To the average boat owner, few things can beat a relaxing day on the lake. However, like so many other activities, a lot can go wrong. Insurance can provide you some peace of mind in case something goes awry.
Follow us for a day out on the lake to see how various types of insurance can help you along the way.
Homeowner’s Insurance
Our day, like most others, starts at home.
Have you ever stopped to think about the fact that your home is not only one of your most valuable possessions, it also shelters most of your other valuable possessions? Without homeowners insurance, you could potentially lose the majority of your assets.
A homeowner’s insurance policy can help you with structural damage to your home or personal property damage if these damages are a result of incidents such as:
- Fire.
- Lightning.
- Hail.
- Windstorm.
- Theft.
Homeowners insurance can even help with your liability insurance costs if someone is hurt or has had their property damaged at your house.
A Note About Your Car and Boat
Some homeowners insurance policies may provide some coverage if your car or boat is damaged on your property. However, a general rule in the insurance world is that if an item has a specific type of insurance available to cover it, that insurance should apply.
In other words, do not rely on your homeowners insurance to provide coverage to your car and boat.
Car Insurance
Now that breakfast is through, it’s time to hitch that boat to the truck and get on the road.
Nearly all states require you to have liability car insurance in order to drive on public roads, but if you want to get even more protection, you can purchase optional car insurance coverages such as:
- Comprehensive.
- Collision.
- Medical.
- Uninsured/underinsured motorist.
- Towing and labor (Roadside assistance).
It is widely believed that every driver will be involved in at least one car accident in his or her lifetime. As you shop for car insurance, make sure that you buy a policy that will provide as much protection as you need.
Trailer Insurance
Let’s not forget, if we want to get our boat to the lake, we have to tow it.
Typically, a car insurance policy will extend liability coverages out to a trailer, but only liability coverages.
If you feel you need further protection, such as comprehensive coverage, you need a dedicated trailer insurance policy.
Depending on your policy, trailer insurance may provide coverage to the cargo on the trailer.
Boat Insurance
We’ve arrived. The boat is now in the calm cool waters of the lake. Everyone is relaxed, because we have boat insurance.
Boat insurance policies can be written to cover:
- Liability.
- Collision and comprehensive.
- Medical payments.
Now the day is done and everyone had a great time. While nothing catastrophic happened, it was a comfort knowing that if it did, our homeowners, car, trailer, and boat insurance would have protected us.
