With the arrival of the summer season comes all the fun water activities. With many cases of collisions, vandalism or any other activity that might cause damage to your yacht, having financial compensation is surely nice.
Although getting boat insurance is not mandatory, you should still consider doing that. In this article, we’ll explain what gets covered under basic homeowners’ insurance. This should help you understand whether that is sufficient for you, or whether going for a specific boat policy is a better idea.
What is covered under the homeowner’s policy
This is a policy meant for the protection of your property. With that, you usually protect your house from any damages, as well as getting your possessions stolen. In addition, it covers any health conditions or damages that were caused by a disaster from your property.
Since every policy is different, you should pay attention to the one you are signing up for. That will let you know how much will the agency cover for the damages done to your belongings.
Usually, you can get around a thousand dollars from the homeowners. Since we know how expensive watercraft repairs can be, this option is insufficient for boats but fair for a jet ski. This means that even if your watercraft gets into a collision or is vandalized, the damages might be bigger than what the insurance will provide.
Should you rely only on this policy
As shown above, having only a homeowners policy is not something you want to rely on. The cost of the damages will not be fully compensated, so you should expect to pay a fortune out of your pockets.
For that reason, looking for a specific policy for your watercraft is the best solution for securing it. They will surely cover the full costs of the expenses for repairs, or if your watercraft gets totaled, they will give you enough money to purchase another one.
Benefits of getting a specific boat policy
To see more clearly why you should consider getting your boat insured, we have to look at the benefits.
The first thing is your finances. A boat is not a cheap purchase, and getting it damaged can be devastating. Many things can happen, starting from basic collisions, vandalism, and catching fire while being docked. For that reason, being sure that you will be completely compensated will surely make your sailing experience a lot better.
During the sailing activities, the weather can easily change. This is the time when most injuries happen to the passengers on the ship. Ensuring everyone’s safety is essential, for that reason, you should consider insurance since the company also takes care of everyone riding on your watercraft.
In case your ship gets broken in the open sea, you should not leave it there. Instead, you should hire a towing service to bring you to the dock. This is usually an expensive service, however, the boat insurance will get this covered, so you don’t have to worry.
Lastly, being sure that you, the passengers and the ship are always safe surely contributes to the experience. This policy can be acquired for a small monthly fee. Although there are years when nothing bad happens, you should not take the risk, and have your property secure at all times.