As far as insurance goes, most residents of Austin, TX understand how important it is to ensure their homes and automobiles are properly covered. However, some people don’t realize the importance of having proper coverage for their boats. In fact, it may even be required in some areas of the country. The team at Heaton Bennett Insurance wants to ensure that you are all familiar with the basics of boat insurance.
Boat Insurance Covers Property Damage
Similar to auto and home insurance policies, some boat insurance policies will provide coverage for property damage. This can save you money in the event that your boat is involved in a collision.
While most people assume that boat accidents occur on the water, they can also take place off the water, such as while being transported to the marina. Property coverage can assist in paying for repairs or even compensate you in the event that your watercraft is vandalized, damaged, or stolen within the limits of your policy.
Boat Insurance Protects You from Liability
Accidents can happen anytime, and if you are held responsible, these accidents can lead to expensive legal fees. Boat insurance offers protection to you from liability in the event that you are found responsible for an accident that results in damage to someone else’s property. It will also pay for medical expenses, lost wages, and other expenses that are incurred as a result of the accident. Some boat insurance policies may offer uninsured boat coverage that helps to pay expenses in the event your boat gets into an accident with another watercraft that isn’t insured.
Boat Insurance May Be Required
Boat insurance is not required in all 50 states, but there are certain instances when it may be required. For example, if you are purchasing a new boat with a loan from the bank, it is likely that the lender will require that you have boat insurance on the watercraft for the duration of the loan. In addition, if you intend on storing your boat at a boat storage facility or marina, they may require that you have a current insurance policy. Even if boat insurance is not required, it may be something that you seriously want to consider to protect your investment.
For more information on boat insurance, contact our team at Heaton Bennett Insurance, who serves the Austin, TX community and surrounding areas.