Home Property Insurance

Part 2

By Davanand Bahall

Insuring home property is a serious matter for people who are concerned about the assets they have accumulated. Insuring big ticket items such as boats, yachts, and aviation equipment gives owners of those properties the peace of mind that if a disaster strikes, they are covered and they don’t have to watch years of planning go down the drain.


Many people plan meticulously for the type of home owners insurance they choose. The same type of planning should also be applied to home property. Outside of the value of your home, home property is by far the second most important asset in many people’s financial portfolio.


Read the information below to find useful information when you set out on your journey to find the right insurance for your valuable home properties.

Aircraft Insurance

Aircraft insurance policies are written on an agreed value basis. The owner of the aircraft and the insurance company negotiate the value of the aircraft and insure the aircraft accordingly.

If possible, the owner of the aircraft should avoid over insuring or under insuring his aircraft. The rule of thumb when insuring an aircraft is to insure its value so that if an accident occurs the owner of the aircraft can replace it with one that is the same make and model. To avoid over or under insuring your aircraft, have your insurance agent evaluate the value of your aircraft when it is to time to renew your policy.

Aviation Insurance

Aviation insurance and aircraft insurance are sometimes used interchangeably. Aircraft insurance generally outlines the value you will receive if your plane is damaged. Aviation insurance outlines what the amount paid out if passengers are hurt or baggage is damaged in the event of an accident. There two broad terms used in aviation insurance, liability and aircraft third party liability.


Liability insurance determines the value the policy will pay if passengers, baggage, and cargo are damaged if an accident occurs.

Aircraft third party liability determines how much the policy will pay if there is damage done to property or people outside of the plane.

Boat Insurance

Boat insurance comes in a variety of packages. When choosing boat insurance, as with choosing any insurance policy, choose the policy that best fits your budget.


All boat insurance is not the same. Many boat insurance companies only insure certain types of boats, so before requesting a quote from a company, ensure that your boat is on their list. This can be done be calling the company or by going on-line.


There are two general insurance policies when purchasing insurance for your boat, Actual Cash Value (ACL) and Agreed Amount Value (AAV). ACL pays out the value of your boat minus depreciation, much like that of car insurance. AAV typically pays the boat owner an agreed cost of the boat (determined by book value, listings, etc.) and equipment after calculating depreciation.

Boating Insurance

Boating insurance is for individuals who rent their boat out for use. Boating insurance protects you the owner from damage to your boat as well as passengers on the boat. When shopping for boating insurance, take the following items into account: time spent on the boat by passengers, length or trip, and potential obstacles in the path of the boat.

Yacht insurance

Yacht and boat insurance differ because of size and exposure. Yachts are generally 27′ or longer and they travel much greater distances than boat, therefore a yacht insurance policy resembles that of an aircraft insurance policy. The insurance company and the owner of the yacht negotiate the value of the yacht and insure the vessel accordingly. When shopping for yacht insurance, it is best to insure the vessel for the amount of the purchase price plus any upgrades.

Marine Contractors

Businesses or individual contractors that perform maritime repairs should obtain marine contractors insurance. Marine contractors insurance protects you in case of an injury or damage done to a property on which you are working. There are many companies that are in this specialty insurance field and it’s best to call around or comparison shop on-line to receive the best possible quote and coverage for your needs.

Marine Insurance

Marine insurance covers losses of a vessel or cargo. It also covers any damage pertaining to maritime structures such as ports, platforms or pipelines. Marine insurance is wide and varied, and at times may cross into the territory of boat or yacht insurance. One differentiating factor is marine insurance is generally reserved for ships that carry large cargo. This being the case, marine insurance is not typically sold to individuals but to companies responsible for hauling cargo across open water.

Yacht Charters

Yacht owners who are interested in chartering their yachts out to different individuals for trips should look into getting yacht charter insurance. Yacht charter insurance protects boat owners from damage incurred to their boat, other people’s property or any unforeseen event that may happen when your boat is chartered for personal or public use. Charter insurance can cover any number of entities but the most common are crew coverage, passenger medical payment and personal effects.

SR22 Insurance

SR22 insurance is a form of motor vehicle liability insurance that is required if your license is suspended and you wish to have your license reinstated. If the insurance lapses for any reason, the insurance company is required to notify the department of motor vehicles, who then suspends your license until your SR22 insurance policy is brought current.


Not all insurance companies offer SR22 insurance. When shopping for SR22 insurance it is best to call or go on-line to inquire whether the company you are interested in doing business with offers this type of coverage.