For many families, summer is a time to have fun, make memories, and enjoy other's company while school is out and organized activities are on hiatus. Whether your summer plans include road trips, pool parties, or days spent on the water, hopefully your time will be spent making the most of the season. As you prepare for the remainder of summer, set aside some time to review your insurance policies. Since you'll likely be welcoming more guests into your home and spending more time travelling, it's important to make sure your policies cover your planned adventures and are sufficient to cover life's unexpected moments, too. There are some specific steps you should take no matter how you'll be enjoying your summer.
Are you one of the lucky homeowners with a pool in the backyard? Having a pool helps you enjoy even the warmest summer days, but it also requires more extensive coverage in your homeowner's insurance policy. Before you invite your neighbors over for a swim, review your current policy to make sure you are adequately protected.
If you live anywhere near the coast, you might also know summertime by another name – hurricane season. Though no amount of preparation can prevent a summer storm, you can make sure your family is covered before the spaghetti models take over your TV screens. Most homeowner's insurance policies don't include coverage for flooding as a result of a hurricane, so it's important to understand what coverage you have. And remember, the best time to make sure you're protected in the event of hurricane-related damage is before there's a named system on record.
On the road
Choosing to hit the road instead of hop on a plane is a great way to keep travel expenses down, but a car accident can quickly derail your summer plans. If you're planning a road trip anytime soon, make sure your auto insurance covers you and your passengers in the event of an accident. As a member of South Carolina Federal Credit Union, you can take advantage of a Private Passenger Accident Plan at no cost to you.1 Learn more about this member benefit. If you own a recreational vehicle, make sure you revisit your coverage limit on stated amount policies as many owners are seeing appreciation in the value of their RV rather than depreciation. Additionally, consider maximum vacation liability limits and make sure the replacement cost on personal items that will be stowed on the RV is sufficient.
For motorcycle owners, considering underinsured motorist coverage could be the smartest move you make this summer. Many riders opt out of this coverage due to the cost, but the reason it can be pricey is because it's one of the most utilized coverages in the event of a bad accident. For example, a motorcycle rider is hit by a driver with state minimum liability. The accident results in $200,000 in medical bills and $50,000 in lost wages for the rider. The at-fault driver's policy with minimum liability limits will only cover $25,000, leaving the insured biker with $225,000 of expenses that aren't covered. An extra $300-$400/year for underinsured motorist coverage might seem expensive at first, but when you consider the potential costs of opting out, it seems like a bargain.
On the water
Is your family's idea of summer fun a day spent on the water? Make sure anyone who will operate your boat this summer has taken a boating safety course, especially new drivers who don't have much experience. Boat owners should also review their insurance policies and consider high liability limits and maximum med-pay limits, which can help avoid litigation after an accident. Smart boaters know that safety comes first, and having the right insurance coverage is a crucial step in protecting your family's summer fun.
Insurance policies can be confusing, and it can be difficult to know what to look for when evaluating coverage. But we're here to help! South Carolina Federal Insurance Solutions2 advisors can provide complimentary coverage reviews to ensure you have the right coverage for your family at the best value. Visit scfinsurance.org or call 833-359-0725 to get started.