What to Know About Boat Insurance

Boat insurance is a potential investment you make in protecting your boat and protecting your assets from liability claims. In most situations, it is generally a good idea for boat owners to maintain effective policies. However, it is not always easy to recognize when you need boat insurance. Some states do require individuals who own and use boats to maintain liability insurance. Not all states have this requirement, though. It is usually a good idea for individuals to carry additional coverage as well as it can help to protect their assets and minimize many risks.

When Do You Need to Have Boat Insurance?

Boat insurance is not mandatory in all states, but it can be in some areas. When you register to obtain a license for your boat, you’ll learn if it is a requirement. Additionally, if you carry a loan on your boat or it is leased rather than owned by you, you may also be required to maintain boat insurance. The lender may require this as a way to reduce the risk on the asset they are managing for you.

However, boat insurance requirements may not be enough. Here’s what to consider when buying a boat and a policy for it.

  • Property insurance can be crucial. It can protect the owner from losses to the boat from accidents. It could also protect the valuables you have on board up to a certain level. Property insurance can protect you.
  • Liability insurance is often what states mandate. The amount and type differs based on the type of boat. Additionally, boat liability insurance should be high enough to cover a significant accident. Work with your insurer to pinpoint the right amount of insurance for you.
  • Storage insurance for boats can prove also valuable and should not be overlooked. Damage can happen to your boat when it is dry docked, too.

Boat insurance is not a legal requirement in many states, but it is usually one of the best investments to make if you own a boat that is valuable. Be sure you consider the various types of coverage available and how well they meet your individual needs. The right boat can make a big difference in your experience on the water, and the right boat insurance policy can protect that experience.

We’ll help you find the right coverage. Call Texas Insurance Agency at (713) 921-8000 for more information on Houston boat insurance.

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