What Is Specialty Insurance And Why Is It Important?
When most people think of insurance, covering costly items like homes and cars comes to mind. However, there is an array of valuables that also require coverage.
Not to mention, an unexpected occurrence can put your assets in jeopardy of being damaged at any time.
Luckily, specialty insurance helps to safeguard precious commodities. No one likes to lose something that’s meaningful to them, but unfortunately, it happens.
Items that hold sentimental value can never truly be replaced.
However, it’s comforting to know there are provisions in place in case something goes wrong. Let’s learn more about specialty insurance and why it matters.
What is Specialty Insurance?
The definition of specialty insurance is described in its name.
Okay, that sounds like a vague answer, but it’s an accurate definition! It’s the type of insurance that covers items that are unique or destroyed by unusual events.
Essentially, any property or asset that’s of value should be insured. Even cell phones and electronics have coverage plans nowadays because they’re considered valuable.
Plus, if something happens to those possessions, there’s a plan in place to help replace them.
Well, that concept applies to specialty items as well. It’s good to have coverage on your health, home, and car… but what about the other things you’ve worked hard for?
Examples of Specialty Insurance
If you’re still not fully understanding the purpose of specialty insurance, it’s okay. Below, is more detailed information about to help you out:
Marine Insurance
Take a boat, for example, not everyone owns one, but those who need insurance on it. It’s a costly item that’s prone to damage due to an accident or natural disaster.
Therefore, boat owners benefit greatly from having marine insurance on their watercraft; especially for those in Ocean City, NJ.
Boats and yachts are high-priced items that are devastating to lose and need to be insured just like vehicles. After all, they’re aquatic automobiles, aren’t they?
Business Insurance
Businesses are an essential part of the economy and require the type of insurance that can help them recover as much as possible.
Office buildings and other commercial locations take a huge hit when they suffer loss, so having specialty insurance is essential. Not only is the corporation impacted when something happens, but the employees are too.
Therefore, the quicker things can get corrected, the better it is for everyone.
Auto Insurance
You might be thinking, what’s so special about auto insurance? Well, we’re glad you asked.
Those who have classic cars often have more of an interest in their cars’ protection. Not only is their vehicle rare, but they usually invest lots of money into them.
Imagine spending time remolding an old vehicle and spending lots of cash on it; wouldn’t you want it protected?
Not to mention, it’s not as easy to replace a classic car as it is a modern one. Therefore, it’s necessary to have the proper amount of specialty vehicle insurance.
The same thing goes for exotic automobiles, too. When it comes to high-priced cars like Ferrari’s and Porsche’s, a standard policy won’t cut it!
Flood Insurance
Sadly, most standard insurance policies don’t cover flood damage and separate flood coverage is needed.
Flooding is one of the primary reasons for destruction to homes; which could destroy the structure, plumbing, electrical outlets, and more.
It takes a lot to regroup after severe damage occurs, so specialty insurance is necessary.
Umbrella/Excess Liability Insurance
There are times when things happen in life that out of your control. Although you might not expect certain events to happen, it’s good to be prepared just in case.
Luckily, umbrella insurance covers claims that extend past your standard policy for home, auto, and marine coverage.
Furthermore, it also protects those who are not members of your household. So, if your neighbor comes over and hurts themselves while in your home, this type of insurance would cover their medical expenses.
It also comes in handy when others try to sue you…
For instance, if your child has a birthday party and all of the kids get food poisoning, the parents could take legal action. In an unfortunate situation like this, your excess liability insurance saves you.
The primary purpose of this kind of specialty insurance is to protect yourself and the things you’ve worked hard for. Let’s say you are sued, it could completely wipe out your retirement and savings account—which is tragic.
Of course, no one wants legal action taken against them, but it’s best to have coverage just in case.
Are You Thinking About Getting Specialty Insurance?
It would be nice if nothing bad ever happened, but that’s not life. Since you can’t prevent unfortunate events from occurring, the best thing is to do is to be prepared.
Even if you never have to use your specialty insurance, peace of mind is everything. You’ll sleep better at night knowing you are covered and your family is protected.
Our goal is to be there for you during the good times and the bad. We look forward to partnering with you soon!
When loss or tragedy strikes, we want to be here to help you bounce back.
We have multiple locations in the New Jersey area including Ocean City, Marmora, and Cape May. You can stop by one of our locations and an agent will be happy to talk with you.
If you want more information about how we can assist you, feel free to contact us.