If you have a boat and love getting out on the water, boat insurance is a necessity. Not only for your own protection, but it can also protect you in case you are liable for an accident.
If you are on your boat and something unexpected happens, you want to be covered. A licensee insurance agent can give you more information regarding boat insurance and how it works. There are many coverage options available, and you can find one tailored to fit your needs.
If your boat catches fire or sustains some other type of damage, you could be out of pocket several thousands of dollars if you don’t have insurance. If someone on your boat is injured due to your negligence, you could be in big trouble. This is why you should find a policy asap.
At the end of the day, it’s all about financial security. You pay your monthly insurance premiums and a deductible to get repairs started. One thing homeowners should understand is that homeowners insurance and boat insurance are not the same things. Your boat is not attached to the land. It is something that you plan on putting out on the water. And the water is where accidents happen.
Even if your homeowner’s policy covers your boat, it won’t be the same as an actual boat insurance policy. Some carriers may limit the amount of coverage and may also have exceptionally high co-pays. There could be other limitations regarding the size and horsepower of your vessel. Never take chances. Always find out what is covered and what is not.
What boat insurance is designed to cover:
- Bodily injuries sustained by you or other parties.
- Property damage such as vandalism or theft.
- Property damage by your boat to another boat.
Policies are customized and specific to size, age, value, and type of boat. There are a variety of coverages to choose from and you will have an opportunity to explore your options.
In terms of certain types of damages like floods or hurricanes: it depends. Insurance coverages can vary wildly. Wind damage may be covered by a standard boat insurance policy. Other things like water surge during a hurricane could be different. It may also vary from state to state.
There are also strict regulations as to how and when you apply for boat insurance. For instance, you cannot decide to get boat insurance just before a hurricane strikes. Last-minute coverage is strictly prohibited in most states and if your boat is damaged, good luck on getting a payout.
It is advisable to look into boat insurance coverage before you purchase the boat. When the boat is moved, you should already have the insurance in place.
Be sure that your boat insurance covers you everywhere within the United States, Canada, and even outlying areas if you plan to travel in certain areas. The policy also covers your boat if it has to be towed or stowed for a while.
Reach out to one of our insurance agents to get more information.