Owning a boat can be fun, but it also brings a huge responsibility with it. A boat insurance policy is the best way to ensure that your investment is protected as much as possible. It's important to remember that you share the water with others who want to enjoy themselves, just like you do. With boat insurance, you can protect yourself from financial loss if an accident should occur that damages your boat or causes an injury. Here's a guide to the basic aspects of boat insurance.

A Small Boat Can Be at Least Partially Covered Under Your Homeowners' Policy

The size of your boat will impact how it is insured. A small boat (rowboats or small boats that use a trolling motor) will often be covered by your homeowners' insurance. Boats that small are often carried in the back of a truck or are left at the lake in a boathouse. These may not have a motor, and there's much less risk of damage with a smaller boat. Such boats will usually qualify for coverage under your homeowners' policy.

Larger Boats Must Have Their Own Policy

Larger boats that are towed using a boat trailer must have their own policy. When a boat is being towed, a homeowners' policy will no longer cover it. Most of the boats this size require a motor strong enough to propel them across the water. Larger boats also have more features and are much more expensive than non-motorized boats. The faster a boat is able to travel, the more risk you will have of someone being injured. A separate boat policy will also include some degree of liability to protect you and your passengers.

Personal Property May Not Be Fully Covered Under Your Boat Policy

Even though your boat insurance policy may not cover your personal policy, your homeowners' insurance will normally pick it up. It's often better to have your homeowners' policy cover your personal property. If you want to make sure everything is covered sufficiently, you can purchase additional coverage. However, be aware that this may also add another deductible, that must be met when you file a claim if your possessions are lost, stolen, or damaged.

You Might Be Able to Save Some Money on Your Boat Insurance

While the type of boat you own will determine the largest portion of the cost to insure it, you can still save money in other ways. It's important to always be as safe as possible. Having everyone who will be driving the boat take a boating safety education course, will gain you a discount if you can provide proof of completion to your insurance agent. Another way to save money is to store your boat in a secure location when it is not in the water.

If you own a boat or are ready to buy one, you will want to learn more about having your own boat insurance policy. Call our insurance experts at Weeks & Associates Insurance Services. With our vast experience, we can offer sound advice that will allow you to protect your boat, your belongings, and yourself from any type of financial loss.