22 Jun Does Your Boat Have Enough Coverage?
Boat Insurance for Summer
There are few more relaxing times in your life than floating on the lake on your boat. With the weather heating up for summer, you may find yourself spending more and more time on your boat with all of your friends and family. Before you back your boat into the water this season, it is important to make sure that you do your part to keep your boat safe with the right boat insurance policy.
No matter if you have a day cruiser, pontoon, or canoe, you need to invest in a specific boat insurance policy to protect yourself and your assets. If you are relying on your existing homeowners insurance policy to provide coverage, you may be left paying for any damages or losses out of your own pocket. While your home insurance policy will provide some coverage, it will most likely not be enough for your boat. Home insurance will provide very minimal coverage for boats, which will leave them vulnerable while on the water.
When deciding on how much coverage you need, make sure that you know the difference between agreed value and market value. If you have an older boat, you will most likely want to insure your boat for the agreed value, which is an amount that you agree on with your insurance company. If your boat is a total loss, you will receive a payout of the agreed upon value. If you decide to insure your boat for the market value, your insurance company will take depreciation into consideration when deciding on the price of your payout. Since your boat loses value the minute that it leaves the dealership, you may not have enough coverage to completely replace your boat after a total loss with market value.
For all of your boat insurance needs and to ensure that you have the protection that you deserve this summer, contact North Central Insurance in Elk River, Minnesota.