Boats, ATVs, motorcycles, scooters, golf carts.   Now that you are a grown up, there is a good chance you own one of these toys!  Many people assume that their homeowners insurance policy will provide automatic coverage for these types of items, but that is not always the case.  The way you are using your toys determines what type of coverage you will need for them.  Some items are covered under your homeowners policy if you use them solely to service your residence premise.  And, some items are covered automatically for physical damage coverage if they are in dead storage.  Other items will require separate insurance policies.

If you own an ATV or a golf cart and you take it off your property to head down a public roadway, you most likely need a separate policy.  The moment you enter a roadway, your homeowners policy coverage ends.  Imagine for a moment that you hop in your golf cart to run down the street to the gas station for a bottle of water.  You are crossing the street and hit a pedestrian that is on a bike.  Would you have enough cash on hand to pay for their medical bills?  Many people do not.  If you carry a separate liability policy for the golf cart or ATV, your insurance policy would be able to help you pay for that party’s medical bills.

If you park your motorcycle in your garage and your house burns down, would you want to replace it?  Many people assume that their homeowners policy will cover items in the garage.  It is important to keep in mind that many homeowners policies do not provide coverage for items with wheels or motors unless they are truly in dead storage.  It is much safer to purchase a separate policy that provides physical damage to cover these items.

Take stock of what you own and how you use it.  After you have done so, check with your insurance agent to make sure that your items are properly insured for the ways in which you use them!