As you may already know, yacht insurance Cape Coral is not mandatory. However, it is good to get insurance coverage on your boat so as to protect your investment. While many homeowners’ policies include good coverage on smaller boats, when you need yacht insurance, you will have to work with an insurer that specializes in those kinds of boats. This is more so when you consider the many limitations that a homeowners’ policy has such as being forced to only use the boat in inland waters, rivers, and lakes.
When searching for yacht insurance Cape Coral, it is always good to compare policies from multiple insurers. This is for the simple fact that insurance companies have varying packages. To get the one that works best for you, you have to know what other insurers are offering. An experienced marine surveyor in Cape Coral may be able to point you in the direction of the best marine insurance provider in your area. Keep in mind that you will also need a surveyor to help with an insurance survey that will most likely be requested by your insurance provider. Finding a reliable boat surveyor early is important.
Another very important thing to do is to understand the factors that affect the cost of insuring your boat. There are numerous factors considered. The main ones include the following.
- Age of the vessel
- If the boat is used as a primary residence
- Number of owners
- Where the boat will be operated
- Type of boat
Types of Boat Insurance
There are two main types of boat insurance available: actual cash value and agreed value. The actual cash value policy is cheaper upfront but it factors in depreciation. The policy only pays the actual cash value of the boat at the time it is declared a partial or total loss. Most insurers will insist on the actual cash value policy as your yacht ages.
An agreed value policy covers the vessel based on its value when the policy was acquired. This policy tends to be more expensive upfront. The good thing, however, is that there is no depreciation for a total loss. However, there are cases where depreciation may be factored for a partial loss.
It is always good to read through your policy before taking one. This is because your yacht insurance may not cover what you think. It is only by going through the policy that you will know what is covered and what is not. Again, an experienced marine surveyor in Cape Coral can advise you on the type of cover to take and how much coverage to get.