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Important Insurance Considerations for New Boat Owners

Purchasing a boat is an investment and a responsibility. If this is your first boat, ensuring you are protecting your investment and meeting your legal responsibilities can be a daunting task. There are numerous factors to consider in your search for boat insurance programs.

Is Homeowner’s Boat Insurance Sufficient?

Homeowner’s insurance might cover some categories of potential property damage if you store your boat on your own property; however, coverage may be insufficient, and it will not provide you with liability insurance.

What Are the Costs of Boat Insurance?

There are a number of factors that go into determining the cost of insuring your property, as well as protecting you should there be personal injuries or damage to other vessels, including your boats:

  • size and power
  • age and condition
  • value
  • classification (fishing, yacht, sail, etc.)
  • travel destinations

Does Insurance Cover a Boat Used for Work or Pleasure?

Your intended use of your boat will also impact how much and what kind of insurance policy you will need.

As indicates, boat insurance policies can provide a wide range of property and liability protections for accidents occurring both in and out of the water. While there are many things to think about before purchasing insurance for your boat, having the right coverage can give you the confidence to enjoy your new purchase.