If you own a watercraft, you might have wondered about the necessity of boat insurance. Boat insurance can cover the cost of repairs if your boat gets damaged, and it can also cover damages or injuries caused by your boat. At Arnold Insurance, servicing Port Charlotte, FL, we assist our customers in deciding when to get boat insurance. Here’s what you need to know.
Boat Insurance: Is It Required?
Boat insurance requirements differ from state to state. While some states mandate this type of insurance, others do not. Furthermore, if you’re financing your boat with a loan, you may be required to have boat insurance. If you’re planning to buy a boat with a loan, discussing insurance requirements with your lender is advisable.
What Does Boat Insurance Cover?
Boat insurance covers damage caused by your boat and medical bills for any injuries. If your boat gets damaged, your insurance may cover the repair costs. Insurance may also cover damage to the trailer.
Does Homeowners Insurance Cover Your Boat?
Your homeowner’s insurance may cover your boat while it’s on your property but not when it’s on the water. It’s recommended to check with your insurance agent to determine if your boat is covered while it’s on your property.
Is Boat Insurance a Good Investment?
Boat insurance can mitigate your financial risk while you’re enjoying time on the water in your boat. At Arnold Insurance, servicing Port Charlotte, FL, we can help you find a policy that offers a level of protection that makes you feel comfortable at a price you can afford. Call us today to get started.
