If you have a boat, you already know that it can cost a small fortune for the luxury of spending your summers and weekends on the open water. When you consider the cost of your boat, gasoline, fishing licenses, boating equipment, insurance, and “miscellaneous” expenses, it all adds up pretty quickly. While we cannot change the price of gas, we can help you find the insurance coverage you need without breaking the bank.
Saving money begins by understanding boat insurance coverage and the benefits it provides for personal property damage, liability and bodily injury losses. Is your homeowners coverage enough? Do you need a separate policy? Continue reading at reisgency.com to find out.
Do I Need Boat Insurance if I have Homeowners Coverage?
Homeowners insurance covers many things, but most policies provide very limited coverage for mobile vessels – including boats. Much like cars and trucks, which are stored at home but operate outside the home, boats typically require a separate policy to ensure adequate coverage. Some standard exceptions generally include non-motorized sailboats under 26 feet in length and motorized vessels that do not exceed 25-horsepower. Even then, however, homeowners insurance may only provide limited protection, such as if your boat is lost in a house fire or stolen from your garage. Your coverage will likely vary depending on the insurance company providing the coverage.
The reality is that most boaters need far more coverage than is potentially provided by their homeowners, renters, or condo owners insurance policy. Since boats are mobile vehicles, much like a car or truck, they are capable of inflicting serious bodily harm and causing extensive property damage. In fact, when you consider there are no “roads”, bright centerlines, or seatbelts, it is not hard to see why. Boating accidents occur every day during the warmer months of the year – many of them at high speeds. In 2012 alone, the United States Coast Guard reported 4,515 boat accidents that incurred more than $38 million in property damage and thousands of injuries.
Those with adequate boat insurance protection receive reimbursement for damages to their personal vessels, as well as coverage for financial liability when they are at fault for property loss or bodily injury sustained by other people. Not only does this provide payment in the event that you are sued, but it can also help cover your legal expenses and the cost of any settlement or judgment you incur.
In addition to collision and liability protection, extended coverage is also available for boat owners. For example, Comprehensive boat insurance can provide reimbursement for loss or damage not associated with a collision. If your boat is struck by lightning or is stolen at the dock, boat insurance can compensate you for your losses. Coverage is also available that extends to equipment stored on your boat, such as life jackets, water skis and even fishing gear.
Boat Insurance Costs Less Than You May Think
Boat insurance liability insurance can be customized to fit your needs and budget. As reported by the Insurance Information Institute, you have options as to what limits you wish to carry. Your can also choose a deductible that fits your budget.
If you are unsure as to how much coverage you need, we will be happy to review the options with you. We invite you to contact us to schedule a consultation or request your free boat insurance quote online. We look forward to serving you soon.
Enjoy the rest of your summer!