As you get ready to get out on the water, keep in mind that you want to protect the investments you’ve made in your hobby. While you may have coverage for some of the more common risks, there are a few you may not have considered. Take a look, and ask your agent if you’re covered!
Insuring Trailers
Are trailers for your boat, jet ski, and other watercraft covered under a current policy? Most Boat Insurance policies extend physical damage coverage for your trailer – IF you have added it to the policy. In addition, your auto insurance may cover liability damage from your trailer, depending on what policy you have. Another option for liability protection may be a personal umbrella policy (PUP) that lists and covers all your property. The key to all these is – know what you do and don’t have covered. Let you agent know what your property and uses are so they can help.
Insuring Equipment
Water skis, fishing equipment, audio equipment – it can all add up to a lot of money. How are these items insured? For items not physically attached to your boat, your homeowners insurance may provide some coverage under the “personal property” language of your policy. However, these policies typically have limits and a deductible that will apply if you have a claim. Your boat insurance policy may have optional coverage available for your equipment, and the key to all this is discussing options with your agent about how to list or schedule any equipment as needed.
Uninsured Boaters
Another optional coverage to consider is uninsured watercraft coverage. As many as 1 out of every 3 boats on the water are not covered by insurance, and many more may be underinsured. If you have a claim that results from an incident with an uninsured boater, you may need additional coverage for property damage and/or liability for injuries to your passengers. Adding this coverage may be an option under your boat insurance policy or a PUP.
As you can see, understanding the additional risks of watercraft and watersports may lead you to want additional coverage for protection of your leisure time on the water. Let us discuss your options and help put your mind at ease!