Many Floridians take advantage of the natural beauty that the state offers around its lakes and waterways. It is a great time for water sports and fishing, but there are times when things can go wrong. Both the boat and the people enjoying it need insurance coverage when out on the water. Our agents at Pritchards and Associates in Okeechobee, FL will work with you to select the right coverage for your situation.
Many homeowners believe that their boat is automatically covered by their home insurance policy. In rare circumstances, small watercraft can be covered by this. It is an exception to the rule. Most need a separate boat insurance policy, though. This is especially important for larger boats that sail in international waters or those used for sports.
The policy will have liability coverage and cover any damage to the boat. This means that if someone is injured on the boat and they decide to sue, the owner is financially protected. It also covers damage to mechanical equipment. Acts of vandalism and all of the contents of the boat, such as personal possessions and sporting equipment should also be included. You may also consider uninsured/underinsured boaters’ coverage. One last thing to talk with your agent is about whether to choose a policy option of ‘agreed value’ or ‘actual cash value’. These terms mean the insurance company will either pay out a pre-determined amount or the vessel’s original value less depreciation.
At Pritchards And Associates in Okeechobee, FL, our agents are knowledgeable about boat insurance. We will discuss your many options and help you select the coverage that makes the most sense for you and how you enjoy your boat. We will take the time to explain every option so that you understand what you are getting. Your boat is an investment. Contact our office by phone, then come in for a visit with our agents. The time to protect your boat is today!