Many dream of a nice and relaxing day on the water in a beautiful boat, maybe fishing or simply watching the sunset with a loved one. However, a boat is usually one’s larger financial investment, though it certainly pays back in emotional currency for the years of lovely usage and enjoyment. There is no denying, however, that accidents and other challenging events can and do happen. Should you as a boat owner be exposed to such an event, you may indeed find yourself deprived of the source of such terrific leisure and recreation in no time flat if not properly protected with good boat insurance.
Like other forms of insurance, a boat policy is an agreement that you make with an insurance provider. In return for a promise to assist you financially with certain losses that are often experienced by boat owners, you simply commit to paying a monthly premium and whatever agreed upon deductible. Normally watercraft like canoes and kayaks will not be under such a policy, but vessels such as fishing boats, pontoon boats, sailing boats, yachts, powerboats, ski boats and even paddle boats will be.
There are many kinds of insurance coverage you can choose for your boat. What you decide upon will often come down to the level of security and protection you desire and, of course, your monthly budget. A typical plan will compensate for damage that might happen to aspects of the boat like the hull, the sail, motors and other mechanical fixtures, furnishings, and even the trailer. There is also coverage often available for injuries sustained on the boat. If you desire more comprehensive coverage, there are other offerings, such as protection for onboard fishing equipment, personal property, injuries inflicted by an uninsured boater, towing, severe storm haul-outs, etc.
Many have the erroneous assumption that homeowner’s insurance will provide the needed coverage for their boat. While indeed this is not entirely false, this coverage is usually very limited and will not give you anywhere near the coverage required to handle the overall value of your boat. Find out more by speaking with one of our insurance pros today!