Boat insurance is a smart investment for anyone who owns a boat. It’s the perfect way to protect yourself from the loss of your investment. Insurance is not required for a boat, but it is a good idea. Accidents happen all the time, even on the water.
Insuring your boat is the same as insuring your house or car. You pay a monthly premium, and the insurance company helps you recover certain losses following mishaps. Crafts such as canoes and kayaks are not typically covered, but some of the vessels that are include pontoon boats, fishing boats, yachts, paddle boats, and pleasure boats.
The coverage you choose depends on the level of security you want and how much you’re willing to pay. A typical plan covers damage that occurs to the hull, sail, machinery, furnishings, motor, and trailer. There is also coverage for you in the event you are injured on the boat. There are additional benefits you can request, including coverage for fishing equipment, personal property coverage, coverage for injuries caused by an uninsured boater, towing options both on and off the water, hurricane haul out, and ice/freeze coverage.
Keep in mind that your home insurance will not adequately insure your boat. Some home policies can include boat coverage, but it’s very minimal. And it usually only applies if your boat is sitting on your property, and not out on the water.