What Will a Boat Insurance Policy Cover?

Looking to buy a boat, or recently purchased a boat in Cypress, TX? Then you’ll want to make sure you get the insurance coverage for it and the team at InsureUS wants to make sure you have all the information you need to make the best choices possible. 

Before you purchase any insurance, you’ll want to know what to expect from the policy and what it covers, so what elements should your boat insurance policy have?

The size, type of boat and where you use your boat have a great deal of bearing on what kind of policy you need.  Some small boats might be covered under your homeowner’s insurance policy, but there are definitely advantages to getting a boat policy instead, since they are much more specialized and cater to the needs of boat owners. There are two main types of boat insurance policies:

Actual Cash Value: These policies pay for the value of the boat minus depreciation at the time of the claim in the event of damage or a total loss.

Agreed Cash Value: These policies pay at a value agreed upon by the owner of the boat and the insurer in the event of damage or a total loss.

Policy additions for the following items can be made to boat insurance policies:

  • Physical loss or damage to the boat
  • Damage caused to someone else’s property
  • Theft of a vessel
  • Bodily injury (to people using the boat with owner’s permission)
  • Medical expenses of the owner and their family
  • Trailers and boat accessories
  • Towing of the vessel in the event of an accident
  • Loss or theft of belongings that were on the boat

Contact the professionals at InsureUS in Cypress, TX today to learn about all your boat insurance needs!