Insuring Lakefront Properties

Having a second home on the lake comes with its share of perks such as relaxation, boating, soaking in the sun, and spending time with family and friends.  However, there are risks involved when insuring lakefront properties that must be addressed in order to have the protection you deserve.  If you own another home or are in the market for a second home on the lake, it is recommended you address some specific concerns so that you can optimize the insurance protection along with your investment. 

Considerations to Explore When Insuring Lakefront Properties 

You love spending time at your second home on the lake, especially now and in the coming months, but in an effort to maximize coverage you need to be aware of some typical challenges and find ways to minimize the risk of these hazards occurring.  Below are some key considerations to discuss with your local N.C. independent insurance agent in order to protect your vacation home. 

Water 

Having a house by the water comes with its unique share of issues that may result in an increased risk of damage.  If your second home is near the lake/water, you need to be aware of floods, hurricanes, and severe weather conditions that could result in extensive water damage that could devastate your home and everything in it.  It is recommended you speak with a N.C. local independent insurance agent who specializes in lakefront property insurance so that you can rest assured you have the right type of coverage for your waterfront vacation property. 

Flood 

If you have a second home on the lake/water, you are at risk for flooding.  Keep in mind that flooding doesn’t just target lakefront homes but homes that aren’t even in a “high-risk” zone.  Basically, if your vacation home is anywhere close to water, you should consider flood insurance, which is separate from coverage under a standard N.C. homeowners insurance policy.  For more detailed information on flood insurance, contact your local N.C. independent insurance agent. 

Fire 

Protecting your investment is key! Consider the fact that there may be times you aren’t present in your second home and that’s when unfortunate situations can happen, such as fire.  Faulty wiring or other fire hazards may not be recognized if you aren’t there to inspect.  It is important that you have routine inspections done on all HVAC and electrical appliances to ensure they are operating correctly.  Fire can destroy your entire home and all its contents, so it is imperative to discuss the value of your vacation home and its valuables with your local N.C. independent insurance agent. 

Theft 

Theft happens all too frequently, especially if you are only there part of the time.  In an effort to avoid theft and vandalism, consider installing a home security system equipped with motion detection and video cameras.  Also, it may be wise to have someone (neighbor or police/security) to do routine checks on your property while you are not there. 

Additionally, you may want to consider taking a home inventory of your personal belongings/valuables so that if theft occurs, you have the needed documentation to provide to the police and insurance company.  Keep in mind that your valuables and personal belongings may be subject to specific limitations under your standard N.C. homeowners insurance policy so make sure you review your coverages with your local N.C. independent insurance agent TODAY to make sure you are adequately insured. 

Supplemental Homeowners Insurance 

It is wise to find out whether your current N.C. homeowners insurance policy will extend to your second home or not.  Contact your local N.C. independent insurance agent to find out if you need a second policy for your lakefront property. 

Renting to Others 

If you rent out your lake house, you run into other challenges and concerns as well, such as injuries to renters, cleaning duties, and an increased risk of theft/vandalism.  It is recommended to take precautionary measures such as hiring a property manager to handle the business operations of renting or investing in an umbrella insurance policy in an effort to increase your limits of liability to account for risks of injuries.  Additionally, you need to address renting your property to others with your N.C. independent insurance agent.  Be aware that your N.C. standard homeowners insurance policy may not have coverage for rental situations. 

Protect your vacation home by adequately insuring your lakefront property.  The best way to do this is to contact us at Paramount Insurance Agency.  We specialize in insuring N.C. lakefront properties and our job is to make sure your lakefront property has the insurance it needs and deserves.  Your job is to relax and enjoy!  Call us TODAY at 336-869-3335 

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Boating Season and Safety Measures

Young woman holding helm of a boat.

Soaring temperatures and summer days are perfect times for boating.  In fact, the growing trend the last few years reflects a spike in recreational boat sales which means more lakes/waters are filled with people enjoying fun and sun on their boats.  However, a fun-filled boat day can turn disastrous in a matter of seconds if safety doesn’t remain a priority.  Before you climb aboard you need to make sure safety is number one on your radar.

The good news is that while statistics reveal that boat sales are up, fatalities, injuries, and accidents resulting from boat outings are actually on the decline.  In a concentrated effort to continue this trend, here are some simple reminders in regard to boating season and safety measures.

Some Do’s and Don’ts Pertaining to Safety Measures During Boating Season

DO Perform Routine Maintenance on Your Boat- Before you hit the water, make sure you do a maintenance check on your boat.  Having your boat malfunction or stall on the water is a sure way to halt the fun. By doing this, you can ENJOY the day and not worry that the boat will not operate correctly.

DO Consider the Weather- In the summer, the weather can change quickly.  Before you climb on board, make sure you check the weather advisory for any chance of storms or high wind alerts, regardless of the length of the outing.

DON’T Consume Alcohol- If you are operating the boat, don’t consume alcohol.  Keep in mind that boating can be more fun and safer for all when you prioritize safety.  Alcohol reduces reaction time and skews judgment, so just say NO!

DO Avoid Distractions- Distracted boat drivers are NOT safe drivers.  Put down the phone and any other distractions that prohibit safety.

DON’T Speed- Speeding is not recommended on the waters as others are also trying to enjoy their outings too.  Driving erratically or speeding can turn catastrophic in an instant.  Consider the safety of your passengers and others on the water.

DO Keep Necessary Safety Equipment on Board- Keep inventory of all the items recommended for boating safety such as:

• Fire extinguishers
• Life Jackets
• VHF Radio(s)
• Emergency Radio Beacon
• Navigation Tools
• Carbon Monoxide Detector (if there are enclosed areas)
• Signal Lights/Flares
• Anchor

DO Make Sure Everyone Has a Life Jacket- All passengers should wear life jackets that fit properly, including pets that are on board.  Most boat-related drownings result from those not wearing a life jacket.

The staff at Paramount Insurance Agency understands how much fun boating can be; however, your safety and protection are our main concerns.  Contact us at 336-869-3335 to discuss all your boating needs and concerns for safety.  We can provide the necessary insurance protection for all your boating needs so you can focus on FUN!

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When Lightning Strikes…

Imagine that your boat is docked and a hurricane hits, causing your boat to sink. Do you have the right type of boat insurance to cover this loss? Or do you even currently have a boat insurance policy at all? All boats, regardless of the type, should carry some sort of coverage, but you may be surprised to find that many people DO NOT have any type of boat insurance so when a loss happens, the cost to cover the damages comes directly back to them!

Your Needs As a Boat Owner May Vary

Depending on the type of boat you own may depend on the type of coverage it needs to properly protect it. Nobody wants to pay for coverage that is not necessarily needed and that’s why your local N.C. independent insurance agent can assist you to determine the right boat coverage depending on the type of boat you own, how often you use it, and where it is stored, to name a few.

*Small watercraft such as kayaks and canoes may be covered under your homeowners or renter’s insurance policy, so it is recommended you contact your local N.C. independent insurance agent to discuss.

Boating Accident Statistics Don’t Lie

In the U.S., every year there are:

•  701 deaths caused by boating accidents
• 2903 boating injuries
• 4463 total boating accidents with a total of $49 million dollars worth of damages

Furthermore, the top 4 causes of boating accidents include:

1. Failure to pay attention
   
2. Operator inexperience
3. Failure to maintain a proper lookout
   
4. Excessive speed

A Typical N.C. Boat/Watercraft Insurance Policy Provides Coverage for the Following, but Not Limited to: 

Liability Coverage (Bodily Injury and Property Damage)- This type of coverage provides protection for injuries and damages to others, caused by your negligence in the operation of your boat/watercraft.

Physical Damage Coverage- This coverage applies to damages done to your boat, trailer, etc.

Other available coverage options include towing coverage, uninsured/underinsured motorist coverage (UM/UIM), medical payments coverage, and property/personal effects coverage. *For all other available coverage options, please contact your local N.C. independent insurance agent. 

We Can Handle Your Needs

Paramount Insurance Agency is a local N.C. independent insurance agency that understands your love of boats/watercraft and can address and answer any questions you may have regarding watercraft insurance. You know unexpected situations can occur quickly, so having the right type of boat/watercraft insurance is a small price to pay for your peace of mind, should a loss occur. Your only concern, outside of practicing water safety and following the necessary water rules and regulations, is to enjoy the open sea or lake in your boat or watercraft. Sail on safely!

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Tips to Navigate Savings

If you do your homework on your boat insurance, you can rest assured that you can get the boat insurance to protect you and your boat, whether you are on or off the water, within a budget you can afford. Below are ways to help save money, but not limited to:

1. Take a Boating Safety Course- Insurance companies often reward discounts for boat owners who complete boating basics or safety courses. In most states, boaters need to pass an approved course of basic skills, knowledge, and proficiency before they can even legally operate a boat. If you already have, check with your N.C. independent insurance agent on whether the course you took qualifies you for a discount. You can never be too safe while on a boat.
2. Think Multi-Policy Discount- Whenever you bundle insurance policies under one roof, you will be eligible for a discounted insurance rate. Contact your independent insurance agent to find out just how much you could save if you bundled home, auto, boat or any other insurance policy. Your N.C. independent insurance agent can make sure you have the right coverage for ALL of your insurance needs at an affordable price.
3. Let Your N.C. Independent Insurance Agent Shop for You- Make sure your agent is an independent agent who is also a boat specialist. This way, your N.C. independent insurance agent can shop your boat insurance for the best rate by comparing quotes from some of the top insurance carriers around. Paramount Insurance Agency is an independent insurance agency, which has been insuring boats/boaters since 1994. We will not only offer superior customer service, but also top-rated boat insurance at a budget that you approve.

Before you set sail this summer, make sure you are properly informed, have adequate insurance coverage, and then have all the fun you deserve. Be safe!

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Before You Set Sail, Know How to Save Money

Do you always get what you pay for? If you don’t know what you are getting, you may just assume the cheapest rate is the best rate, but not always. If you do your homework, you can get the boating insurance coverage that best fits your boating needs while still saving money if you know some basic tips. Below are just some of the ways you can save money when purchasing boat insurance.

• Insure your boat with a boat insurance specialist- There are many agents who claim to know everything about boat and watercraft insurance, but be very careful buying from just any agent who offers the best rate. You need a N.C. licensed independent insurance agent who understands boat insurance and can shop your insurance with numerous boat insurance companies to find the best coverage possible for you at a rate you can afford.
• Get the right type of boat insurance policy that best suits your boating needs- Only a licensed boat insurance specialist can assist you with your boating needs to find the right type of insurance protection that best suits your needs. By knowing exactly what is covered and what is excluded you will never be shocked when a loss actually happens. Not being properly insured can be quite costly in the long run, should a loss occur that is not covered or underinsured.
• Enroll in a boating course- By enrolling in an official, recognized boating course, offered by the U.S. Coast Guard or U.S. Power Squadron, you can cut your rate by as much as 5% to 10%. Not only will you save money by doing this, but will “sail” away with knowledge that will stay with your forever.
• Increase your deductible- When deciding on a deductible amount, you need to consider the amount of money you could possibly afford to pay out of pocket. By considering a higher deductible, you may save quite a bit of money. Ask your boat insurance specialist to quote the different options to find one that best suits your wallet.

Paramount Insurance Agency can help you with all of your boating insurance needs by explaining coverage, exclusions, and how claim payments are made (Agreed value vs. Actual cash value) so if you suffer a loss, you won’t be faced with the unknown. We know that boat insurance can be confusing, but with our guidance, you can be assured you will get the insurance protection you need at the best rate. Call our office TODAY at 866-869-3335 to learn more.

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While your N.C. homeowners policy may cover your boat while it is stored on your property, it will not provide coverage for your boat on the water, leaving you exposed to many risks that could sink you financially! If you do suffer a covered loss to your boat, you need to know how your boat coverage applies to the value of the boat, which may be the biggest problem with boat insurance.

Boating Isn’t Always Fun and Games

It is a holiday weekend and you have plans to take a few friends out on the waters in your boat. Everything is going smoothly until you hit a submerged object you never saw and suddenly everything comes to a screeching halt! Your boat has suffered extensive damage and now you will have to settle up for the damages. Most people aren’t aware that their boat may only be covered for the actual cash value, which takes into account depreciation when making the claim payout. Do you know how your boat is covered under your boat owners insurance policy?

Different Valuation Methods You Need to Know

Boat owners insurance pays for losses that occur based on different valuation methods. These methods help to determine the payout level for the coverage as well as determine the cost of the policy. The valuation method that uses a lower amount to establish the value of a loss will be much less costly than a policy that has an established/agreed amount of loss. Below are the different types of valuation methods used:

Agreed Value Coverage- If your boat is totaled, this type of coverage provides a settlement of an “agreed” value between you and the insurance company (established at the policy inception) on the value of the boat. For example, if you agreed the value is $20,000 then that is what the claim payout would be at the settlement, should you suffer a covered loss. This type of an agreed value policy would have a higher premium than that of an actual cash value policy.

Actual Cash Value- With this type of valuation method, your settlement would be based on the replacement cost of your boat less any depreciated value. This type of plan is less costly than the others and may be preferred by many just because of the cost value or the age of their boat. For example, if your boat is 10 years old and it is totaled, you would be compensated for the cost to replace your boat minus 10 years of factored depreciation.

Replacement Cost Coverage- With replacement cost coverage, you would receive a claim payout of a brand new version of your boat that you had before the loss, if it is rendered a total loss. For example, if you purchased your boat for $20,000 and you total it a year later, you would receive $20,000 or the cost of that exact boat today, even if it is $20,000 plus. Keep in mind, though, that this type of valuation settlement is going to be more costly than the actual cash value settlement option.

Specialized Insurance for Your Boat is the Answer to Your Questions

Deciding on which type of valuation process to use is entirely up to you and your specific boating needs. Our office is here to assist you with all of your boating insurance questions while understanding each situation is unique. We can build a policy that makes sense for you, your crew, and your boat. Call our office TODAY at 866-839-3335 or visit our website www.paramountinsurance.net to find the boating insurance coverage that is right for YOU!

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Common Causes of Boating Accidents, but Not Limited to:

Many unfortunate things happen while boating every day and because boating accidents are fairly common, it is wise to be aware of the most common ones and how to avoid them at all costs.

Failure to Weather the Storm- Since summer weather is very unpredictable, a storm can pop up out of nowhere. Being able to assess weather conditions and handle them properly is vital, so always be aware of the weather conditions before embarking on an outing. Always have a good check of your safety equipment and have a plan. Preventing accidents and saving lives should be your main agenda when facing bad weather.

Speeding- Speeding is one of the biggest causes of boating accidents and you can imagine why. You are on the lake and suddenly a watercraft goes flying by at the speed of light. It all may seem fine until that boat plows into a stationary object (sandbar or dock) or another boat or jet ski. Speeding reduces your viewpoint and awareness of things present in the water, which increases the level of danger. Enrolling in boating classes can help regulate this type of behavior on a boat so stay educated!

Alcohol- Just as in a vehicle, you must follow the rules for alcohol consumption while operating a boat. You cannot be even slightly intoxicated to drive the boat or have a BAC level exceeding .08. More than half of fatalities of boating accidents occur because the boat operator has been drinking alcohol. Drinking while operating a boat endangers the lives of those on your boat and everyone else around. Do NOT drink and drive!

Passenger Recklessness- If you have been on a boat, chances are you have seen people jumping off while the boat is moving, climbing where they shouldn’t, not wearing life jackets, or other reckless behavior. As a passenger, stay seated and wear life jackets. As the boat operator, maintain order and safety!

Operator Inexperience- Just as you take time to learn how to operate a vehicle, you also need to be properly trained before hitting the waters in a boat. Again, just because boating is fun and something you do for thrills, doesn’t mean you can simply learn as you boat around. Failure to operate a boat safely endangers you, your passengers, and everyone else on the water/lake.

Operating a boat is a huge responsibility that should be taken very seriously so before the next outing, make sure you enroll in safety courses that can teach you lessons for avoiding many of common types of accidents.

Careless/Reckless operation- Just because boating is considered to be fun and carefree doesn’t mean you should be carefree and CARELESS. Each and every time you operate the boat, you should be completely CAREFUL, aware and attentive. Your job is to keep everyone safe.

Malfunction of the Boat- If you are a boat owner, it is your responsibility to maintain the operation of the boat. Equipment failure is a dangerous aspect of boating causing injuries and death every year. Keeping your boat in good working condition (checking the engine, navigation equipment, communication equipment, steering system, etc.) will help keep your boat more equipped to run in the waters.

Safe Travels!

Even though there are many safety precautions to be taken while boating, it can still be thrilling and fun! Next time your boat hits the water, you can feel safer, more educated; yet still have a fun filled day on the waters! Trust Paramount Insurance Agency with ALL of your insurance needs TODAY. Keeping you safe 12 months out of the year is our priority so call us at 866-869-3335 or Click Here for more information. With the right insurance, you can enjoy your next boating excursion to its fullest!

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With spring and summer being right around the corner, you may be thinking of hopping on your jet ski or boat and enjoying lots of fun in the sun!  While the standard NC homeowners insurance policy may provide minimal coverage for your boat, it will NOT meet all of your boat coverage needs.  Is YOUR boat properly covered?

YOUR boat, jet ski, or watercraft needs its very own policy to be properly covered; however, owning a boat brings a “boatload” of questions as to the many types of NC boat insurance that are available.

What Are the Different Types of NC Boat Coverage?

There are four basic types of coverage every standard NC boat policy offers:

• Property Damage Coverage-covers physical damage to your boat, motor, trailer, and boating equipment.

*Some examples of boating equipment include water skis, portable boating accessories, used in the operation of the boat, and citizen band radios.

• Personal Liability Coverage- covers bodily injury to others or property damage for which YOU are legally liable
• Medical Payments Coverage-This coverage helps pay for medical expenses for you, passengers of your boat, or anyone that is injured as a result of an accident involving YOUR covered boat or watercraft
• Uninsured Boaters Coverage-This provides coverage for YOU or any injured occupant of your boat, if the person liable does not have boat insurance

What Are the Most Common Types of COVERED Boat Losses?

Being in the know about covered boat losses under the standard NC Boat insurance policy are important.  This is where your NC independent agent can personally assist you with any questions you may have.  Just some of the types of covered boat losses include, but are not limited to:

• Theft
• Storm damage
• Collision
• Sinking
• Towing and Emergency Service
• Colliding with a submerged object

What Types of Boat Losses are NOT Covered?

With a standard NC boat insurance policy, there are specific situations/exposures that are NOT covered and you need to be aware!  Again, contact your NC independent agent right now with any of your questions concerning losses to your boat or watercraft.  Your NC independent agent is specialized and can answer ALL of your questions TODAY!

Here are some of the exposures that are NOT covered under your NC boat policy:

• Physical damage caused by animals or rodents
• Losses resulting from racing or stunts
• Losses resulting from lack of maintenance

Did you know that if you have bundle your NC boat insurance with your NC auto and homeowners that you can save $$?! 

Contact us now at 336-869-3335 to find out how much you can save.  You may also be able to save more money by installing specific safety equipment or by enrolling in a safety operations class.  Contact Paramount today so that we can save you money, provide the most coverage possible for your needs, and assist you with any questions you may have.

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In 2012, the US Coast Guard reported 4,515 accidents that involved 651 deaths, 3,000 injuries and $38 million in damages as a result of recreational boating accidents. Almost 71% of the fatalities, drowning was the cause of death and of those, 85% were not wearing a life jacket.

Of these accidents, here are the top 10 causes…

#1- Operator Inattention

#2- Operator Inexperience

#3- Improper Lookout

#4- Machinery Failure

#5- Excessive Speed

#6- Rules of Road Infraction

#7- Alcohol Use

#8- Force of Wave or Wake

#9- Weather

#10- Hazardous Waters

The top four types of boating accidents include…

#1- Collision with recreational vessels (1010 accidents)

#2- Flooding/swamping (509 accidents)

#3- Collision with fixed objects (475 accidents)

#4- Grounding (422 accidents)

The majority of damage is done immediately when collision and flooding accidents occur. After a grounding, most damage occurs as a result to how the operator reacts. More than a few boaters have pushed off or towed off a grounding to have the boat sink as a result of damage to running gear, through-hull fittings or transducers.

If you find yourself aground, check the bilge from bow to stern for any possible breach of the hull before moving. You should also shut down the engines immediately and check cooling water intakes for possible blockages. You don’t want to compound the problem by overheating an engine.

If there is no blockage, be sure to monitor temperature gauges. Sand and silt can slowly wear down a water pump impeller.

What to do if you damage your boat and need to file a boat insurance claim

The very first step to take is to take precautionary measures to reduce further damage and prevent injury. Instruct passengers to put on their life vests. If bilge pumps are not operational and there is a possibility of taking on water, get the boat out of the water if possible. Cover everything exposed that can be damaged by weather.

Take pictures of the damage and call your boat insurance agent as soon as possible. Make a thorough list of the damage so you will be prepared to discuss with your boat insurance adjuster. They will instruct you on the steps to be completed to get your claim settled.

Many boat owners are surprised to find that their boat insurance policy only covers part of the total cost of the damages. This is due to buying an inferior boat insurance policy from an insurance company that doesn’t specialize in boat insurance.

Unfortunately, boat insurance policies are not standard policies and coverage varies from one boat insurance company to another. Exclusions, endorsements and settlement types reduce and eliminate coverage. So, before you have a claim, check your policy to make sure it will fully cover you if you need it. Better yet, give us a call and we’ll be glad to review your boat insurance policy for you.

Safe boating to you!

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