Protect Your Boat With Boat Insurance

If you’re among those who are lucky enough to own your own boat, you know that it’s a rewarding, yet often pricey investment. Really, we should think about owning and protecting a boat the same way as we do a car. That’s why it’s crucial to cover your boat with an insurance policy.

Here are some important things to know:

  • Often, watercraft like canoes, kayaks or paddle boats – essentially any small craft without a motor – can potentially be rolled into your home or seasonal home insurance.
  • For larger boats with bigger motors, and personal watercraft vehicles (PWC), i.e. Jet-Ski or Seadoo, insurance is highly recommended. Most policies can cover the boat itself, as well as additional equipment, like the motor, trailers, and on board equipment like GPS systems.
  • Though boat insurance is not required by law in Canada, not only will having insurance give you piece of mind, it can protect you in case of the following
    • Liability coverage for injury to passengers on board, tubers or skiers being towed or others in the water or aboard other watercraft
    • Damage to the boat, theft or loss of attached quiment
    • Damage caused by your oat/watercraft on someone else’s property
  • A wide range of factors will affect your boating insurance policy. These can include things like the size of the boat; its value; the lake or location that you use it on; the size of the motor, and more.
  • Your policy may also only cover the boat within a specified radius, which is important to be aware of if you are planning long distance trips.
  • Remember that you need a Pleasure Craft Operators Card (PCOC) to legally operate a motorboat in Canada. Anyone driving the boat without one not only risks a fine, but may also VOID any insurance policy in place.
  • Confirm with your broker whether younger operators of the boat will be covered by your policy.
  • Where are you storing your boat over the winter? Snow load is a big problem for boats in Canada, so speak with your broker about damages that may occur during the off-season and whether they will be covered by your policy.

Boat insurance is one of the most important investments you can make to protect your assets and ensure that you have a worry-free summer of fun on the water. Contact one of our brokers at Morison Insurance to get a free quote today!

 

– Written by our brokers Leslie and Jennifer T.

 

This blog is provided for information only and is not a substitute for professional advice. Please call our Morison Insurance brokers at 1-800-463-8074 for more information.

10 Factors That Affect Home Insurance Premiums

Do you ever wonder what factors insurance companies use to determine premiums for property insurance? Well, here are ten factors that could affect your premium:

1. Continuous Property Insurance – how long you have had continuous insurance will affect the premiums.  Someone who has had continuous coverage for 10 years will obtain a discount while someone who begins a policy one year, stops coverage for two years and then begins another policy will have increased premium.

2. Replacement cost – the size, structure and contents of your property affect the cost of your insurance the most. The larger your home and the more contents you have, the more they cost to replace. In addition to the square footage, insurers consider the quality of construction used to build your property, which can vary greatly.

3. Area where you live – this is a big premium factor. Insurers will keep track of the number of claims, type of claims and cost of claims in one postal code area. Each neighborhood will have difference experiences and circumstances and these statistics will be used to determine the likelihood of a potential claim arising in that area.

4. Claims History – one’s personal claims history also plays a role in your rated premium.  An insurer will review past claims.

5. Hydrant Protection – if a home is not hydrant protected and is only Fire Hall protected, this will impact the premium. If a claim arises, the proximity to a hydrant is important in the event of a fire loss, the quicker the home can be recovered and minimal damage has been done to the home is important.

6. Other Home Exposures – advise your insurer if you have a rental apartment, operate a business or if you are making any significant alterations to the structure of your home.

7. Credit score – a good credit score can now also assist you in reducing your home insurance premium as statistics show that those with a good credit score tend to make less insurance claims.

8. Home Protection – protecting your home can also allow you further savings on your insurance.  Installing a monitored fire or burglary alarm can result in an alarm discount being added.

9. Wood stoves – these are common sources of house fires and can impact your insurance premium as companies will apply a surcharge to your policy. It is recommended to consult with your broker before buying a home with a wood-burning stove.

10. Loyalty – if you have been with your current carrier or broker for a certain number of years you can receive a loyalty discount.

Contact one of our brokers at Morison Insurance to get a free no obligation quote today!

– Written by our brokers Sunhee and Lori

This blog is provided for information only and is not a substitute for professional advice. Please call our Morison Insurance brokers at 1-800-463-8074 for more information.

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