stormbauer

I have a question, currently have a cat that is in stroage at my house in heater garage. Not sure when will be using it 1-2 years or maybe even selling? Can I get a policy that will cover just fire/theft?

Ran-Dom 32

I don't think so, not in Ontario anyway, I'm a broker, I would let the policy lapse if your not going to use it & it's safely stored

stormbauer

Seems odd that I cannot just insure for fire and theft, Use to do this years ago with cars that I only drove in the summer!

Wozencraft

Some carriers offer what is called "Port Risk" which would cover a vessel for what you are looking for. However, this is typically only found on yacht & sailboat policies. If you have a policy that offers Lay-Up, I would recommend increasing it to the maximum number of months allowed to decrease the insurance premium.

Hope this helps.

Let me know if my office could be of assistance in the future.

Devin Wozencraft

WakezoneINS

Markel offers a storage and transit policy. Basically, this is an inland marine policy that covers the exposures/losses that would occur while storing or transporting the boat. You can contact any Markel broker to get a quote. http://www.markelmarine.com/find-an-agent/

stormbauer

Thanks Stacy that is exactly what I was looking for.

WakezoneINS

No problem! My pleasure. Give me a shout when you're ready to put full insurance on it and we'll get you some rates! Talk to you then!

BY U BOY

Would your home owners not cover it?

WakezoneINS

If your boat is valued at more than $1000 (some policies up to $1500) then no. Homeowners policies do not cover any type of vehicle, Recreational vehcile or watercraft even while stored in the garage unless it is specifically endorsed to your home policy for the full value of the boat.

Many people assume that when they store their boat in the garage, it is covered by their home insurance when in reality it is not. If the home burned down with the boat in the garage. Your homeowners insurance would give you the policy sublimit ($1,000) and that is it.

If you read your home policy, you'll find the exclusion and the sublimit on the policy form.

Good rule of thumb, if you can insure it on a separate policy, it is not covered by your home insurance.

Examples:

Jewelry worth over $1500, Fine Arts, Silver etc
ATVs
Motorhome
Motorcycles
Boats
PWCs
Autos including antique collector cars

seafordguy

I am not too smart, but I don't think you can have an umbrella policy cover anything that is not covered by an underlying policy.