My oldest son had his Yamaha motorcycle stolen from his house a few weeks back, and as it was an older bike, he did not carry any physical damage coverage on it. In a separate incident, there was a house fire which did major damage to the garage and the 2 cars parked in it. My son thought he might have some theft coverage on his homeowner’s policy for the bike. Neither of these losses had coverage under the homeowner’s policy. For vehicles, whether it is a car or motorcycle, each needs to be insured for theft, vandalism, or collision on its own policy.
Thirty years ago you could buy a new car and sign two documents; a Sales Agreement and DMV Registration. If you have purchased a new car recently, you know there is a stack of documents you are required you to read and sign. Purchasing a home is the same; what was simple has now become complex to the point few people read what they are signing. With a new car or new home, you at least have a good idea what you just purchased.
With an insurance policy it is not so easy. Insuring your car or home is much more complex as you can experience many different types of problems. Everyone assumes a homeowner’s policy insures your home if it is damaged by a fire, but what about mold or termite damage, or theft of cash? What about hiring an acquaintance to clean your house and they injure themselves somehow? Do you have coverage for this?
If your car is broken into and personal items are taken. Do you have coverage for this?
Many different things can happen in our lives and while we know accidents happen and we assume some risks every day, having knowledge of what risks we are accepting ourselves is important. Whether you think your situation is complex or simple, if you have a question about what is covered, you should give me a call at (805)985-5488.
Thirty years ago you could buy a new car and sign two documents; a Sales Agreement and DMV Registration. If you have purchased a new car recently, you know there is a stack of documents you are required you to read and sign. Purchasing a home is the same; what was simple has now become complex to the point few people read what they are signing. With a new car or new home, you at least have a good idea what you just purchased.
With an insurance policy it is not so easy. Insuring your car or home is much more complex as you can experience many different types of problems. Everyone assumes a homeowner’s policy insures your home if it is damaged by a fire, but what about mold or termite damage, or theft of cash? What about hiring an acquaintance to clean your house and they injure themselves somehow? Do you have coverage for this?
If your car is broken into and personal items are taken. Do you have coverage for this?
Many different things can happen in our lives and while we know accidents happen and we assume some risks every day, having knowledge of what risks we are accepting ourselves is important. Whether you think your situation is complex or simple, if you have a question about what is covered, you should give me a call at (805)985-5488.
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