how can specialty insurance help you?

how specialty insurance helps you
May 29, 2018
By Safeco
The facts on specialty insurance
You might have heard the term before—"specialty insurance"—and thought it wasn't for someone like you. After all, it sounds more like the insurance athletes buy to cover lost income in case of a career-ending injury, or coverage that billionaires get for kidnapping or extortion situations.

Yes, those policies really exist. But when you hear Safeco or your independent agent talk about "specialty," it means something quite different: It means protecting your labors of love and lifelong passions (even if you're not a billionaire).

Do you have a motorcycle? A boat? What about a classic car or an RV? Maybe you own a home that you rent out.

In all of those instances, you need the additional protection of specialty insurance.

Why do I need it?
Unique situations and specialized items, such as motorcycles and boats, need specialized protection that go beyond what standard auto and homeowners policies can provide. For example, if you are a landlord and you decide to evict your renters, you could be sued. A homeowners policy doesn't cover that—but a Landlord Protection policy does.

If you have a boat, your state might not require you to have insurance for it. But homeowners policies often only provide limited coverage (if any), and they usually don't cover injuries or accidents that happen on the water. Watercraft coverage protects you against theft, liability and more.

Perhaps the most common specialty coverage is umbrella, which provides an extra layer of protection beyond your home and auto policies. Say you're responsible for a crash with multiple injuries. Your auto liability limits likely aren't enough to cover all of those expenses, which means you could be on the hook for the additional costs. An umbrella policy is designed to kick in at that point, paying the amount above your other policy's limits.

Why choose Safeco for specialty?
At Safeco, we can cover just about any of your "toys"—boats and watercraft, motorcycles, classic cars, RVs, even golf carts and snowmobiles. And we'll provide the coverage you need if you're a landlord or simply want the additional protection of an umbrella policy.

Of course, most insurance companies would say that. Here are three reasons to choose Safeco:
  1. Our coverages are different. Two examples: For motorcycle policies, Safeco covers the replacement of safety apparel lost or damaged in a collision at no extra charge, and with no deductible. And classic cars and boats are insured for "agreed value"—that means in the event of a total loss, your payment is based on the value we agreed upon when you bought the policy, instead of some complicated depreciation formula.
  2. We can package your policies together, or provide just specialty coverage. Some companies require you to have an auto or homeowners policy in addition to your specialty policies.
  3. You could benefit from our single loss deductible. A big loss can impact multiple policies—a storm could damage both your home and your cars, for instance. But if you have a homeowners policy with Safeco to go with your other coverages, you’ll only have to pay one deductible, no matter how many policies are affected.
If you've got toys to protect, you're a landlord or you simply want the peace of mind an umbrella policy can provide, talk to your independent agent about Safeco specialty today.

A Safeco Package includes a single loss deductible. In the event that a customer experiences a significant loss that is covered by their Safeco Home Policy, deductibles for other Safeco policies also affected may be waived once the home deductible is paid.