Category: Boat/Watercraft Insurance

Boat insurance works similar to motorcycle, car, and even RV insurance. It’s designed to protect you, your boat, and others. In other words, it’s designed to provide liability coverage as well as coverage that can be used to repair or replace your boat, property, or someone else’s boat or property. Fundamentally, it operates like car insurance and other insurance designed to cover vehicles and other moving machinery. Land Home Insurance Services of Concord, CA is here to educate consumers on the benefits of boat insurance. 

Boat Insurance Defined 

Boat insurance is designed to cover your personal watercraft. This may include a motorboat, sailboat, or any other type of watercraft. Boat coverage typically covers theft, damage from an accident, and even some natural disasters, like lightning and fire, that may cause damage to your watercraft. Also, boat insurance can also cover parts of your watercraft which may include the hull, fittings, permanently attached equipment, machinery, and furnishings. These coverage types fall under three, sometimes four, common categories when it comes to insurance for vehicles and other motor-powered machines.

• Property Coverage
• Liability Coverage
• Medical Coverage
• Uninsured Coverage

Boat property insurance coverage

This coverage is designed to pay for the repair or the replacement of your boat if it’s damaged.  This coverage provides protection for your boat on both land and water. Typically, this type of coverage allows you to choose between actual cash value coverage or agreed amount coverage.

Liability Coverage

Liability coverage is designed to cover damage caused by your boat to another person or their property. This type of coverage works like liability auto insurance or any type of liability insurance you may purchase. 

Medical Coverage

Medical coverage is designed to cover hospital bills and other medical bills you or your passengers may incur if you’re injured on your boat. X-rays, medicine, or medical bills would fall under this type of coverage. 

Uninsured Watercraft Coverage

It happens. It’s possible that you may sustain damage to your boat from an uninsured watercraft owner. Uninsured watercraft insurance covers expenses associated with damage to your boat from uninsured watercraft owners. However, like most insurance, there are a wide variety of different coverage options available to you. Our team at Land Home Insurance Services is happy to answer questions about coverage options to help you find the best coverage for your unique situation. 

If you need boat insurance, we at Land Home Insurance Services near Concord, CA can help you understand your options and ensure you are satisfied with your results.

Agreed Value and Actual Cash Value Policies 

Boat insurance breaks down into two different types, including agreed and actual value policies. They are essentially the same except for how they handle your boat’s value deprecation. The agreed-upon policy will cover your boat based on its value at the time of the policy. This option works best if you have extra money for a policy because your value will not depreciate in the eyes of the policy. 

The actual value is the opposite: you pay less money but lose value on your boat as it ages. This option works best for smaller or low-value ships that wouldn’t cost much to replace. It’s also good if your ship is not likely to fail or go bad on you any time soon. Otherwise, agreed value policies are often the best option, particularly for regular boaters or even professionals. 

Individual Policy Types 

• Personal Watercraft – Designed for small boats used for fishing or recreation. 
• Yacht – Boats bigger than 27 feet are called yachts and require different policies. 
• Sailboat and Dinghy – These policies cover boats that fall under these headings. 
• PWC Rental – Rental insurance helps protect you if you rent your boat to others. 
• Boat Clubs – If you belong to a boat club, their policy may protect you. 
• Professional Insurance – If you fish or charter your boat, you need professional insurance. 

Consider a Policy With Us 

Do you need a boat policy that suits your needs? Then please, call us at Land Home Insurance Services to learn more. We provide policies for many boasters in and around Concord, CA.

Auto insurance is pretty much the only insurance you’ll ever be required by law to carry in Concord, CA, or anywhere else in the state. When we head out in the car, we pose a risk to other drivers, and it’s only fair that we should be able to cover that risk.

You’re not required by law to insure your home, your business, or your boat.

But, while you may not be required by law to carry boat insurance, it can be challenging to own a boat without buying insurance. Even when we take away the simple fact that boats are expensive and foolish to leave uninsured, you may be required by your lender to insure your boat if you’re still making payments on it. Even the very successful among us might not be able to buy a brand new speedboat in a single cash payment.

Marina owners can also require that you carry insurance. You don’t pose much danger to other boaters out on the ocean, there’s plenty of space out there, and it’s hard to run into another boat. But when you pull it in to the docks, that’s another story, and a careless boater can do thousands of dollars of damage simply by pulling into the marina a little too quickly.

So while you are not required by law to insure your boat, you may be required to insure your boat, nonetheless.

If you have any questions about boat insurance, or if you’re looking to get covered in Concord, CA, get in touch with Land Home Insurance Services. At Land Home Insurance Services, you’re going to get a good deal on a great boat insurance policy.