How to Buy Boat Insurance

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The best place to be on a sunny summer day is on the water; fisherman would certainly agree. Though, whether you favor the power boat for fishing, the refreshing quality of sailing, or even zippy momentum of jet ski freedom, there's serenity in water-based leisure that propels its infinite popularity. All of the daily worries seem to float away with the waves - until something goes awry and you’re left wondering what to do next.

You have Auto Insurance for your car or truck in the event of accidents. As a boat owner, your boat is vulnerable to risk, just like your car or truck, so it should always be insured and there are two different options that will work for you:

1. Buy a Stand Alone Policy for Your Boat
   1. For some power boats and sailboats of a certain size, this option is mandatory. If you are in doubt as to whether your watercraft requires its own insurance policy, we can check for you.
2. Add Your Boat to an Existing Homeowner's Insurance Policy
   1. Generally for those with smaller engines, this option is appropriate for boat owners who have certain types of powerboats as well as for owners of jet skis and other water sport vehicles.

In the event that it’s mandatory for you to buy a stand alone policy for your boat, you’ll alse have to consider the type of policy you want - boat owners can choose from two different types:

1. Agreed Value Policy
   1. In this case, you and your insurance provider mutually agree on your boat's value. If for example, at the time you obtain a policy, you agree that your boat is worth $50,000, you will receive up to $50,000 to cover the cost of that boat should it be damaged or stolen, even years after.
2. Actual Value Policy
   1. Under this type of policy, when your insurance company pays actual cash value, they are only paying what your boat was worth at any given time minus any depreciation in the event of a claim. The trade off is that the premiums you pay will be somewhat lower.

Another aspect here are the three required main components that every boat insurance policy should have:

1. Bodily Injury Liability
   1. If you were to injure a fellow boater in an accident, this would protect you from out-of-pocket expenses and lawsuits.
2. Property Damage Liability
   1. This component handles the costs associated with physical damage to personal property, ramps, docks, and other boats.
3. Physical Damage
   1. This type of coverage pays for any damages you may cause to your own boat.

We’ll be there for you every step of the way when you’re in the market for boat insurance. It would also be a good idea to chat with friends and fellow boaters about what types of policies they have and what their experiences with filings claims have been like. If you haven’t been able to commit to buying your own boat yet, and you’re renting a boat or water sport vehicle, be sure to verify that the owner has boat rental insurance. While it isn't a requirement, a reputable renter will carry boat rental insurance to protect both the property and the people who use it. 

Harris, Reed & Seiferth Insurance Group is an Independent Agency that shops to find you the best value for your insurance dollar. No compromise in coverage or quality, and at renewal we shop again to insure our clients are still receiving the best value for their insurance dollar. If you have more questions, give us a call today to learn more and get a quote.​
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Harris Reed & Seiferth Insurance Group 
​Office: 561-768-8176 
www.harrisreedandseiferthinsurancegroup.com