Purchasing a watercraft is a considerable investment, and it’s crucial that you have sufficient insurance coverage for your vessel. Many boat owners in Houston, TX have difficulty figuring out how much coverage they need for their boats. Here is a guide to how much coverage you need for your boat by experts at Modern Risk Management.
How Much Coverage Do You Need?
Property Coverage
Property coverage for boats protects the vessel against theft damage due to sinking or an accident. Your boat will be protected whether it’s on land or water. You have the choice between actual cash value or agreed value (replacement cost coverage) in case your boat is stolen or totaled. Which of the two coverage options you pick will influence the cost of your boat insurance and the settlement amount you will receive from the insurance company later when you file a claim.
Liability Insurance
Liability insurance for boats protects against financial liability resulting from your vessel damaging someone else’s property, including another person’s watercraft. It also covers any financial repercussions that may arise from your watercraft injuring someone else. Moreover, it covers damages caused by others to your vessel, such as a large wake, and takes care of your legal fees if you are sued over a matter covered by the policy.
Medical Payments Coverage
This boat insurance coverage will take care of the medical bills if you or the passengers in your vessel are injured in a boating accident.
Uninsured Watercraft Coverage
An uninsured watercraft coverage pays for your medical bills in case an uninsured boater strikes your vessel
Boat Insurance Add-Ons
Depending on your vessel, its use, and other factors, you might need watercraft insurance add-ons. These include boat trailers, special equipment like fishing gear, towing, boating accessories like radar, dock contract liability, ice and freezing, fishing guide coverage, personal property, and mechanical breakdown.
Are you looking for insurance advice in Houston, TX? The insurance experts at Modern Risk Management are ready to answer all your questions. Call us today.
