Living in Florida, there is nothing more fun or exciting as boating in the summer. It is no wonder that 75 million people participate in recreational boating in the United States according to the 2012 data from the National Marine Manufactures Association. However, many people are confused and not sure as to what boat insurance is and why they need it. Below are just a few basics to get you started.
If you are new to boating, you may think that your homeowner’s insurance policy will magically stretch to cover your boat. Sadly, this is not the case. Your boat has absolutely nothing to do with your home’s policy, just like your car can’t be covered under your homeowner’s policy. Boats are unique and require a separate policy. However, depending on the carrier, you might be able to bundle your boat policy with an auto or homeowner’s to receive a premium discount.
In some ways, your boat policy is a combination of a homeowner’s and auto policy. Like home insurance, a boat policy covers you for liability if someone is injured on your watercraft and gives you the choice between replacement cost or actual cash value in a total loss. Like auto insurance, boat coverage typically includes coverage for bodily injury that your boat inflicts on others, and property damage your boat inflicts in a collision with a dock or another boat. You can also purchase comprehensive coverage against theft, vandalism, fire and flood, personal property coverage for your fishing gear, uninsured boater insurance, and even roadside assistance in the event you need a tow.
Now you know some of the basics of boat insurance. If you have further questions about boat insurance and what is covered or not, please call our agency and one of our representatives can you help you. .