Life in the Golden Isles means unmatched access to pristine waterways. Residents embrace life on the water through socialized boating, fishing, and water sports. Whether you enjoy fishing on your boat or prefer relaxing with family and friends on your yacht, it’s important that you’re all insured before being all aboard.
Oftentimes your homeowners policy will cap boat coverage at ten percent of your home’s insured value or just cover up to $1,000 in damages. So it’s best to take the guesswork out and give Morris & Templeton Insurance a call as soon as you bring home that new treasured watercraft.
Boats
We never want to think the worst, but accidents happen. Finding the right boat insurance will come to the rescue should damage or theft take place. Most boat owners buy liability insurance, which covers the damage your boat could do to others (according to the Insurance Information Institute, it provides coverage in amounts from $15,000 to $300,000). For example: damage from a collision, fire, theft, or vandalism; destruction from an anchor or piece of attached equipment; coverage if someone gets hurt on your boat; and any kind of harm done to someone else’s property.
Should tragedy strike, how do you get paid? There are typically two ways: actual cash value and agreed amount value. Actual cash value pays you at the time of the damage, based on the market value of your boat. On the other hand, agreed amount value pays you a specific amount that you and your insurance company agreed on beforehand. If your boat isn’t completely destroyed, then your insurance company will likely replace old items with new ones, while also not deducting for depreciation.
When the unexpected happens, make sure you know what your policy covers. Liability insurance usually does not cover normal wear and tear, damage from dolphins, sharks, or any wildlife, nor will it cover mold.
Boating is a luxury for so many of us! Boat insurance makes it that much more enjoyable and stress-free. There are a couple of things to remember when you decide on your coverage plan. Most policies have a navigational limit, meaning you have to stay within a certain territory in order for any accidents to be covered by insurance. Also, it might be tempting to let your 13-year-old drive your boat every once in a while, but don’t forget that there are age and license requirements for operating your personal watercraft. Insurance policies, oftentimes, don’t cover anyone underage.
Canoes, watercraft under 25 mph, and boats with small engines won’t need boat insurance but anything above and beyond should be covered. For more information and to get insured, call Morris & Templeton Insurance at 912.355.4549 today, so you can take delight in life on the water without any added stress. You can also visit their website at morristempleton.com.