Summer is here and the water is beautiful. If you own a boat, anything from a fishing boat, bow rider, a party barge, or a luxurious yacht, you need to make sure your boat is properly insured.
Small boats (speed under 25 miles an hour), including canoes and kayaks may be able to be covered under your homeowners or renters insurance policy, according the Insurance Information Institute (III). But larger, more powerful boats require a separate insurance policy to protect them.
Boat policies also provide broader liability protection than a homeowners policy. The hull, machinery, fittings, furnishings and permanently attached equipment can be covered under physical loss or damage, either on an actual cash value or on an agreed amount value basis. Actual cash value polices will cover the replacement cost of your boat less depreciation. Agreed amount value policies are policies where you and your boat insurance carrier agree on the amount your boat is worth in event of a total loss.
Additional coverage may be available on your boat insurance policy to cover:
+Bodily injury--for injuries caused to another person
+Property damage--for damage caused to someone else's property
+Guest passenger liability--for legal expenses incurred by someone using the boat with the owner's permission
+Medical payments--for injuries to the boat owner and other passengers
Check with your Trusted Choice agent (http://www.treutel.com/) to ensure you are properly insured.