Owning a boat is very exciting. In addition to being able to see a whole new world out in the water, the investment enables you to use it as collateral for a loan. You can also liquidate it by selling it later on. Did you know that you can also use your boat for business meetings to create a great first impression with new clients? The opportunities are endless. However, to get the most from your vessel, you need two things, a professional inspection by an experienced marine surveyor and boat or yacht insurance Cape Coral recommends.
A professional inspection aims to help you determine if there are problems with your boat. An experienced marine surveyor will also be able to help you know how much your boat is worth. As for boat or yacht insurance Cape Coral trusts, it will help you safeguard your investment. You don’t want your boat to be totaled and with no one to compensate you, do you?
Is boat insurance mandatory?
In Florida, it is not mandatory to have boat insurance. This means you can operate your boat without any form of insurance. However, if you plan on taking out a loan with the boat as collateral, the lender may require that you get your vessel insured. There are also some marinas with boat insurance requirements. This means you have to provide proof of liability coverage in case of damage or injury to others.
Even when it is not required, it is always good to have boat insurance in Cape Coral. This is especially so if you own a motorized vessel that costs more than $1,000. Many homeowners’ insurance policies offer limited coverage for watercraft and boats.
- Coverage for damages to a boat is limited to about $1,000, which only applies to certain damages.
- Homeowners’ liability insurance can assist if you cause damage to property or bodily injury to others. There are, however, some restrictions depending on the type of your boat.
- The personal property on your vessel might be covered if it is damaged or lost.
A boat insurance policy, on the other hand, offers coverage for:
- Damage to the boat or personal property. These are subject to a deductible. Coverage is for when damage was sustained on water or in a trailer.
- Liability coverage if you cause damage to others
- Medical payments coverage if you or your guests get injured.
- Coverage if an uninsured boat owner damages your boat
- Towing coverage
While not mandatory, it is good to have insurance coverage on your boat. It will give you peace of mind and ensure you never lose your investment entirely following an accident. You must, however, read a policy carefully before choosing it.