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Does Every Boat Need Insurance?

Outboard Motor Boat Prop

So you bought a boat – have you begun exploring your insurance options? As fun as boat ownership may be, it is not without its risks. Even if your boat is small, and you only hit the water a few weekends out of the year, just one unexpected incident can cost you thousands of dollars in repair and liability expenses. Worse yet, your homeowners insurance will likely not cover your loss at all. Continue reading to find out more about boat coverage and whether you might benefit from a watercraft insurance policy.

Not Every Boat Needs a Separate Insurance Policy – But Some Do

Many boaters are confused as to what is covered under a standard homeowners insurance policy and what isn’t. While it is true that some homeowners policies may offer adequate coverage for small sailboats and boats with small motors, there are often strict limitations as to what types of boats are covered. For example, a homeowners policy may provide coverage for your 15-HP fishing boat, but it won’t cover your jet ski, regardless of the size. Furthermore, the coverage provided may be limited.

In many cases, a stand-alone boat insurance policy that is separate from your homeowners coverage can provide the coverage you need and along with it, peace of mind. A personalized boat insurance policy is customized to fit your particular needs, taking the guess work out of coverage. Furthermore, many insurers will offer discounts for bundling a boat insurance policy with homeowners coverage, saving you money. In addition, many of our companies we are also able to endorse your boat protection needs to your homeowners policy.

Keep in mind that while it may be tempting to cancel your boat insurance during the fall and winter, with hopes that it will save you money, it is generally not a good idea. Even if your boat seems safe and sound in storage or sitting in your yard, a lot can happen when your vessel is out of the water. Fire, theft, flooding and vandalism are just a few examples of all that can go awry during off-peak season.

What to Look for in Boat Insurance

When you shop for boat insurance coverage, it is important to seek out a policy that is specifically tailored to your risk profile and lifestyle.

Boat insurance can be customized to fit nearly any lifestyle. Most policies will include liability coverage to help pay for the bodily injury and property loss your boat causes other people. Insurance can also include collision protection to repair or replace your boat if you are at-fault for an accident. Many boaters also elect for comprehensive coverage, which helps pay for non-collision losses, such as those caused by theft, fire or flood.

Insuring Your Boating Equipment

Do you own fishing gear that you store on your boat? Be sure your policy extends to cover rods, reels, fish locators and other personal belongings in addition to your vessel. Maybe you and your family are into water sports? Be sure to tell your agent about your skis, wakeboards, and other fun stuff you have.

Give Us a Call

For more information about boat insurance and whether it could be right for you, we invite you to contact one of our offices. One of our friendly agents will be happy to speak with you about your insurance protection options and help you find a policy that fits your individual needs and budget. Call now or use the simple, no-hassle form right here on our website to request your free quote today. We look forward to serving you soon.