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Sometimes Things are just Better Apart!

 

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Sometimes things are better together:

Peanut Butter and...

Milk and...

Turkey and...

Well you get the idea.  But other times things are better apart:

Peanut Butter and... Salami?

Milk and... Beet Juice?

Turkey and...Motor Oil?...ok, that’s kinda weird…. But hopefully you get the point I am trying to make. Some things are better together and some things should just be kept apart.

When reviewing coverage for a potential new client, I was thinking about how this also applies when it comes to insurance.  Although there may be times that it makes sense… most of the time it is smarter to keep your trailer insurance and your boat insurance separate from your house insurance.

Obviously every situation is different and you need to speak with your independent insurance broker, but here are a couple major reasons to consider it:

  1. Quite often, a good insurance broker will have many insurance companies, allowing them to offer better coverage for you at similar cost, by splitting up the policies – that’s a win-win!
  2. Better claims service when you need it, from professionals who specialize in boats and/or trailers
  3. Managing risk!  Let’s say you have a minor claim on your travel trailer or your boat.  You discuss the claim with your broker and determine that it make sense to report the insurance claim to your insurance company. 
    • If you report that claim and you have lumped everything together on one policy, it will likely result in the loss of your claims free discount on everything covered on that policy.  The result?  You may see an increase on your home insurance policy as well as on your boat insurance policy and/or travel trailer insurance for years to come… OR…
    • As a result of having everything lumped together, it is now not in your best interest to report the claim at all.  The reason?  Loss of discounts due to the claim, on all your assets covered under the one policy, could add up to more cost over the years than just fixing the damage yourself!  Now that would be frustrating!

Either way you look at it, that is a lose/lose situation that could have been avoided by discussing separate insurance policies with your professional insurance broker.

If you have a boat or travel trailer insured on the same policy as your home, speak with our brokers!

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I wanted to send a quick note to let you know what a pleasure it has been to deal with Heather Bonadie. She has been assisting me and my wife over the last few days with auto insurance for a new car. She has been very responsive, informative, efficient and, most importantly, professional and friendly. I work in the professional services sector too and really appreciate someone as talented as she is. A great asset for your team!

Phil Cartwright

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