So you’ve achieved a personal goal: buying a boat. Boater safety classes, licenses and registration are all on the top of your list of to-dos along with the purchase of trailers, dock space and boat maintenance supplies. While you’re finding your sea legs, don’t forget to find the right boat insurance for your nautical lifestyle.
Most states do not require boat insurance by law. However, there are many things to consider when determining if you will insure your new “toy” against damages. The size and expense of your boat should be factors in your decision, and you should consider the cost to replace it in the event of a total loss. Where will you store your boat when it is not in use? Some docks may require proof of insurance. Finally, you will want to consider how you will use the boat and how often you will have guest passengers on your boat with you.
In some cases, your homeowners insurance policy will cover your boat, but only a small amount. Typically capped at $1,000 or 10% of your home’s insured value, homeowners policies only account for small boats without motors, like canoes or kayaks. In addition, your liability coverage will rarely extend to your boat should it cause harm to others. Depending on homeowners insurance is probably not a sound option for your boat coverage needs.
Before we talk about what boat insurance will cover, let’s consider what it won’t cover. You may have heard that for every hour you spend enjoying your boat, there are three hours of boat care involved. Though this may be a stretch, it is a good marker to tell if you are performing the necessary upkeep of boat ownership. Items that are not covered are typically basic maintenance and upkeep issues that you can expect with your new boat.
Boat insurance will not cover:
● Normal wear and tear
● Defective machinery or machine damage
● Damage from sea life
● Mold and insect damage
Boat insurance will offer:
● Property coverage
● Liability coverage
● Uninsured craft coverage
Property coverage typically applies when your boat is in or out of the water. It will cover the cost of repairs in the event of a collision. It may also cover you if your boat is stolen. This coverage is similar to a combination of the collision and comprehensive coverage you have on your automobile.
Boat liability coverage generally covers any damage you might cause to someone else’s boat. It will also cover bodily injury liability, when your boat physically harms a person. This type of coverage is for medical expenses, court costs, pain and suffering and lost income of the person you hurt.
Uninsured Boater Coverage
Since boat insurance is not required, as a well-protected boat owner, it may appeal to you to have enough coverage in your own policy to protect you from accidents caused by other water going vessels. Liability and Property coverage are wrapped into this uninsured boater coverage.
As with all types of insurance, it is extremely important to review your limits and deductibles so you understand the details of your policy terms. In boat insurance, there are many add-ons and additional coverages you can purchase to give you more coverage on your vessel. Talk to a boat insurance company today to get a custom quote for your new purchase.
If you are ready to find a boat insurance quote, they are free and easy and can help you make a more informed decision about your boat insurance policy. Visit American Integrity Insurance to learn more about boat insurance in Florida and contact an agent today.