Temperatures are rising and there’s plenty of sunshine to go around as we head into summer. For many of us, that means spending some time along our favorite waterways – and often times by boat.
If you enjoy soaking up the sun on a leisurely boat ride or joining your buddies on a fishing getaway, take the time to make sure you’ve got the right insurance coverage before you set sail. Boat insurance coverage provides property insurance for your property, liability coverage in the event that someone is injured on your boat and protection for bodily injury inflicted on someone. Policies may also be suspended if you only use your vessel seasonally.
Your insurance policy may also address one of three types of loss settlement provisions regarding damages to you boat, as explained by the National Association of Insurance Commissioners. Actual cash value or market value covers you for reimbursement of the current value of your boat, minus any deductible, in the event of a total property loss. Agreed amount value will provide you with the stated value amount that you and your insurer determine at the time you purchase insurance coverage, should you experience a total loss. This is also minus any deductible. Partial losses are covered on a replacement cost basis, minus any deductible and without depreciation. Replacement cost coverage provides you with the replacement of your boat with one that is as similar as possible to your property.
If you’re looking to your homeowners insurance policy for coverage, make sure you know exactly what you have. A small boat may be covered under your personal property clause, but you may not have adequate liability protection. Other personal watercraft, such as jet skis, may require a separate policy.
Need help determining the best plan for you? We’re here to help. We also offer free quotes. Contact our experienced agents today at (336) 226-8595!