My Boat Is In Storage, So Why Do I Need Insurance?

If you’re a fan of water sports, as an Okeechobee, FL boat owner, you probably take your boat out of the water for storage when the weather turns inclement. Like most boat owners, you probably store your skiff in a garage, shed, or your driveway when not in use. Have you thought about what might happen if you stored your boat in your garage and your garage burnt down? Your homeowner’s insurance may cover the cost of rebuilding your garage, but it won’t likely cover the cost of replacing your boat.  

Does My Okeechobee, FL Homeowners Insurance Cover Boat Loss? 

No, The maximum coverage the typical homeowner’s insurance policy will cover for the loss of a boat is $1,000 to $1,500, even if it was stored on your property or in your garage at the time of the loss or damage. It won’t cover damage that occurs while in use, or while loading or unloading the boat. Because your homeowners insurance only provides limited coverage for loss or damage, a separate boat insurance policy is the best way to protect your assets. Pritchards and Associates, Inc. can help you determine what type of coverage will be best for you. 

What Type Of Boat Insurance Do I Need? 

Depending on whether your boat is in use or in storage, you may need different types of insurance coverage. Insuring your boat while stored will protect you in the event of vandalism, fire, theft, or natural disaster. It will also protect you in the event you are involved in a boat-related accident, and your boat is damaged, as well as protecting you if you cause injury to a marina, another boater, or another boat. Call Pritchards and Associates, Inc. today for more information about how to protect your boat whether on the water or in storage.