Things to know before availing of a boat insurance
If you own a new boat, it is highly likely that you are looking for boat insurance options. The first and the most important piece of information you must know is that it’s best to get a separate boat insurance. Most owners are often under the assumption that boats are covered under the homeowner’s policy. However, many of these policies have a limitation on marine-specific risks. Although a homeowner’s policy may be suitable for boats with a horsepower limit of 25 to 100, they may not cover all types of damages and repairs. They also are applicable only for lakes, rivers, and inland waterways. If you want your boat to venture into the ocean, then it is best to consult with a professional marine insurer. Insurance providers offer a variety of boat insurance coverage depending on your needs. While choosing an appropriate policy, it is important to take the following factors into consideration. Age of the boat Value, speed/horsepower, and length of the boat Type of the boat (cruiser, yacht, inboard, outboard, fishing boat or performance boat) The condition of the boat (the boat must meet the US Coast Guard Standards) Ownership (no more than two owners) Area of operation (lake, river, backwaters, ocean) Primary residence (whether the boat is used as a primary residence) Types of coverage The coverage largely depends on the type of policy you choose, agreed value or actual cash value.