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How Much Boat Insurance Do I Need?

You finally bought your dream boat and are ready to spend a day of fun in the sun on Lake Murray—or maybe you have your sights set on Charleston and the open ocean. Either way, it’s important that you understand your coverage requirements under South Carolina state law. New American Insurance serving Irmo, Lexington, and Columbia, SC and surrounding areas is here to answer all your questions: 

Doesn’t My Homeowner’s Policy Cover My Boat Too?

While most homeowner’s policies do cover some boat damage, the maximum coverage provided is extremely low, typically $1000 to $2000.This coverage is ideal for smaller, non-motorized watercraft such as kayaks or canoes, but it won’t go far for larger watercraft. Plus, homeowner’s policies don’t include any liability coverage for medical damages incurred in a boating accident. 

South Carolina Doesn’t Require Watercraft Insurance. Why Should I Get Covered?

It’s true that South Carolina, like most states, does not require boat or watercraft insurance. However, if you’re financing or leasing your boat, your lender will require your asset to be covered, and most ports and marinas require a certain amount of watercraft coverage in order to use their facilities as well. So, if you want to travel anywhere and be able to dock, a boat insurance policy is a necessity. Finally, boat insurance just makes financial sense. It’s one of the most cost-effective types of insurance; you can get a policy that fully covers your new asset, helps with towing and emergency assistance expenses, covers your personal effects, and protects you against liability claims for an incredibly affordable rate. 

How Do I Decide What Kind of Policy to Get?

The type of policy and the amount of coverage you buy will depend on many factors, including the length, age, and value of your boat, how frequently you use it, liveaboard status, speed, or horsepower, where you intend to use it, and more. While it can seem complicated at first, a good rule of thumb is to look for a policy that provides similar liability coverages as your auto insurance policy and provides agreed value coverage vs actual value coverage. Agreed value policies cover the full replacement cost of your boat as of the day you enact the policy while actual value coverage decreases year by year with depreciation. 

We’re sure you have a lot more questions about how to best protect your new boat, and New American Insurance has the answers. Contact us today for an appointment; your agent will sit down with you, discuss your options, and help you find the right boat and watercraft policy at the right price. 

Why You Need Umbrella Insurance

Having enough liability coverage is important, but most people don’t have as much as they should. Both auto and home insurance policies come with liability insurance, but it is generally a low amount. If you need more liability coverage, call us at New American Insurance in Columbia, SC to learn more about umbrella insurance. 

More Liability Coverage

When you get umbrella insurance, it increases the amount of liability coverage that you have for your who and home insurance. It provides a boost to both of these policies so that your maximum payout for liability is far higher. While many people get the bare minimum that they have to have for their auto insurance, medical bills can be steep, and you may find yourself paying for them out of pocket when your insurance maxes out. With an umbrella policy, that maximum becomes so high that it would pay for most accidents and medical bills. 

How It Works

With an umbrella insurance policy, the extra liability insurance is not added directly to your auto and home insurance policies. Instead, after an accident, the home or auto policy pays as much as it’s going to until it is maxed. Then, the umbrella policy comes in. It pays from that maximum up to a maximum of its own that is much higher. It allows you to increase your liability coverage without changing your auto or home policies and paying the high rates for home and auto policies that have a lot of liability coverage. 

Get Your Umbrella Protection

If you have an auto and a home policy, chances are that you could use more liability coverage. Contact us today at New American Insurance in Columbia, SC to find out more about umbrella insurance and how it can benefit you. 

Should South Carolina Residents Add More Auto Insurance Coverage When Traveling Out Of State

New American Insurance offers custom policies to the Columbia, SC community. We want to help our clients protect their assets and alleviate some stress as they deal with life’s challenges. We are an independent insurance agency. We work closely with multiple insurance providers throughout the South.

Is Auto Insurance Necessary When Traveling Out of State

Auto insurance covers you while you use your vehicle to complete tasks. The policy gives you a safety net as you deal with the unpredictable nature of driving. Basic collision coverage takes care of any damages sustained when your vehicle hits something. If you opt for a comprehensive policy, your vehicle is protected in multiple situations. You are covered if someone attempts to steal your vehicle. You are covered if severe weather passes through the area and damages your vehicle. If you are held responsible for any damages or bodily injuries, liability coverage will protect you.

As the weather starts to warm up, many drivers look forward to taking special road trips. If you are planning a vacation away from Columbia, SC, your auto insurance may be impacted. If you are planning to travel from one state to another, your auto insurance will remain active. You will still be covered if you are involved in an accident while visiting Florida. However, if you are planning to travel out of the country, things may be different. Inquire about getting a temporary endorsement if you are traveling to Mexico or Canada. You want to avoid traveling abroad without having any protection if an unexpected accident occurs.

New American Insurance Will Help You Stay Safe On The Road

Visit our website to learn more information about auto insurance.

Important Facts Regarding Renters Insurance

New American Insurance offers coverage to Columbia, SC residents. We are proud to serve the community as an independent insurance agency. This allows us to offer our clients flexible policies designed to meet their individual needs. We have strong relationships with multiple carriers throughout the South. One of our core values is offering great customer service.

Important Facts Regarding Renters Insurance

South Carolina is home to attractive rental properties. If you are a renter, the fact that there is less maintenance involved with renting than owning a home may appeal to you. However, you need to keep in mind that your personal items need protection if something happens. That’s why renters insurance is an asset. You’ll be covered if your personal items are stolen or damaged. Here are some other important facts regarding renters insurance.

Liability Coverage Is Important

Liability coverage is a big part of your renter’s insurance policy. If you invite guests over, and they get injured or cause damage to other people’s property, you will be held responsible. Liability coverage will protect your assets if a legal dispute arises.

Take Inventory

It’s important that you take inventory of your personal items inside the rental property. That way, you’ll have a clear idea of your items’ true value if something happens.

Temporary Lodging

If your rental property is seriously damaged, you can add temporary lodging coverage to your policy. This allows you to stay somewhere else when your rental property is repaired.

You’ll Have To Add Extra Coverage For Natural Disasters.

If a hurricane or tornado moves through the area and damages your rental property, you are not protected unless you add extra coverage to your policy.

New American Insurance Will Help You Find Coverage

Visit our website to learn more information about renters insurance.

Who needs to get a classic car insurance plan?

If you are a car aficionado in the Columbia, SC area, you may dream of owning a classic car. If you decide to purchase a classic car here, you need to get the right insurance plan. There are several situations when someone should get a classic car insurance plan for their prized possession. 

Those that Want to Protect Collectible Value

A person should get a classic car insurance plan if they want to protect the full value of a vehicle. A classic car differs from other vehicles because it could greatly appreciate. Owners of classic cars need to get an insurance plan that protects this increased value. With a classic car insurance plan, you can work with your insurance provider to create a plan that properly covers the value of your classic car.

Those that Want to Drive Legally

You should also get a classic car insurance plan if you want to drive your car on state roads. Those in South Carolina will be required by law to have liability insurance when driving a car. This extends to those that drive classic cars. Since you likely will drive a classic car less frequently than you would other cars, your policy can be designed to reflect this reduced risk if you get a classic car insurance plan. 

Picking a classic car insurance plan for your Columbia, SC vehicle is a big decision. Those that are going to pick this type of insurance plan should call New American Insurance. Many factors will need to be considered, and New American Insurance can help you with this process. This will help ensure you pick the right plan for your classic car. 

How can motorcycle insurance protect someone in Columbia?

When you live in the Columbia, SC area, having some form of transportation is important. A great option for those that live in this area is to have a motorcycle, which can be fun and efficient to drive. If you would like to get one of these, it is important to get insurance. A motorcycle coverage plan can protect someone here in several ways. 

Liability Coverage

If you are going to ride a motorcycle anywhere, there is always a chance that an accident will occur. If you are found to be at fault for your accident, it will be your responsibility to cover the damages. This risk can be mitigated if you get proper motorcycle insurance, as it will include a provision for liability coverage. This form of coverage is also a state law requirement for all motorcycle owners.

Coverage to Protect Motorcycle

If you would like to get a motorcycle, it will be an asset that you will want to protect as well as you can. A great way that you can do this is by getting a full motorcycle insurance plan that will include collision and comprehensive protection. With this type of protection for your motorcycle, you will know you have coverage if your asset is stolen or damaged in the future. 

There continue to be a lot of advantages that come when you get motorcycle insurance coverage. If you are shopping for a new plan for your Columbia, SC area motorcycle, speaking with New American Insurance would be a good option. New American Insurance can help a lot by helping you evaluate your needs on a personal basis. We will answer the questions you have and give you the support needed to pick the right policy for you. 

What Does Boat Insurance Cover?

Heading out on your boat can be a lot of fun, especially with all the gorgeous water around Columbia, SC. To help keep your boat protected, you may be considering purchasing boat insurance. But before you do so, you probably want to know what boat insurance covers.

Not All Insurance is the Same

Before we explain what boat insurance covers, let’s clarify that not all insurance is the same. You can talk with agents at New American Insurance to find a policy that suits your needs.

When you start exploring boat insurance options, consider if you’re interested in the following types of protection.

Physical Damage Coverage

Boating is a great activity, but it doesn’t come without risks. Accidents with other watercraft or the shore can quickly damage your boat. Boat insurance covers the cost of this physical damage.

Boat insurance in Columbia, SC may also cover physical damage from adverse weather such as hail and hurricanes. Additionally, this type of insurance protects your boat from theft.

When you choose a boat insurance policy, your boat will be covered for an amount equal to the actual cash value or another set amount.

Liability Coverage

Even if you are a responsible boat owner, your sailboat, yacht, or fishing boat may cause damage to another person’s property. If your boat damages another boat, a dock, or a building, liability insurance covers this damage. It may also protect you from any legal action.

Medical Bill Coverage

Boat insurance may also cover medical bills that arise from a boating accident. This may include the bills of your boat’s passengers as well as passengers of other impacted boats.

Get Started with Boat Insurance

To help find boat insurance that’s right for you, contact New American Insurance.

When is umbrella insurance a good investment?

Those who live in the Columbia, SC area will have several types of insurance protection that are needed. A form of insurance that needs to be considered is umbrella insurance coverage. This type of protection offers liability coverage, which is often acquired on top of coverage received with other policies. There are several situations when getting an umbrella policy is going to be a good investment for you.

When Looking for More Coverage

One situation when getting umbrella insurance is a good investment is when you are looking for more coverage. If you have home or auto insurance, there will be some level of coverage included in the policy. If you ever cause a serious accident, the damages could exceed your policy limit. In these cases, having an umbrella insurance policy is important as it will give you the additional protection you need.

When Wanting Coverage for More Situations

It would be best if you also got an umbrella insurance policy to get coverage for more situations. A full umbrella insurance policy can give you protection for a vast amount of risks that you likely do not even think about. This can offer you peace of mind as you will be prepared for the unexpected. 

Anyone that is shopping for an umbrella policy in the Columbia, SC area needs to make sure that they fully understand all of their options. The team at New American Insurance can provide you with the guidance needed to choose a policy. When you do call New American Insurance, we can offer you a lot of support. Our team will answer all of your questions and ensure that you are properly protected with a new policy that meets your needs. 

What auto insurance is mandatory in South Carolina

Auto insurance offers a variety of different types of coverages. Some of them are mandatory, and others are voluntary. At New American Insurance in Lexington, SC, we are independent agents and offer plenty of choices for carriers. With more choices, you can pick a policy that fits your vehicle and your budget. 

South Carolina, like most states, has mandatory auto insurance requirements. It has three-part liability requirements for injury to a person, liability for property damage, and uninsured/ underinsured motorists. If the driver or passenger/passengers in a vehicle accident where you are at fault are injured, you need to have coverage of $25,000 for each person with a total of $50,000 for the entire accident. This can be medical bills, the loss of wages, or suffering and pain. 

The property portion is $25,000 and can be for the other vehicle, but it also covers things like a parked vehicle, fence, or other property damaged as a result of the accident. 

In the case of uninsured motorists, the law in South Carolina protects you. If your vehicle is damaged by a hit and run or an uninsured driver, you must have coverage that is the same as your property damage coverage. Underinsured motorist coverage must be offered to you, but you are not required to carry that coverage. 

The state does not require collision and comprehensive coverage. However, if you lease your vehicle or have an auto loan, chances are the lender or lessor will require that you carry it.  

New American Insurance has the experience residents of Lexington, SC have come to appreciate. For top-quality service and attention to detail, we are the ones to call. Please stop by our office or give us a call to discuss how we can help you find the auto insurance you are looking for. 

Do I need commercial insurance for my home business

Starting a home business is a great way to stop working for someone else and start working for yourself. It allows a degree of flexibility that is not always possible any other way. Because you are doing business out of your home, you may think commercial insurance is not something you have to consider. That is a mistake. You need to protect your home business in many of the same ways you would protect any small business. At New American Insurance in Lexington, SC, we are independent agents who can offer our customers the most choices regarding insurance carriers. 

If you see customers in your home, you need to take a good look at business liability insurance. You may think that your home insurance liability will cover you, but it may not. You have an increased amount of risk having strangers in your home who may be injured and decide to sue you. 

If you use a vehicle for your business, commercial auto insurance is something to consider. While your business is located in your home, you want to keep your business finances and your personal finances as separate as possible. 

Business property insurance is vital to protect your business property. Your home insurance may have limited coverage, but running a home business can invalidate your home insurance. Depending on what type of business you are running, you may have inventory, business equipment, and raw materials in your home.  

When you are ready to discuss your commercial insurance needs, New American Insurance in Lexington, SC will be there to help you every step of the way. Other types of coverage may benefit your business beyond the ones discussed. Let us do the heavy work to find you a reliable policy to suit your needs. Please stop by or give us a call for a free quote. 

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