properties must be insured with separate limits of insurance
and disclosure of address even though attached to principal
home, condo or apartment. Liability extensions are necessary.
coverage may be limited to that of basic fire and weather
related coverage or that of "all risks" depending
on the plan selected . Outbuildings, garages, boathouses
or cabins must be declared and limits assigned . Most
policies of this nature do not have inclusive limits
as might be attached to your principal home. Policies
are usually based on actual cash value (not replacement
cost) with limits set for each building and its contents.
Boats, canoes, motors, and personal watercraft must
be insured separately. Consult your principal residence
policy. Extensions apply which may give small vessel
and motors coverage up to $1,500.00.
in rural locations or on islands are usually at great
risk of a total loss, therefore it is vital to have
insurance in place based on the full value. Even a vacant
lot should be listed for inclusion under the third party
public liability coverage.