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Do I Really Need Boat Insurance?

Do I Really Need Boat Insurance?

What is Boat Insurance and do I need it?

If you live in a place like Florida, chances are you may own a boat. After all, we’re surrounded by water – oceans, lakes, rivers, and many of us love the outdoors. But have you ever considered insurance for your boat? Let’s take a look at a few things to know about boat insurance.

Do I Need Boat Insurance?

Some people make the mistake of thinking their boat is covered under their homeowner’s policy. But a boat is mobile and can go anywhere, and just as your car isn’t covered by your home insurance, neither is your boat. It needs a separate policy. However, talk to your insurance agent about bundling your boat with your home or auto policy. Most coverage allows you to save money with bundling.

What does A Boat Policy Cover?

Typically, a boat policy covers liability for property damage, injuries your boat causes to others, and damage to your boat. You may also purchase further coverage for theft, fire and flood, vandalism, and others. Make sure to ask your insurance agent about what is available for your boat.

Suspended Coverage

If you have boat insurance, make sure you know whether or not your policy allows you to suspends coverage for “off-seasons” or specified periods during the year when the boat may not be in use. The last thing you want is to take your boat out on the water during December and have an accident only to find out that your coverage won’t cover the damage.

Where is My Boat Covered?

Your boat is actually covered when it’s not in the water, but not by your boat policy. When your boat is attached to your truck or vehicle for transport to and from the water, it’s covered by your auto policy. Keep in mind that your auto policy terms may differ from your boat policy in the amount of coverage you have, so make sure you auto policy meets your needs for when it will cover your boat.

Agreed Value Vs. Market Value

The agreed value is the cost of the boat up front, or what the insurer and insured both agree upon. Market value represents what the boat is currently worth when the accident occurs – so if you’ve had the boat for a while and it has depreciated in value, you’ll be getting money to replace the boat for what it’s actually worth, not the price you originally paid.

Contact Your Trusted insurance Agent Today

If you have further questions about boat insurance, your policy, or any other type of coverage, we encourage you to reach out to us today. We’re committed to making sure you have the protection you need, at a price point that works for you, for home, life, auto, and everything in between. We look forward to hearing from you soon!

by Hannah Rosenboom

Content Creator at Half Full Marketing


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