Do I Need Boat Insurance If I Own a Boat?
Value of Boat Insurance
Boat insurance provides financial protection for watercraft owners in the event of a covered incident or damage. There are several types of boat insurance coverages to help protect your investment.
Do I Need Boat Insurance?
Most states do not require boat insurance by law. However, lenders often require comprehensive and collision coverage, and many marinas require proof of liability insurance.
If boat insurance is not required for you, there are various reasons why it’s worth considering:
- Protect your investment: Purchasing a boat is an expensive investment, and repairs or replacements caused by a covered peril can be costly.
- Liability: Coverage keeps you prepared for unforeseen injuries or property damage you may cause.
- Theft, vandalism, and weather damage: Incidents can happen anywhere, including during off-season storage. Coverage can protect your peace of mind and your watercraft.
Although your homeowners insurance may have limited boat coverage, this often excludes liability and larger boats leaving you vulnerable to financial risk, potential legal issues, and marina/lender penalties.
Choose to Stay Protected
Boat insurance is a smart, proactive choice.
Learn about NJM Insurance Group’s partnership with American Modern for more information on covering the needs of your watercraft.