an array of monitoring; credit reports, change-of-address, court or criminal, public records, dark web, and social security number. Often, it also comes with an identity theft insurance component that promises to help cover expenses you incur as you try to clean up after becoming a victim. This may not cover all the costs associated with recovery so be sure to read the fine print. Perhaps most intriguing, these services can do little to actually prevent identity theft.