When it comes to protecting your boat, you likely have boat insurance to provide protection against damage related to the boat. However, your boat generally has a great deal of additional assets that may not be covered in a basic policy. Take a look around your boat. What types of assets do you have that may be at risk because you lack boat insurance coverage for them? You may have special equipment and other high value assets that need additional protection.
Read through your boat insurance policy. If you are just buying one, be sure you know the specifics about your coverage as well. Most of the time, boat insurance covers the actual structure of the boat as well as its contents. Every policy will list how much coverage is provided. For example, if your contents insurance is $3,000, it will cover claims up to $3,000 after your deductible is paid. But most boat owners have high-valued items on the boat that may be valued higher than $3,000. If you are involved in a significant accident and the boat is totaled, these items may be lost to you.
You can further protect them in two ways. First, you can increase the amount of content insurance you have to a higher level. It is a good idea to do this if you have a number of smaller items that add up to a higher amount of value. In addition, you may want to consider riders or floaters. These are additional policies added to your existing coverage that boost your protection. For example, if you have special equipment such as fishing gear or high-valued scuba gear, you may want to have a rider that specifically covers these items, therefore boosting your protection should these items be lost in a covered event.
Always know what your boat insurance covers and whether or not your boat has the right types of coverage in place before you hit the water. This can make a big difference in the outcome of a claim should an accident or total loss occur. Now may be the right time to add coverage to protect you further.
Stay safe on the water. Call Deale & Associates Insurance Agency for more information on boat insurance.