Fall is an important time for boat owners to knock out some annual
maintenance on their boats before they put them away for winter months.
It's also a great time for an
insurance coverage check-up with an agent to ensure they are maintaining
appropriate coverage during the off-season.
There are inaccuracies around insurance coverage for boats that are
stored for the winter. One common misperception is homeowners believe their
home insurance will cover a boat that may be damaged while stored. Many
insurers cover only 10 percent of a personal property
coverage limit, for items such as a boat or other watercraft, when it is away
from the policyholder's residence premises. Typically, it also limits property
coverage to $1,000.
We recommend boat owners keep an insurance policy active to help
protect their boat and other watercraft against potential theft and physical
damage such as fire, wind, lightning and hail while in storage.
A yearly boat insurance check-up with an agent is a great opportunity
to help the owner make sure they have the right coverage for their needs. Many owners have put in
significant time, energy and money into their boat. So, it makes sense they
would want to protect their investment.
A typical new boat insurance policy is about $23 per month depending on
what coverages are included. An insurance agent can help boat owners research
the value of their watercraft so they understand exactly what level and type of
coverage they need, and consider how they plan on using it for the entire year.
Some important questions to ask are:
- Do you plan on storing your boat for a portion of the year?
- Is it used only on weekends and stored out of the water when not in
- Do you plan on bringing significant amounts of fishing equipment and
other personal belongings on your trips?
- The size and high dollar value of a boat can pose risks that a standard
automobile does not and can lead to much greater damage and higher costs to
repair if it is involved in an accident. Owners should consider insurance that
provides the following types of protection:
- Physical damage coverage typically helps protect against theft,
vandalism, wind, hail, lightning and fire damage.
- Liability coverage is needed in the event the boat owner or a member
of the owner's family accidentally injures another person in a covered boating
- Medical payments coverage can help provide protection for necessary
medical expenses for injuries suffered by the boat owner and passengers during
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