Learn the basics of boat insurance.

If you’ve recently purchased a boat, then it’s vital that you secure the right insurance to protect yourself as you hit the open water this summer.  Not sure where to even begin when it comes to securing boat coverage?  Then read on to learn the basics of boat insurance.

Do I Need a Separate Policy?

If your boat is small and has limited to no power, then there is a good chance that it will be covered under your existing homeowners insurance.  Generally, homeowners insurance will extend liability coverage for small boats with limited horsepower.  For instance, canoes, small sailboats, and small power boats are often covered under home policies.  However, it is important to understand that this coverage is subject to relatively low coverage limits.  Boat owners have the option to secure additional boat insurance endorsements to increase this coverage.

When You Need a Specialty Boat Policy

You will have to secure a separate boat or personal watercraft policy if you need more coverage than what’s offered by your home insurance.  For instance, if you need to cover equipment such as fishing gear, boat covers, fenders, or navigation and communication equipment, then you will have to secure a boat insurance policy.  You will also need a separate boat insurance policy is your boat is larger and/or capable of reaching speeds higher than 25 mph.

Boat insurance policies include coverages for the following:

  • Liability
  • Medical payments
  • Theft
  • Physical loss or hull damage
  • Machinery
  • Fittings
  • Furnishings
  • Permanently attached equipment
  • Towing assistance
  • Uninsured boaters

These are some of the basics of boat insurance that you should know.  Do you have additional questions on how to secure the right coverage for your boat?  If so, then contact the professionals at Powersports Insurance Agency.  Our dedicated agents are ready to assist you with all your motorsports equipment insurance needs today.


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