Hot off the presses—Wisconsin has jumped from eighth to third in an annual ranking of states’ bicycle friendliness. We are also home to beautiful lakes and rivers and boast a comprehensive state park system. You needn’t go far to enjoy biking, hiking, camping, boating, and all-terrain vehicle use. Before heading out, however, make sure you have adequate insurance. Summer recreation poses some unique risks.
Often a basic homeowners insurance, renters, or your auto policy will cover some kinds of loss, even when away from home. The devil is in the details, however, meaning that the kind of coverage or amount of coverage you currently have may fall short of what you need.
- Summer recreation equipment can be expensive to replace. Bikes, tents, golf clubs, paddles, life preservers, anchors, fishing tackle . . . the list goes on and on. These items likely took years to accumulate but could be gone in a heartbeat if your cabin is burglarized or severe weather strikes.
- Vacation is not just the destination, but also the journey. Insurance-wise that means you need to be concerned about coverage for your boat, ATV, and equipment in transit as well as on the lake or trail.
- “Roadside” assistance takes on a new meaning when your “road” is down a trail or on a river.
The upshot is that a quick call to Homewood is a good idea. I’ve advised clients on insurance matters since 1989. Like you, I enjoy Wisconsin’s summers and can advise you on the risks and potential expense resulting from a vacation mishap. I will summarize the coverage you have and need:
- Comprehensive insurance to cover loss from vandals, fire, theft, or summer storms
- Collision insurance to cover loss from hitting a car, dock, tree
- Liability insurance if you injure another or damage another’s property
- Underinsured or uninsured insurance
- Personal property insurance
- Towing or roadside assistance
Whether you rent or own a cabin, use a tent or pop-up camper, or travel by RV, you are often carting equipment and heading to lakes, rivers, or trails where you can have an accident. Mishaps are inevitable, but devastating financial repercussions are not. If you have the right insurance, you will recover financially more quickly.
Monty knows the ins and outs of coverage. For example, your homeowners or renters policy may cover a small motorboat or sailboat but not a larger one. These are critical distinctions. Likewise your existing policies likely cover personal property while away from home, but the applicable limits or deductibles may call for adding a rider or separate policy to make sure you are adequately covered.
