The Case for Boat Insurance: Risks and Liability
While the state of Erie, CO, doesn’t mandate boat insurance, it can be required in certain scenarios and is typically a wise choice. Advantage Service Insurance is here to assist you with securing the right boat insurance.
When Boat Insurance is Mandatory
If a bank or finance company has a lien on your boat, they are likely to require you to hold insurance covering the boat’s full value. Similarly, marinas may require boat insurance if you plan on docking your boat at their facilities. These insurance prerequisites vary, with some marinas only demanding liability insurance while others may necessitate both general and liability coverage.
Boats Under Homeowners Insurance
Your homeowner’s policy may offer some boat coverage, but it is often insufficient to cover the boat’s total cost. Also, it might not provide coverage while on the water or in transit.
Assessing Your Risk Tolerance
If boat insurance isn’t mandatory, you must evaluate your risk tolerance. It would be best if you considered how much your boat costs and your financial capacity to replace it in case of damage. If replacing your boat would strain you financially, it would stand to reason that you have a low-risk tolerance and should seek boat insurance.
The Value of Liability Coverage
Regardless of your risk tolerance, liability coverage should always be a consideration. This coverage protects you against financial loss if your boat damages someone else’s property. Given the potentially high damages, liability insurance is a worthwhile investment.
Service at Advantage Insurance
For an array of boat insurance solutions in Erie, CO, don’t hesitate to contact us at Advantage Service Insurance. We provide policies to suit every need and budget. Our expert agents are always ready to assist you with your insurance needs.
