Is your boat properly insured?

Is your boat properly insured?

There is nothing quite like taking your own boat out for a spin around the lake, bay, ocean, or whatever body of water is nearby.  Getting up on plane and feeling the wind blow through your hair might be one of the most exhilarating feelings around.  Owning a boat is well worth it for those times alone.  However, as with any type of ownership, there are times when things could go wrong.  You could scrape the bottom in a poorly marked stretch of water.  Your bilge pump may stop working causing water damage in the hull.  Those examples can happen when your boat is in the water which could lead to expensive repairs.  Luckily your boating insurance will cover some of the expenses.

But what happens when your boat is out of the water and something goes wrong?  For example, what happens if your boat hitch becomes undone while trailing your boat to the dock?  Would your boat insurance cover the damage?  In most cases, no. You will need to have additional insurance for that type of damage.

Homeowners insurance or auto insurance may cover the damage in that case, but only up to the limits set forth on those policies.  You also may need to have the provision listed on your policy as well in order to have a claim accepted.

To be sure you have enough insurance for your boat whether it is in the water, in the garage, or in transit to the water, you might want to consider increasing the limits on your homeowners and/or auto insurance policies.  You can also add an umbrella insurance policy.  Umbrella insurance increases the amount of insurance you already have by adding to the policy’s limits.  Once you’ve exceeded your regular policy’s limits, your umbrella policy would step in and cover the rest.  For a small premium, you can increase your limits significantly to protect your finances.  Call us for more details.

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