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Boat insurance can be a costly expense, but there are many ways to cut your premium. For starters, installing safety devices in your boat can reduce your premium. Some marine insurers will credit you for installing items such as automatic fire extinguishers, fume and vapor detectors, and certain anti-theft and tracking devices. These measures are also good for your boat’s security and may even save you money.

If you own a boat, it’s important to understand the limits of coverage. Boat insurance policies cover certain types of boating accidents, but they also have territorial limits. For example, a policy may not cover damages incurred by a boat in a race or by another boat’s operator. Some policies even exclude coverage for damages to other people’s boats. Whether or not these limitations apply to your boat will depend on your insurance policy.

Many homeowners’ policies cover a boat, but these policies have a few limitations. For example, you may only be covered for damage to property in a lake or pond, or for the value of a particular watercraft. You’ll need to compare policies to find the right fit. Make sure to choose a policy that covers boat damage as well as liability. While most boat insurance policies cover liability for other people on the water, some will exclude the cost of sailing boats or other non-motorized watercraft. Whether your policy includes liability insurance for boats depends on the type of coverage you’ll need.

Each type of policy has its own premiums and coverage limits. In addition to liability coverage, boat insurance policies usually include towing coverage. You should always check with your insurance agent before signing up for a policy. Speak to our insurance experts at Maderno Insurance today!