Boat insurance is specifically designed to address any losses associated with marine equipment, transport trailers or jet skis. All policies can be customized to meet your specific protection needs and lifestyle requirements.
Who is it for?
Anyone who owns a boat should consider getting this form of coverage as financial protection. If you currently have boat insurance, know that it will only cover losses up to a certain point. Any losses over the coverage limits provided for in the boat policy will have to be handled out of pocket. These losses can get to be quite costly for the boat owner, so additional protection designed specifically for the boat is strongly encouraged.
How it works
The typical homeowners insurance policy only covers damage to a boat if the incident happens on the property. Boat insurance offers a higher level of coverage for boating accidents and property damage that can occur while on the water, in transit or physically parked at another location. A typical policy will cover emergency services, protective repairs, hurricane emergency removal, and recovery charges.
Different types of coverage
Liability coverage protects against bodily injury or property damage claims made. Additional coverage options handle personal effects, fishing equipment and any clothing or other personal effects. Of course, the more specialized equipment contained on the boat, the more coverage you will want to purchase. There are also coverage options for partial losses involving a boat that don’t count against the specific policy.
This type of policy covers the boat while it is in storage, in transit, or in the water. The protection offered handles any form of loss. Most boats represent a significant financial investment. Those who own boats valued at $10,000 or more can avoid out of pocket expenses for claims if they have boat coverage in addition to homeowner’s insurance protection.