If you’ve never heard of “specialty insurance”, you aren’t alone. Sure, you have heard of homeowners, business, auto, and renters’ insurance, but specialty seems so “special” that you may assume you don’t need it. However, you may be surprised to learn the definition of specialty insurance and why you may need it. Think about it as a way to ensure peace of mind knowing that your unique valuables or situations will be adequately covered.
What is Specialty Insurance?
Whether it’s a unique business situation or specialized possessions, coverage is sometimes limited or excluded from a standard Alabama homeowners, auto, or business policy and in order to have proper protection, you need additional insurance, otherwise known as “specialty insurance.” This type of coverage is designed to protect valued possessions such as personal watercraft, motorcycles, boats, firearms, golf carts, RVs, and classic cars, to name a few.
This type of insurance can also provide that needed additional protection for unique situations as well, such as flood, travel, umbrella or renters’ insurance. If you have questions or concerns about whether you may benefit from having specialty insurance, it is recommended you contact your local Alabama independent insurance agent.
Typical Scenarios That May Generate the Need for Specialty Insurance:
- If you are a boat owner, your typical Alabama homeowners has little to no protection for accidents, injuries, or damages occurring on the water; hence, the need for watercraft insurance. This coverage provides liability for injuries and damages while on the water, along with theft coverage, and more.
- While traveling on the highway at 75 mph, you went left of center and hit another vehicle head on, causing catastrophic injuries to the other driver and passenger. You only carry $100,000 per person and $300,000 aggregate for liability insurance on your Alabama auto insurance policy. With these types of devastating injuries, your limits of liability will be exhausted quickly, leaving you responsible for any judgement above and beyond your exhausted limits of liability. Hence, the need for umbrella insurance. This type of protections is excess coverage (usually 1 million dollars or more) above your limits of liability.
- You purchased a classic car and have had it totally restored. After investing significant costs, energy, and time, you are eager to show case it on the road. Keep in mind that your classic vintage automobile is not just any car, it’s a specialized car that requires specialized insurance in order to protect your investment. With classic car coverage, your cream puff will be insured for an “agreed value” as outlined between you and your Alabama independent insurance agent.
- Your home was burglarized while you were on vacation and all of your heirloom jewelry was stolen, not to mention your husband’s firearms. You find out that your Alabama homeowners policy has very specified, limited amount of coverage for jewelry and firearms. Without having specialized insurance protection for your valuables (scheduled personal property coverage/endorsement), you will be faced with very little compensation.
These scenarios are just a few of many to detail the possible need for Alabama specialty insurance. You may be surprised to find how affordable this type of protection really is! Contact us today at Burkett & Associates Insurance Agency and we can shop your coverage to find the best rate for your particular, unique needs. After all, we specialize in finding affordable insurance rates for YOU so you can have the peace of mind you need and deserve. Call us TODAY with questions or assistance with specialized insurance at 256-704-7400.