Summer is here, and the water is calling! Each year more than 84 million Americans take to the rivers, lakes, and oceans to enjoy some quality time on their boats. That’s more than 25% of the population! Maybe you’re one of them, or plan to be soon. Whatever the case you should be sure that you and your watercraft are covered this season!
What Policy Covers Your Boat?
Contrary to what you may believe, your homeowner’s policy will not provide adequate coverage if an accident happens with your boat. More importantly, homeowner’s policies have strict requirements and limits placed on boats trailered on your property; they won’t provide any coverage beyond your driveway. That is where boat insurance comes into play.
What is Boat Insurance?
Well, it’s exactly what it sounds like. Your boat, just like your home or automobile, cost your hard-earned money, and you should have the peace of mind knowing your property is protected from risks. As we mentioned earlier, homeowner’s policies simply don’t provide enough coverage, but boat insurance fills those gaps.
What Does Boat Insurance Cover?
Depending on your needs, boat insurance covers a wide variety of risks. Let’s take a look at a few:
- Liability Coverage – similar to the liability coverage on your automobile insurance, this is meant to protect you financially if you cause damage to property or injury to persons with your boat. T
- Property Coverage – this coverage is meant to protect your boat from damages or theft. This may include a sinking or an accident on the water or while trailering your boat to the landing.
- Medical Payments – this will cover you and your passengers’ medical bills in the event that injuries are sustained in a boating accident.
- Additional Coverages – you can also choose to include added coverages such as trailer coverage, towing and transit coverage, ice and freezing coverage, fishing charter and guide coverage, and much more!
What Doesn’t Boat Insurance Cover?
Just like any insurance policy there are certain exclusions that are not covered by a boat insurance policy. Depending on the individual, many folks will obtain excess coverages to make sure some of these exclusions don’t cause problems down the line. This may include:
- Faulty design or manufacturer defect
- Overuse or misuse
- Damage caused by insects and wildlife
- Mold and corrosion
- Normal wear and tear
Do I Even Need Boat Insurance?
Is it required? Not likely; Utah and Arkansas are the only two states in the US which require boat owners to carry separate insurance policies for their watercraft. But just because your state doesn’t require it doesn’t mean you don’t need to protect your boat from the unexpected.
If you own a boat, you know how much time and money goes into keeping it in top shape. More importantly, you know the potential risks that come with being on the water. Don’t run aground this summer! Call us today at 757-819-6896 so we can explore your needs and keep you and your family on the water!