First of all, congratulations on the new boat! Now you need boat insurance, and you’ll be ready to hit the high seas! Effective Coverage does want to offer you a few tips to remember though.
If your boat is worth more than $1,500, chances are good that your renters insurance or homeowners insurance won’t cover it for physical damage because of the HO-4 sublimits we’ve touched on elsewhere. You need separate boat insurance or watercraft coverage to be safe.
If your new boat is a sailboat greater than 26 feet, your renters insurance or homeowners insurance will not provide the liability coverage. Boat insurance will give you the liability coverage you need. The same thing applies to motorboats over 25 hp and all boats with an inboard motor.
Older boats can be difficult to insure because they create more losses. Make sure to get quotes for boat insurance before you buy the boat, just like you would with a new car. You don’t want an unpleasant insurance surprise that makes your new boat impossible to use! Your renters insurance provider should be able to provide boat insurance quotes for you. Effective Coverage certainly can.
Think about a personal umbrella policy when considering which insurance to buy.
It’s not difficult to cause serious damage or injury with certain types of boats, and those bills can get very large very fast. An umbrella on renters insurance can protect you at a very reasonable price. It gives you additional personal liability coverage to make sure you carry insurance in an amount greater than your assets and likely future assets or earnings.
Boats can be a great deal of fun, but it’s important to take care of the business end of things before you get out on the water. Boat insurance and watercraft insurance policies are not expensive and offer significant protection against the worst happening. Effective Coverage offers policies tailored to your needs and is happy to discuss those needs with you. Call (800)892-4308 or click above for an instant, online boat insurance quote.