Sign up for our FREE Monthly Email Newsletter
In addition to keeping in the financial know, you may be interested in checking your credit score and report.
¹The credit scores provided under the offers described here use the Equifax Credit Score, which is a proprietary credit model developed by Equifax. The Equifax Credit Score and 3-Bureau scores are each based on the Equifax Credit Score model, but calculated using the information in your Equifax, Experian and TransUnion credit files. The Equifax Credit Score is intended for your own educational use. It is also commercially available to third parties along with numerous other credit scores and models in the marketplace. Please keep in mind third parties are likely to use a different score when evaluating your creditworthiness. Also, third parties will take into consideration items other than your credit score or information found in your credit file, such as your income.
²The Automatic Fraud Alert feature is made available to consumers by Equifax Information Services LLC and fulfilled on its behalf by Equifax Consumer Services LLC.
³Equifax Credit Report Control™ is only available while you have a current subscription to Equifax Complete Premier. Locking your credit file with Equifax Credit Report Control will prevent access to your Equifax credit file by certain third parties, such as credit grantors or other companies and agencies. Credit Report Control will not prevent access to your credit file at any other credit reporting agency, and will not prevent access to your Equifax credit file by companies like Equifax Personal Solutions which provide you with access to your credit report or credit score or monitor your credit file; Federal, state and local government agencies; companies reviewing your application for employment; companies that have a current account or relationship with you, and collection agencies acting on behalf of those whom you owe; for fraud detection and prevention purposes; and companies that wish to make pre-approved offers of credit or insurance to you. To opt out of such pre-approved offers, visit www.optoutprescreen.com/.
4We will require you to provide your payment information when you sign up and we will immediately charge your card $4.95. After that, we will charge the card $19.95 for each month you continue your subscription. You may cancel at any time; however, we do not provide partial month refunds.
Equifax® is a registered trademark and Equifax Complete™ Premier is a trademark of Equifax, Inc. © 2014, Equifax Inc., Atlanta, Georgia. All rights reserved.
Winters are long and cold where I live in the Northeast. When summer finally arrives, all you want to do is take advantage of the warmer weather-whether it’s riding a jet ski at the lake or taking a dip in the pool at home.
These “toys” are what summer’s all about, but there’s always that chance of someone getting hurt using them-which puts a real damper on the fun. Because of that risk, it’s smart to have insurance coverage to protect you.
If your summertime fun involves a recreational vehicle (RV), an all-terrain vehicle (ATV), a personal watercraft (PWC) like a jet ski or a wave runner, a boat, a golf cart, a motorcycle, a bicycle, a trampoline, a pool, or even a swing set, you should consider the possibility of an accident and how to protect yourself before it happens.
What Kind of Insurance Coverage Do You Need for Your Summer Toys?
Review the types of insurance available to you for your particular toy. You will need to consider physical damage coverage for your property as well as liability insurance. Most insurance policies also include coverage for property damage to others and coverage that will reimburse you or a guest for hospital or doctor bills.
Property Damage: If you’re thinking about getting property damage coverage, estimate the value of your property and how much you would lose. If you have an RV or a boat, you’re probably looking at a pretty sizable loss without insurance. We usually recommend choosing the highest liability limit the underlying policy has to offer and then adding an umbrella policy to your portfolio.
Liability Insurance: If you or a guest is injured while using one of your summer toys, medical bills can add up quickly. A guest could even sue you if he or she is injured on your property. If you’re worried about legal action or high medical bills not covered by your homeowner’s policy, you should talk to your insurance provider about adding extra liability coverage to your homeowner’s insurance plan, or take a look at an umbrella policy.
Umbrella Coverage: If you have an umbrella liability policy, don’t forget to include your summer toys on this extended liability coverage. Confirm that your umbrella carrier will allow any of these toys to be included. Some carriers may not allow personal watercraft to be included.
Kids love trampolines, but they carry significant risks. Check with your carrier to make sure your homeowner’s insurance policy covers a trampoline. Some carriers prefer not to absorb that exposure, and some may cancel or decline to renew your policy if they find out you have one on your property.
Physical damage to an underground pool is probably not covered on your homeowner’s policy if “earth movement” is specifically excluded. An aboveground pool may be protected by “other structures” coverage in the policy. Medical expenses and liability coverage on the homeowner’s policy will provide some coverage if a guest is injured.
Your homeowner’s policy can include a boat up to a certain length. Check with your carrier on its size limitation. However, I usually recommend insuring your boat on a separate policy altogether. That way, if there’s a claim, it doesn’t count against your homeowner’s policy.
Just like sunscreen protects your skin from sunburn, insurance will help protect your finances in the event of a lawsuit. Claims are considered a blemish on your record. The more claims you have, the higher a risk you are considered to be. You’ll have to pay higher premiums, and you may even have trouble getting coverage.
And just as important as being properly insured is exercising all safety precautions when operating your summer toys, to keep them fun and safe.
Discuss with your agent what kind of summer toys you have and how you will be using them to determine how much insurance you need to protect your assets, your lifestyle, your health, and your well-being.
Linda Rey is a licensed insurance agent at Rey Insurance with a broad spectrum of expertise in life, accident, health, property and casualty insurance as well as retirement planning and college funding strategies.
Follow Linda on Twitter.
The information contained in this blog post is designed to generally educate and inform visitors to the Equifax Finance Blog. The blog posts do not give, and should not be assumed to provide, personalized tax, investment, real estate, legal, retirement, credit, personal financial, or other professional advice. Before making any financial decision, you should always consult with the appropriate professionals who can explain your options, rights, and legal responsibilities, and advise you on any tax, legal, credit, or business implications that may result from those decisions. The views and opinions expressed by the authors of blog posts are their own views and may not be the views or opinions of Equifax, Inc. and/or its affiliates.
Equifax maintains this interactive forum for education and information purposes in order to allow individuals to share their relevant knowledge and opinions with other members and visitors. We encourage you to participate in discussions about personal finance issues and other topics of interest to this community, but please read our commenting guidelines first. Equifax reserves the right to monitor postings to the forum and comments will be published at our discretion. Do you have questions or comments about your Equifax credit report or customer-service issues regarding an Equifax product? If so, please contact Equifax directly. All opinions and information expressed or shared in blog comments are solely those of the person submitting the comments, and don't necessarily represent the views of Equifax or its management.