Many boat owners believe that their boat is covered by their homeowner's insurance – and find out the hard way that isn't the case. If you're the captain of your own water faring vessel, you need boat insurance; at best, your homeowner's policy probably only covers your boat if it's parked at your house. Boat or watercraft insurance is the only way to ensure that your investment, whether it's a small fishing boat or a first-class cruiser, is well-covered.
Why is Boat Insurance Important?
A lot can go wrong when you're on the water or on your way there. Watercraft insurance typically includes personal liability coverage to protect your wallet against the claims of others if you cause injury or damage to their property. It also typically covers common risks, which can include things like theft, weather-related damage, collision, or sinking. Having a great boat insurance policy will give you peace of mind the next time you hit the water.
Most Common Risks Covered
Every policy is different, and you'll need to go over yours carefully with your agent to make sure you have the coverage you want. Many watercraft insurance policies cover risks such as:
- Weather Damage
- Getting Stranded
Moreover, most boat insurance policies cover more than just the hull of your vessel. Your policy can cover your boat trailer, the motor, additional equipment attached to your boat, life preservers, oars, canopies, waterskies, and more – the list goes on. You'll want to take an inventory of the items you plan to keep on your boat so you can make sure they're all covered when you're shopping around for the right policy.
Boat Insurance Options to Consider
The most comprehensive policy available is an agreed hull value policy; this means you and your agent will agree on an amount you'll be reimbursed for if your boat is damaged to the point of a total loss. You’ll be able to replace old parts for new and ensure you have the most equivalent replacement possible.
Another option is an actual cash value policy, which ensures that if your boat is completely destroyed, you'll receive a check equal to the amount your boat would likely have sold for on the open market. This type of policy tends to be less expensive than an agreed hull value policy, but still offers solid coverage.
Contact WSMT for Boat Insurance
Thinking about purchasing a new boat or upgrading your insurance coverage on a boat you already own? We'd love to help answer your questions. WSMT has been insuring watercraft for years, and our knowledgeable agents are here to help make sure you can sail the open seas with confidence. Contact us today for a quote or answers to your questions!