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A personal insurance update

If you have just purchased a new or used boat, you will need watercraft insurance.  Most homeowner’s insurance policies limit, or exclude, coverage to watercraft.  A homeowner’s policy is not designed to insure watercraft.  A watercraft insurance policy provides physical damage, bodily injury, property damage, and medical payments coverage.

Here are some of the coverage’s you may need for your watercraft

  • Coverage for the hull or boat itself.
  • Coverage for personal property on the boat, like fishing equipment or skiing equipment.
  • If you own a trailer, you will need to ensure that as well.
  • Watercraft liability coverage.
  • “Agreed amount value watercraft policies,” mean that you and your insurance company have agreed on the value of your watercraft, and in the event of a total loss, you will be paid that amount.
  • Environmental liability coverage may be something you want to consider. In the event of an accident, fuel or debris can pollute the water, and the cost to clean it up could be a huge financial burden.

Watercraft insurance protects several kinds of boats and other watercraft, which means watercraft insurance policies can differ based on what you have. Here are a few tips to help you find the right boat or watercraft insurance; boat insurance