More than 75 million people in the United States go boating annually. It’s no wonder why — not much beats a hot summer’s day out on the water, especially in a state with as many lakes as we have in Wisconsin.
As fun as boating is, it can be dangerous: more than 2,000 accidents involving personal watercraft happen each year. Here’s what you need to know about boat insurance to make sure you and your family are covered if disaster strikes.
Your homeowners insurance probably doesn’t cover your boat.
Much as your homeowners insurance policy doesn’t cover your car, it likely doesn’t protect your boat either. Canoes and small vessels without motors are automatically wrapped into your homeowners plan, but you need specific boat insurance to fully cover your activities out on the water.
This comes as a surprise to many boat owners who don’t realize they aren’t protected until after something goes wrong. Don’t become one of them — take the time now to make sure you have the right policies.
A boat insurance policy can cover a wide range of disasters.
Countless things can go wrong out on the lake, but thankfully, the right boat insurance policy can protect you from every one of them. Your coverage needs vary depending on your craft’s size, how often you use it, and where you launch.
Your insurance agent will work with you to find the perfect policy that covers collisions, theft, personal injury, and more.
An umbrella policy can fully protect you from additional risk.
While boat insurance policies can protect against accidents out on the water, they stop short of covering your craft while it’s on land. If your boat is being pulled behind your truck, your auto insurance policy kicks in. Similarly, if it’s being stored outside your house, your homeowners insurance policy is responsible for any damages.
Sounds great — you’re fully covered, right? Unfortunately, you probably aren’t. Auto and home insurance policies can often fail to fully cover anything else on land that could happen to personal boats, leaving owners stuck with unexpected costs.
If you’re concerned about protecting your boat when it’s not in the water, an umbrella insurance policy is your best bet. These policies can act as “catch alls” to make sure you don’t have any holes in your coverage.
Your specific policy might have certain restrictions.
Some boat insurance policies allow you to “pause” coverage during the winter: if you know you won’t be out on the lake from November through April, you can stop paying for coverage during those months. There is a catch: if you do decide to take your boat out on an unseasonably warm day in that period, you won’t be covered if something goes wrong. It’s important to adhere exactly to the stipulations in your policy, else you risk facing big financial problems.
Additionally, some policies have restrictions on where you can go boating, limiting high-risk areas or coverage during especially dangerous weather. Talk with your agent to make sure you fully understand when you are and aren’t covered as a boat owner.
Lindow can help you find the right policy.
In a state like Wisconsin, boat insurance is almost as common as auto or home insurance. With so many lakes to enjoy, it’s no wonder people flock to the docks in the summer! At Lindow Insurance, we’ll work with you to make sure you have the proper coverage at the best price. Don’t hesitate to reach out and get your no-obligation quote today!