In many states, boat insurance is not required; however, the extra peace of mind is well worth the cost. All watercraft being operated must be registered and a boat safety course is required for any operators. Boating is inherently risky and with more people taking to the waterway each year, having insurance has never been more important. Like auto insurance, boat insurance includes a few main components like comprehensive, collision, and liability coverage. Comprehensive covers repairs to your boat or watercraft should it be damaged because of a covered incident such as a storm, vandalism, or theft while collision pays for damages should you be involved in an accident. Last but not least, liability coverage pays up to your policy limits for injuries and damages to third parties and their property. Additionally, uninsured and underinsured coverage has never been more important than with boat insurance. Given that boat insurance is not required in most states, many boaters opt to forgo having coverage which can leave you having to pay for any repairs needed if you are in a collision caused by an uninsured boater.
While it may be tempting to think that your homeowners' insurance policy will cover your boat, it is best to not fall for this common trap. Your homeowner's insurance is unlikely to cover the boat or watercraft and even if it does the amount of coverage offered is likely to be very small.
When it comes to shopping for boat insurance, the friendly and professional team at Brothers Wood Agency is ready to help. We can customize an insurance policy that checks all the boxes while also answering any questions that you have. Give us a call today to learn more and schedule a no-obligation consultation.
While our offices are located in Savage, MN and Fort Mill, SC, we do commercial insurance business nationwide and offer personal insurance business in MN, SC, NC, WI, NM, TX and FL.
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