Perhaps you have a lake cabin and like to tow water skiers or tubing enthusiasts.
Maybe you have the party boat and every Fourth of July you load up your vessel with guests, food and libations.
Make Sure You Have Boat InsuranceÂ to Weather the Storm
Water activities are a great way to bring people together, but it is important to remember that accidents, injuries and fatalities do happen, especially when alcohol is involved.
To get the right coverage that will protect your financial investment, work with one of our independent agent and our partners at Trusted ChoiceÂ®. Our agents knows the risks and regulations in your area can help ensure that you are fully covered when you head out on the water.
What Does Boat Insurance Cover?
The exact boat coverage you need depends on multiple factors. Small boat insurance is very different from yacht insurance, for example. However, for most types of boats, the three kinds of coverage in a basic boat insurance policy include:
- Bodily injury liability for expenses related to the injury of another person
- Property damage liability for expenses related to harming another personâ€™s property
- Physical damage for damage to your own property, including your boat and trailer.
What Kinds of Boats Need to Be Insured?
You can insure just about any kind of vessel, whether you have a yacht, speed boat or personal watercraft (PWC) like a JetSki.
Every type of boat has the potential to be stolen or damaged, and can be involved in an incident that results in harm to another person or their property. Even if your boat is docked or stored in your garage, it can potentially be vandalized, damaged in a fire or storm, or stolen.
Many owners of small watercraft such as canoes, rafts and kayaks assume they will be covered under a homeowners or renters policy. This may be the case, up to a specified limit in your home policy. However, when itâ€™s time to make a claim, you donâ€™t want to be surprised to find out that this limit is not adequate to cover the value of your investment.
Be sure to consider the amount of coverage you would need to repair or replace each of your boats and recreational vehicles if damaged or stolen and ask your agent to help you get the right coverage for those items.