Boat and yacht insurance, also known as marine insurance, is designed to protect you and your boating guests from the potentially high costs of accident-related damages or injuries. It is a contractual agreement between you and your insurance company, where you pay a premium in exchange for selected coverages. If you finance or lease your vessel, your lender may require specific insurance coverages and limits.

Contrary to popular belief, your vessel is not automatically covered under your homeowners' policy. Having boat or yacht insurance is crucial. Without the proper coverage, you may be responsible for covering expenses related to accidents, such as repairs, property damage, and medical bills.

Boat insurance coverage options vary depending on your state, insurance company, and selected coverage. Standard options typically include coverage for physical damage (collisions), liability (bodily injury or property damage to others), personal property (e.g., fishing equipment, clothing), and towing and assistance.

Before purchasing a boat policy, speak with an insurance representative to determine your needs and understand your options. Consider factors like state or lender requirements, affordability of deductibles and expenses, replacement or repair costs, passenger frequency, special features, storage and transportation methods, usage locations, and potential premium discounts.

The state in which you store and dock your boat, as well as the waters in which you use it, can significantly impact your boat insurance cost. Factors such as the likelihood of catastrophic weather events in your area and any specific requirements from your state or marina can affect your policy premium. For example, storing your boat in an area prone to hurricanes may result in a higher premium and possibly a windstorm deductible. Additionally, boats used inland generally have lower rates than those used on coastal waters.

Yes, it's important to insure your boat year-round, even when it's in storage or during the off-season when you're not using it. Your boat is a significant investment and should be protected against risks such as fire, theft, weather damage, and natural disasters at all times. Without adequate coverage, your boat remains vulnerable to these threats. Speaking with your insurance representative can help you understand the best boat policy options to protect your investment throughout the year.