When purchasing something as expensive as a boat, you must ensure it is well protected. Boat insurance can be perplexing, to say the least. This causes many boat owners, particularly new ones, to procrastinate rather than determine what coverage they need.
People may also believe they do not require boat insurance because their homeowners or auto insurance covers it. While this is true to a degree, there is much more you need to ensure than what is covered under those policies. Today, we are going to discuss the different coverage needed. We’ll look at what type of coverage you have with your homeowners and weigh the responsibility of boat ownership concerning insurance.
While homeowners insurance covers boats, it only covers small boats. We’re talking about watercraft with very small engines and boats with no engines. Plus, the coverage is nowhere near that of a separate boat insurance policy.
The good news is that with a bit of research, you can easily protect your boat at a reasonable cost, whether you’re cruising the lake or docking a boat at Lake of the Ozarks.
Boating insurance isn’t something that crosses everyone’s mind. However, if you have a boat that you would want to repair or replace if something happened, you should. Let’s take a look at the reasons why.
#1: It is possible to save money on boat insurance.
Wondering how to save money on boat insurance? There are numerous methods to help you lower the costs.
The type of boat you own will have a significant impact on the cost of insurance. Having certain precautionary devices on board can help lower premiums. These are things such as a wireless auto tether, ship-to-shore radio, and a fire extinguisher. You could also take a boating class or safety education course to help you save money.
Other factors that will affect the cost are the type of boat, the make, model, and year. These are things that you need to be accurate when reporting your info to your insurance representative.
If you have further questions, you should contact an insurance company and simply ask what is required for safety on board. They can also, in most cases, point you in the direction of boating classes.
#2: Boats are only covered to a certain extent by a homeowner's policy.
As previously stated, because their boat is small, some owners may believe their homeowners’ insurance covers it. And it does, but only to some extent.
Most homeowners’ insurance policies cover boats if the damage happens at your house. It also might cover if the boat is in tow, but that is all the coverage you have. Many homeowner policies only provide limited trailer coverage ($1,000) for towing. Most boats are worth more than the value of their trailer, which is another reason that boat insurance is something you should look into.
#3: Personal effects coverage on boat insurance is limited.
Even if the boat has its own policy, additional coverage can be obtained through personal property coverage on the homeowners’ policy. However, additional deductibles are usually required. Protecting your personal property by increasing coverage on your boat policy is more cost-effective and safer in the long run.
#4: Large watercraft require their own insurance policy.
Several factors must be considered when choosing boat insurance. Not only are there limits on horsepower and boat value on homeowners’ policies, but there are also size limits.
Surprisingly, many large mastless powerboats are now referred to as yachts. The classification of yachts is based on factors such as perspective, value, and size. For example, your boat may only be 25 feet long, but its exquisite mahogany hull gives it the perspective required of a yacht.
If you own a boat that is more than you can afford to replace, you should look into boat insurance. The same goes for a high-valued boat for $10K or more.
Additional Protection for Your Boat
At Loto Lift, we care about helping you protect your watercraft. Knowing how much we love boating at Lake of the Ozarks, we want your lake experience to be the best.
Many boat owners purchase insurance and take their boats out on the water without considering how they will protect them when they’re not using them. However, proper storage is essential for maintaining your boat in good condition. Investing in a boat lift is one of the best ways to protect your boat.
Boat lifts keep your boat off the ground and away from hazards like flooding or vandalism. They also make cleaning and inspecting your boat easier and provide better ventilation to prevent mildew and mold growth. In addition, boat lifts can provide peace of mind by giving you extra protection against storms and other natural disasters. As a result, a boat lift is a wise investment for any boat owner who wants to keep their boat in top condition.
Are you looking for a boat lift? LOTO Lift is the perfect solution to protect your boat by looking for boat lift dealers near me! We offer a wide range of lifts built to last and easy to install. Our team is here to help you find the perfect lift for your needs, so don’t hesitate to contact us today!
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