Insurance guys...info needed
 

We are in the process of looking at all of our insurance policies (home, auto, toys) and we have a company quoting our homeowners policy that says it will be cheaper to lump our boats and unlicenced rv's into our homeowners policy. We are not talking about high performance boats just a pontoon, runabout, two pwc's, and two snowmobiles. Obviously there is a plus side for doing this...saving some $$, but is there a down side I'm not seeing??

Having all of your eggs in one insurance basket could cause you a problem, IF you get a bad moving violation. If you get a DUI or Reckless, or something like that; your insurance carrier could deem you a "higher risk" on all of the vehicles that you insure through them. In turn, they could jack up your rates accordingly, or even drop you/some vehicles.

That's about the only downside.

The best upside aside from savings; is such that an Umbrella Policy works pretty well when you have everything under one roof.

I currently have all our personal insurance with one company now, just individual policies on everything. Good idea with regards to the umbrella policy.

insurance packages
 

I write many policies for high net worth people with everything on one bill with AIG PRIVATE CLIENT GROUP including multiple homes,all their cars including collector cars,yachts,jewelry,and a 5 million dollar umbrella.I find that these people like having to write just one check for all these policies instead of separate checks for each one and it has become such a big part of our agency that we have 2 full time people involved with processing these policies.

I would just make sure that there is some liability coverage if you lump it together.

I know when we were young our old V-20 Wellcraft was covered under homeowner's, but my father would always carry some liability in case someone got hurt or if there was an accident, especially one with injuries.

If it is all small stuff like you mentioned then the financial risk of losing the vessel isn't that much but the liability is still great.

Thanks for the info and ideas