Bright sun, Chilly breeze Nothing compares to being on the water, as long as you have a boat.
Your boat is something you treasure, and the memories you make there make your investment worthwhile. You can sail carefree if the appropriate insurance covers your boat.
Speak with experts like JMJ insurance if you’re prepared to purchase boat insurance. They can walk you through your insurance alternatives so you can decide which suits your needs and financial situation best.
What is insurance for boats?
A boat insurance policy can offer coverage for you and your boat if something unforeseen occurs. In addition to covering injuries to persons and damage to property or other boats, the policy may also cover damage to your boat or its equipment.
Most boats with engines or sails are covered by boat insurance, but not all boat insurance policies cover “personal watercraft” like Jet Skis, wave jammers, and WaveRunners.
What makes boat insurance necessary?
Why you should purchase boat insurance if your state doesn’t mandate it is a valid issue.
The gist: Financial stability. You are typically responsible for paying the deductible, insurance can cover the balance if a covered accident occurs, and you have the necessary insurance. But with insurance, you can pay out of cash (or deplete your funds) for everything, including legal fees, medical expenses, and repairs to your boat or another person’s boat.
However, a separate boat insurance policy gives you more options for specialized protection, even though your boat may be partially protected by your homeowner’s policy (more on that below). This contains higher physical damage thresholds, expanded coverage for collisions, and other things.
In essence, boat insurance is created expressly to safeguard your vessel practically any place you take it, including on land, at sea, and in storage. (And isn’t owning a boat all about experiencing adventures?)
Do I need boat insurance?
Some states demand liability insurance for boats. If you need clarification on whether boat insurance is necessary for your state, we will help you with that. When someone else’s boat, dock, or other property is damaged, liability insurance might assist in covering the costs. (While often helpful in covering injury-related costs, medical payments coverage is not always required.)
Many marinas require you to carry boat insurance to dock your boat there, even if it is not required by law in your state. Furthermore, banks often request you buy boat insurance if you borrow money to finance your boat.
Does my homeowner’s coverage cover my boat?
It could be. The amounts and types of coverage offered by a separate boat insurance policy are undoubtedly higher, but your homeowner’s policy may already include some of these items.
Depending on the size or horsepower of your boat, some insurers may limit the coverage you can acquire under a homeowners policy. Any watercraft up to $2,000 can have physical damage covered by a homeowners policy. (Obviously, many boats are worth more than $2,000, so getting a separate boat insurance coverage is wise for better protection.)
What kinds of insurance can I get for my boat?
Boat insurance can be tailored to meet your unique needs and budget, just like vehicle insurance). The optimum form of coverage for your boat will depend on its size, type, age, value, and even where it is used.
Typically, boat insurance plans are made to cover the following:
- Bodily harm that you or another person sustains as a result of the boat
- Your boat sustains property damage, such as theft or vandalism
- Property damage caused by your boat, such as damage to another boat if it is involved in an accident
Boat owners can select various coverage options to safeguard their vessels, passengers, and even permanently attached marine equipment. With us, you’ll have an insurance agent to guide you through your options and give you confidence in how your money is safeguarded.
Does boat insurance cover hurricane damage?
This may change depending on your policy’s circumstances and the insurer you’re dealing with.
Typically, regular homeowner’s and boat insurance plans include wind damage, including wind from storms, and flooding and storm surge damage are both calculated and insured differently. Ask your insurance agent to clarify your policy’s general coverage (and exclusions) for hurricanes.
No matter which insurance provider you choose, you will typically need boat insurance in advance to be protected during a hurricane. State regulations generally forbid people from acquiring insurance (or altering their current coverage) at the last minute after a hurricane watch or warning is in effect. However, this varies by state.
Stay off the water and move your boat to a safe location to weather the storm if a hurricane or other severe weather is predicted.
Am I protected during the winter?
You might wonder why you need protection while your boat is being stored off-season. However, boat coverage is a wise method to protect your investment year-round, as a lot may go wrong when a boat is in storage, such as fire, theft, or other damage.
Get ready to sail? Contact JmJ Insurance right away. We have offices in Suwanee, Georgia, and we offer amazing pricing on Boat Insurance coverage.