No matter what size your boat is, from a kayak to a multi-million dollar yacht, you want to have it properly insured. A small recreational boat, like a canoe or a kayak, may be covered by a home insurance policy under the limits for personal property when it is stored in a garage. Ask your agent to be sure. Even so, you will still need boat insurance for when it is in transport and when using it in the water.
Work with your agent at Brock and Poole Insurance Agency serving Collierville, TN, and the surrounding communities to figure out the exact coverage you need. You want to have adequate insurance for the boat, anything you carry in it, and the people using it.
Coverage for Storage, Transport, and Use
Be sure to discuss where the boat will be kept when it is not in use. There is a difference between keeping a boat moored at a dock and keeping it inside a locked garage. Also, talk about how the boat will be transported and how often it will be taken on the road.
Let your agent know the type of water the boat will be used in. Different coverage may be needed for boats used in freshwater compared to those used in the ocean. Another example is that using a kayak on a still lake is quite different from using it to go down whitewater rapids.
Replacement Cost
To have adequate insurance you need to figure out the replacement cost of the boat and for any accessories. Replacement cost is the best way to insure things because if something gets lost or damaged for a reason that is covered by the insurance, the insurance company covers the cost to buy a new one of a similar kind.
For example, imagine that you have a marine radio that would fetch only a few dollars at a garage sale. It works so there is no reason to buy a new one. It is covered with replacement cost insurance. If it gets lost or damaged you will get a new one of the same kind, even if it costs much more than the old one is worth.
Call 901-854-9775 to speak with your agent at Brock and Poole Insurance Agency in Collierville, TN to have a review of any existing boat insurance that you already have or to get a quote for a new boat insurance policy.
