Boat ownership comes with its share of responsibilities. Protecting your investment and the investment of others with boat insurance is part of this responsibility. Like car and auto coverage, boat insurance isn’t “one size fits all.” You’ll need to research your options, get referrals from other boaters or talk to knowledgeable insurance agents that offer marine coverage to find the best boat insurance for you. By doing your homework, you’ll make wise decisions concerning the Jacksonville boat insurance coverage you need.
Does Homeowners’ Insurance Protect Your Boat?
If you own a canoe, kayak or other types of inexpensive boat, your home insurance may suffice to protect your investment. By talking with your home insurance provider, you can get a better idea what kind of boat coverage you have under your home policy.
For more costly boats such as yachts, jet boats, personal watercraft or large sailboats, you would do well to obtain a separate boat insurance policy.
What’s Covered under a Boat Insurance Policy?
Your Jacksonville boat insurance coverage will vary depending on the policy you buy. A good policy should cover the cost of:
- Repairing or replacing your vessel if it’s damaged or destroyed in a collision, by natural disaster, theft or vandalism
- Medical costs for injuries you or others sustain in an accident on the water
- Damage or loss of equipment that’s permanently attached to your vessel such as an anchor or motor
- Liability claims for property damage or injuries in accidents you cause.
You should never compromise on boat liability coverage. Accidents can happen at any time on the water, putting you at risk of a lawsuit or paying thousands of dollars’ worth of damages out-of-pocket. Depending on your vessel and lifestyle, liability coverage of at least $500,000 can help protect your assets. Your Pablo Beach Insurance Group agent can help you determine adequate liability coverage for your lifestyle.
Types of Coverage
Your Jacksonville boat insurance coverage can be divided into two types: cash value coverage and agreed amount value coverage.
With cash value coverage, you’ll be reimbursed for the actual value of your vessel or equipment that’s damaged or destroyed in a covered peril. If a tropical storm causes extensive damage to your boat and your insurer declares it a total loss, you’ll receive reimbursement for the market value of your vessel, even if it’s less than what you paid for it.
With agreed amount value coverage, you and your insurance company will come to terms on the value of your vessel before you purchase the policy, which is generally the cost of replacing your vessel in the event of total loss. This coverage costs more up front, but pays off by reimbursing you the full amount of replacing your vessel without subtracting for depreciation.
For the best boat insurance coverage for you, contact your Pablo Beach Insurance Group agent today.
Florida Insurance Experts
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