Nothing compares to setting sail on the open waters. And it couldn’’t be a better time to go boating now that summer has arrived. But before you hoist the anchor, you need to make sure your craft is fully protected from loss.

While boat insurance is not required in Tennessee, it could mean the difference between having a fun summer at the lake and staying indoors. Why? Because without this type of insurance, you leave your valuable assets vulnerable to accidents. A separate boat insurance policy, on the other hand, will ensure that you are protected in the case of a calamity.

What Does Boat Insurance Cover?

Most boat insurance policies typically include coverage of injury your boat inflicts on others, property damage your craft causes, and physical damage your boat incurs should you hit something or run aground. Additional coverage can be added to cover theft, vandalism, fire and flood, as well as other items.

Choosing the Right Policy for Your Needs

Boat owners have two choices when it comes to purchasing insurance. One option is “agreed upon value,” which reimburses you the agreed upon price at the time of purchase. The other is “actual value.” This alternative costs less up front, but it factors in depreciation, meaning you will only be reimbursed the actual value of the boat at the time of the loss.

What to Ask Your Insurance Provider:

There is no one-sized-fits-all approach to boat insurance. As you reach out to your insurance provider to purchase a policy, you will want to ask them several questions to guarantee you get exactly what you need.

Here’s an example of some of the questions you should ask:

  • Does the policy cover my boat when it’s on my trailer?
  • Is my craft covered when sitting on my property?
  • What additional benefits does the policy provide?

By asking questions like these, you will ensure that you get the best policy for your specific needs.

Protect Your Boat!

Don’t let an unexpected accident keep you away from an enjoyable summer. Before you go out on the lake, make sure you are insured from loss.

If you’d like to learn more, take a look at this special report containing further information about purchasing boat insurance or contact Royce Williams today. We’d be glad to help you out!

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