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Boat Insurance

The Need for Boat Insurance

Weekend fun can be enhanced by owning a boat. It is important, however, that you get boat insurance to make sure that you are covered in case of an accident. Before you go out on the boat, you want to cover your own responsibility. Homeowners insurance may cover your home, but it will not cover your boat, which is why you want to be sure that you get boat coverage.

Boat liability coverage helps to cover financial responsibilities if you are in an accident or the cause of one involving your boat. Accidents happen and you want to be sure that you are covered by boat insurance if they do. Whether there is an event involving water skiers, boaters, swimmers, or even someone’s dock or other property, you will leave yourself open to financial upheaval if you do not have boating insurance. Some boat coverage also includes your passengers, which can be essential.

When you buy a boat insurance policy, you have to get enough coverage to cover your boat’s value. If your boat is a total loss, depreciation is not included in some policies, but an actual cash value policy will only pay out the depreciated value of the boat.

The most complete coverage is one that covers liability and collision coverage, but it does not cover certain events. These include manufacturer defects, design defections, normal wear and tear, or damage from an animal. An all risk policy will usually include specialty equipment you have on your boat, towing, salvage, and more.

When you are a boat owner, you want to take responsibility for it. Whether you use it every weekend or infrequently, boat insurance is a necessity. Look over your insurance policy and ensure that it covers the eventualities that you need it to.