Small boats remain a popular option for boat owners in Kingwood, TX. A small boat is the perfect way to enjoy the gorgeous Texas sunset with loved ones or spend the day fishing. If you own a small boat, you may be wondering if you need boat/watercraft insurance before heading onto the water. There are several factors to consider.
Docking
Where you dock your boat can play a crucial role in whether you need a policy. Most marinas require liability insurance, at a minimum. However, parking your boat in the water can make it more susceptible to damage from natural disasters.
Your home policy may cover damage to your boat for a covered peril, meaning that you won’t need a comprehensive policy that covers it while it’s parked. Speak with an agent about your home policy first to determine what’s covered. Then, contact an agent at Boss Insurance Agency to get a policy to fill any coverage gaps.
Lender Requirements
Most lenders require a certain level of coverage if you finance a boat. The lender will require proof of coverage when you get the boat. They’ll also require that you maintain coverage while paying for the boat. A lapse in coverage can result in a repossession.
Risk Factors
It’s essential to consider various risk factors when determining what type of coverage you need. Is the boat in a high-theft area? Have there been cases of vandalism? If you let other people ride in your boat, it’s crucial to get a boat/watercraft policy that covers bodily injury for passengers. You should also make sure you have coverage for common natural disasters.
Representatives at Boss Insurance Agency can help you conduct a personal risk assessment to find the right policy for your needs. Contact us to learn more. We’re currently serving the Kingwood, TX, area.
