Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Questions about the desirability of buying boat insurance can be answered only after considering your unique situation.

While it is a given that you should have some sort of coverage, there are different ways of protecting yourself when it comes to boat ownership. By answering the questions contained in this article, you can determine once and for all if you should buy boat insurance.

Use the free rate tool provided, and your zip code, to compare online insurance quotes now!

The first step in coming to a full understanding of boat insurance involves familiarizing yourself with the available options and costs. To do this, you should compare rates from many different providers. Keep in mind the following questions.

Is there a third party that requires me to buy boat insurance?

You may have little choice in the matter of buying boat insurance if your state, financing body, marina, or boating community requires it.

There are only a few states with this requirement, and the best way to find out if yours is one of them is to contact any of the insurance providers that come up in your online quote comparison. The bodies far more likely to require some sort of boat insurance are the:

  • Bank that finances your boat
  • Marina where you keep your boat
  • Community in which you use your boat

These bodies are protecting themselves, and you, from the dangers that can arise in association with boat ownership.

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What am I protecting myself from by buying boat insurance?

Boat insurance covers, and can compensate you for, accidents that occur in the water or out of it. It can offer protection in the event that someone else is hurt because of an accident involving your boat. It can also pay for damages to your own vessel or to other boats involved in incidents that your boat causes. It may also protect you from environmental issues that can arise from an accident.

Accidents are not always as cut and dried as a direct hit with another boat or piece of property. If the wake from your boat creates waves that cause damage to another boat or its passengers, you may find that boat insurance will cover your liability. Boat insurance also protects your boat when it is being stored. Theft, fire, and fuel leakage are just a few of the problems that could cost you a good chunk of change if you don’t have insurance to pick up the burden. For this reason, the cost of boat insurance is almost always worth it.

Another boat-related concern revolves around accidental fuel spillage. If an accident causes a significant amount of fuel to be released into the water, the body governing the use of that waterway will likely require you to pay to clean it up. If you don’t have boat insurance, you may find yourself, and your wallet, under water.

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Should I add boat coverage to my homeowner’s insurance policy?

You should investigate the options provided as part of your homeowner’s insurance coverage in order to decide how best to proceed. Most homeowner’s insurance policies offer additional coverage based on the Actual Cash Value of your boat. Some companies include limited protection as part of the original homeowner’s policy, with no need to supplement with additional coverage. It is necessary to examine your options carefully so that you are fully covered in the event of an accident.

Homeowners insurance as it relates to supplemental boat insurance usually provides protection to parts of the boat that include its sails, hull, machinery, equipment, furniture and trailer. It also helps to protect you from liability when it comes to bodily injury.

One negative when it comes to using homeowners insurance for your boat stems from the fact that many providers are not familiar with the intricacies of the marine world. You may find yourself fighting with the company for coverage in an area where they are just not as knowledgeable as they should be.

Should I buy boat insurance company from a specialized provider?

Many insurance companies have divisions that specialize in boat insurance. These providers are well versed when it comes to the ins and outs of boat ownership. In addition to offering experienced marine service, you may also be able to select a different form of coverage.

While most homeowner’s policies only offer Actual Value Coverage, specialized boat insurance providers often have an additional option: Agreed Value Coverage. This means that you are able to work with the company to determine what you believe to be the value of your boat. This amount does not depreciate the way Actual Value does. Depending on the size, location, age and condition of your boat, as well as on your personal financial standing, this option could benefit you greatly.

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Where can I buy the best boat insurance?

Now that you have a better understanding of the issues relating to boat insurance, it’s time to analyze the options presented in your online rate comparison. Have you typed your zip code into the free box on this page and seen the many options available to you? If so, you are ready to find the best boat insurance provider for your unique situation. If not, why wait?

Compare boat insurance quotes today!