Having a boat is an exciting experience, but it also comes with a lot of responsibility. You need to make sure that you have the right insurance coverage to protect your boat and its accessories. While a homeowners insurance policy may provide some coverage for a small boat, motor, and trailer, it does not include liability insurance. The size, type, and value of your boat and the water in which you use it will determine the type of insurance you need and how much you will pay for coverage.
It is important to get the best boat insurance to protect your memories on the water. You may be able to add boat liability coverage to your home insurance policy for an additional fee. However, this coverage is limited and may not be enough for your needs. As your boat ages, your insurer may require you to purchase a policy with real cash value, which can offer substantial savings. The amount of boat insurance you need depends on several factors such as the age, engine size, value of your boat, lender requirements, marina requirements, state requirements, and intended use. Boat insurance is not mandatory in all states, but it is highly recommended.
A home insurance policy provides limited coverage for your boat if it is damaged or vandalized. The type of policy you need depends on the type of boat you have such as a jet ski, deck boat, or yacht. If you have an accident while operating a boat under the influence of alcohol, your insurance company may only pay a liability claim against you. If you store your boat during the winter season when it cannot be used, you may be eligible for discounts on your policy. Many insurance companies offer boat insurance such as Allstate, Nationwide, Progressive, State Farm, The Hartford and USAA.
Boating-related disasters can occur due to traveling too fast for weather or water conditions, driving under the influence of drugs or alcohol, not following boating rules and regulations, carelessness and inexperience.