Summer is synonymous with fun activities! It’s the prime season for swimming pools, vacation travel, and sending kids off to college. With all that excitement, however, it’s easy to overlook the potential risks lurking in each of those pursuits. Before heading out on your next adventure, we hope you will heed some of our advice.

When planning a vacation, for example, consider a variety of “what ifs” … What if you fall critically ill during your vacation and need to be flown home for medical treatment? What if you need to cancel your trip at the last minute? What if your baggage is lost or stolen? What if a hurricane hits your beach resort, and you need to evacuate? The list goes on.

Know what is and isn’t covered under your insurance plans before you book your trip. Even if you only take an annual summer vacation, it’s important to consider the distinct types of travel insurance so you can protect yourself from having to pay out of pocket when something goes wrong.

For example, be sure your plan covers trip cancellations and interruptions as well as medical evacuations. If you get sick right before your trip and decide not to go, you won’t get a refund without insurance. Even more troublesome is having a medical emergency when you’re out of the country, especially when there are language barriers. A client of ours became ill on a cruise and was taken to the next port, which happened to be in Russia. Her son had to consult with the American Embassy to figure out how to get her out of there and to a good hospital. With the right protection, you can instruct the service to talk to your doctor, if necessary, and pay for the evacuation.

PEACE OF MIND ON THE ROAD

For frequent business or pleasure travelers, Magis Insurance Group offers a product from Chubb called Passport 360, a travel accident insurance policy that provides comprehensive coverage 360 days a year and comes with other travel services like legal assistance and emergency medical care. We also representTravel Guard, the country’s leading provider of travel insurance plans and assistance programs. International travelers may opt for the Travel Guard Gold Plan, which includes 24/7 travel assistance services, coverage for medical expenses, trip cancellation and interruption, lost baggage, baggage delay, severe weather, strike, and medical evacuations.
So what does your homeowner’s insurance cover? Most homeowner’s and renter’s insurance policies include worldwide coverage for your possessions; so, if someone steals your luggage at the airport or breaks into your hotel room to take your valuables, you’re probably covered. Same goes with a vacation home you’re renting for the season (or any length of time) — your personal property is protected there, too. An airline, however, will only reimburse you for the weight of your lost or stolen luggage — not the actual contents’ value.
Personal liability is another piece of your homeowner’s policy that you need to understand. That liability protection extends to your vacation rental, though there could be limits that leave you vulnerable to a large payout should someone get injured or something get damaged.

MANAGING THE RISK OF RENTALS

Should you buy extra coverage from car rental companies? Before you answer ‘no,’ consider the limits of your current auto policy and any protection offered by your credit card company. If you don’t own auto insurance or if your auto policy doesn’t include collision damage, buy the coverage offered by the rental car company. If you cause an accident while driving the rental car, you’ll be glad you’re covered!
Renting boats, jet skis, AIMS, snowmobiles, and similar forms of recreation may be a favorite thing for your family to do on vacation but be careful. Know what you are responsible for versus what your homeowner’s insurance covers, so you can make informed decisions.
If you own a boat, thenmost non-owned boats are an extension of your current policy. If you don’t own a boat, however, standard homeowner’s policies typically cover short-term rentals of boats, RVs, jet skis, etc. when used on vacation. However, if you rent a large boat and scrape it while you’re docking, the cost of damage can be bigger than your coverage! So, read your policy limitations.

PROTECTING KIDS AWAY AT COLLEGE

By mid-August, college-bound kids are packing up and parents are left wondering whether this change in residence affects their children’s insurance coverage or not. Many auto insurance providers offer a credit when the student is staying at a college located 100 miles or more from your home and isn’t driving while on campus. When the student is living on campus, your homeowner’s policy most likely covers their personal liability and contents.
Look at the deductible, if it’s too high, you might want to consider getting separate coverage for your child while they are living in a dorm.
Living off campus is more complex. Everyone on the lease needs renters insurance, which covers for fire, theft, water damage, asbestos, lead, and more. Do not co-sign on the lease for your child because you will be legally responsible for whatever happens. You must understand your liability coverage. If your child throws a party in the apartment and someone gets injured — even if it occurs after they’ve left the premises — you could be sued. In lieu of co-signing on the lease, agree to be a financial guarantor, which means the landlord will be able to collect the rent from you if the student doesn’t pay.

No matter where you go this summer, it’s smart to give serious thought to how well you’re protected. Then, you can venture out with greater confidence and focus entirely on the amazing experience !

If you would like to discuss your policies and be prepared for the summer months ahead, give us a call at 484-588-2711