If you’re wondering whether the law in most states mandates boat owners to purchase a boat insurance policy, then the answer is no. However, just because it isn’t necessary doesn’t mean you shouldn’t buy one. Many marinas ask for an insurance policy if you want to use a slip or mooring. Also, most banks will require you to purchase a boat insurance policy before they agree to finance its purchase.
Given Florida’s storm and hurricane risks, busy waterways, and real potential for damages, it only makes sense for boat owners to purchase a boat insurance policy.
Should You Get Boat Insurance?
It’s possible for boats to be covered under a homeowners policy but even in such cases there are limitations placed on the value and size of the boats. In most cases, the boats’ value cannot exceed $1,000-$2,000. While such policies may be sufficient for those who own kayaks or canoes, people with larger, motorized boats will require a separate boat insurance policy.
Another reason to not rely on a homeowners policy to protect your boat is that only those boat damages are covered which occur on the owner’s property. So if you’re sailing on the sea and happen to get into an accident, your home insurance policy won’t be there to help.
Coverage Extent of a Boat Insurance Policy
The following are the factors covered by a typical boat insurance policy:
- Bodily Injury: If you happen to get into an accident that injures others while being legally responsible, the policy will cover the medical and legal costs.
- Property Damage: Helps to pay for property damage in case you’re found to be legally responsible. The coverage usually pays up to the limits of your coverage including the cost of fuel spills and any lawsuits that may arise.
- Fishing Equipment: The policy protects fishing equipment and gear used for legal fishing sports. Common items in the list include fishing rods, lures, reels, electronic gear, and fishing boxes.
- Personal Effects: Provides coverage for damages to, or loss of, any personal effects you were carrying during the accident.
- Medical Payments: regardless of fault, this aspect covers all the medical expenses incurred while boarding, riding, or leaving the boat.
Boat insurance policies are expansive in their coverage and help boat owners enjoy their time out at sea without worrying about potential accidents.
This Guest Post was written by our friends over at Manatee Insurance Services Inc. They provide affordable boat insurance services for boat owners a seeking peace of mind.