Boating Insurance: Your Watercraft Needs Protection Too
Many people think that insurance is only for their house, car, or their life. They do not know that their boats can get coverage as well. Boating insurance is not something so new; it has been pretty famous for quite a time. Boats are actually investments for many people, especially for their boating hobby purpose, and those staying by lakeside or by the ocean.
Investment does not come without insurance as we know. And one of the most common forms of protection is insurance. Boating insurance is the best protection you can give financially to your boat. And boat insurance policies, just like cars, differ from state to state, especially in the aspects of the coverage, premiums, payment terms, and so on.
Knowing the Coverage and Getting Covered
Generally boating insurance does not cover common events that happen to your boat, which include the wear and tear, deterioration, mold, underwater freezing, wet and dry rot, vermin, and many more. There are also many parts of the boat which are not usually covered by any boating insurance, such as floorboards, upholstery, canvas, and foam packing.
There are two different types of characteristic coverage for boat loss, and this can be either cash value of an "agreed upon" amount. The first category of boating insurance, the cash value, usually would provide the existing market price coverage when a boat is at complete loss. Boating insurances under the second category, on the other hand, would have the money amount to be compensated printed in the policy.
The most common privileges under a simple boating insurance can cover your liability, physical damage, boat theft, medical payments, and many more. Better still, if you are covered under premium privileges, you may be entitled for many other things such as a new boat, burglar alarms, mechanical service on new boats, ship-to-shore radio and approved boating education course.
As we know, most of the homeowners insurance these days comes with a boating insurance integrated. But experts say that you should always get a separate boating insurance. This is because most of the times if you include your boating insurance coverage under your homeowners insurance, any liability or medical costs, or even mechanical costs that may occur would affect your home insurance policy as a whole.
Besides that, homeowners insurance that cover the boat do not usually cover physical damage to you. Physical damages or personal damages when you are in the boat is something very crucial and needs serious protection at all times.