With summer in full swing and everyone hitting the waves, understanding just how your boat works with your different insurance policies is probably a great detail to keep in mind. After all, insurance is one of those things that you never think to educate yourself on until it’s too late. Let’s break that trend right here and now by simply diving in — get it? — and learning the basics about boat insurance.
There is a specific kind of insurance for boats, which is boat insurance. However, boats can also be partially insured under homeowner’s insurance and even auto insurance as well.
What is covered under homeowner’s insurance
You’ll be happy to learn that your boat can be covered from damages under your homeowner’s insurance policy, assuming those damages occur while on your actual property itself. That being said. The amount of covered is usually less than a traditional boat insurance policy itself, but it’s good to know.
What is covered under auto insurance
Similarly, auto insurance focuses its protection of your boat as it involves movement on land. (Aka, towing.) You’ll be able to make sure that your boat is protected from damages when you have auto insurance that covers towing. You can also add this directly into your boat insurance policy, if you’d prefer.
Boat insurance basics
When considering the right package for you and you boating needs, you’ll want to focus on the right core details for the base package. When you are looking at the boat insurance basics, you’ll find coverage for property damage liability, collision damage, body injury liability and then comprehensive coverage, which focuses on varying amounts and deductions depending on the provider.
Other than these basic coverage options — which are standard across the board with boat insurance — you can also consider additional coverage options such as fishing equipment coverage, damage to a dry dock, medical payments and even oil spills. This is a conversation that you will want to have with your insurance agent so he/she can better inform you of the insurance options available to you based on your needs.
Why boat insurance?
A lot of times, people will often think that boat insurance isn’t exactly required since it’s just a recreational vehicle. However, just like homeowner’s insurance or auto insurance, protecting yourself and others, physically and financially is important when you are out and about. Not only does it offer peace of mind, it also, well, protects everyone in the unlikely or untimely event of an accident. Just because you’re on the water doesn’t mean that accidents won’t happen. A moving vehicle — aquatic or otherwise — can do as much damage as a traditional vehicle driving on the road.
There are a lot of different policies out there with great add-ons to consider. When you want to figure out which one is best for you, understanding your own needs is important. Take some time to consider your needs, explore the different packages and additional coverage options, and then choose the one that is going to feel like the right fit for you and your boat. Insurance is one of those things where, if you need it, you need it. Even more reason to get it, right?
If you don’t have a personal relationship with your insurance agent or are dealing with a call center or 1800#, we would be happy to look over your insurance policies and have a discussion about your needs and assets and help determine the best policies for those needs. We aren’t just here for you at renewal, but any time you have questions or needs. We make it a point to get to know our customers so you aren’t rehashing your personal information and pushing numbers on a keypad to enter your policy number and dealing with robo automated responses. Contact Paula Smith Insurance at (281) 488-8880 for a free quote or to ask any of your questions.