Boat ownership comes with its own set of challenges, and one crucial aspect that every boat enthusiast should consider is insurance. Insurance will keep you afloat in stormy financial waters and ensure smooth sailing through unforeseen challenges. Let’s dive into some boat insurance FAQs and ensure you don’t end up in deep water without a paddle—or policy. It’s time to set sail on the seas of security and learn the nuts and bolts of boat insurance!
Boat Insurance FAQs
Do I need Boat Insurance?
Sometimes, your boat might be covered under your homeowner’s policy. However, it will only cover a small amount and does not cover liability insurance. If you have a small craft, like a canoe, kayak, or small fishing boat with a small engine, your homeowner policy is enough.
But if you have a larger boat or one that goes faster than 25 miles per hour, you will want the coverage that boat insurance provides. Sailboats, yachts, jet boats, and personal watercraft like WaveRunners should be covered by their own policy.
What will Boat Insurance Cover?
Typically, boat insurance will include coverage for:
- Damage from a collision, theft, fire, lightning, and vandalism
- Expenses related to someone getting injured on your boat
- Damage your boat causes to someone else’s property
- Legal expenses for someone driving your boat with your permission
- Medical payment for you and your passengers
- When learning about your new policy, ask about coverage for accessories like trailers and damage caused to your boat by an uninsured boater
What is not Covered by Boat Insurance?
Boat insurance does not usually include:
- Damage from sharks or other aquatic animals
- Damage from mold, insects, and zebra mussels
- Defective machinery or damage to machinery
- Normal wear and tear
How Much Will Boat Insurance Cost?
The cost of your boat insurance depends on several factors, including the extent of coverage you desire and the specific details of your watercraft, such as its size, horsepower, type, and overall value.
When customizing your policy, you have the flexibility to choose your deductible—the amount subtracted from your insurance payout when filing a claim. Typical deductibles are $250 for property damage, $500 for theft, and $1,000 for medical payments. It’s worth noting that liability claims against you generally don’t involve a deductible. This personalized approach allows you to navigate the waters of insurance with a tailored plan that suits your coverage needs and budget.
Contact John Johnson Insurance Services
John Johnson Insurance Services is your trusted insurance agency, providing personalized guidance and comprehensive coverage options for individuals, families, and businesses. We offer a wide range of insurance policies and will help you determine the right amount of coverage for your needs.
Contact us today for personalized guidance and support. We look forward to ensuring you have the right insurance solutions for your needs.