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Boat Insurance Basics

Boat Insurance Basics

Our boats require and demand the same level of security as our homes and automobiles do. Like auto insurance and home insurance, if you are a boat owner, it is important to insure your boat from unintended damage and hazards. There have been instances when boat owners are usually not aware of how boat insurance works and how it can protect them from accidents and hazards on and off the water.

Why Get Your Boat Insured

Because our regular home insurance does not include boat insurance as part of the package, boat insurance needs separate attention and procedure. Although your home boat might be small and not an expensive million dollar yacht, it is still an asset and needs oversight. Secondly, boat insurance can cover you from injuries in sustained in an accident like auto insurance would. Most importantly, is boaters liability which covers bodily injury and property damage caused to others.

How Boat Insurance Works

When you are ready to seek boat insurance, the following things should be considered:

  • If the liability coverage covers third parties or just the primary owners of the boat and issuance policy.

  • Is the boat insurance providing coverage against all risks and damages such as collision with docks, rocks, fire or damage at sea? Or it has specific conditions on when the insurance could be claimed.

  • If the boat insurance is based on agreed value where under repairs or damage, the full agreed price of the boat and damages is received.

  • Or the insurance is based on market value that provides for the current market value depending on the condition and nature of damage to the boat.

  • What are the navigational limits and boundaries the boat insurance covers,

  • And if the boat insurance applies only when it is at sea, or when it is being towed or stationary.

  • Don't forget the contents of your boat including safety equipments, fishing gear and personal effects can be covered under your boat policy which are sometimes just as costly to lose.

When you become a boat owner, it is important to take care of it just like your home insurance or car insurance. Boats are usually expensive and reflect the hard work done to earn them. Purchasing boat insurance will reflect that you are a responsible watercraft owner and that you value the lives of both your loved ones and those around you.

When in doubt about protecting your new or old boat, call us your local Wooster, Ohio insurance agency. As an independent agent, we are able to find the lowest cost option from one of our multiple companies.

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