Finding the Right Boat and Watercraft Policy in Texas
Most home policies cover a limited amount of damages. You need a boat and watercraft policy to cover the rest. A boat and watercraft policy provide liability coverage and protection for your vessel. It works a little like car insurance in that you can get collision or comprehensive coverage added. Liability covers you when someone gets hurt on board or by your boat. It will pay the court costs and settlement if someone sues you for damages due to injury, and you are found at fault.
While the state of Texas does not require it, many harbors and marinas do. You cannot rent a slip for your watercraft without this insurance. If you own other types of watercraft like jet skis, they fall under the protection of a watercraft policy. You will need to consult with an insurance agent to find an adequate amount of coverage based on the boat or watercraft you want to insure.
Houseboat owners need this insurance more so than those who boat recreationally. Most marinas require it of houseboat owners, sometimes for full coverage. It takes the place of homeowners' insurance for those living on their vessels.
Discovering your Options
Discuss the level of coverage you want with your insurance agent. You need to decide what level of payback you wish if your boat gets totaled. Choose from replacement cost, actual cash value, and agreed on amount value. Replacement costs pay for you to buy a brand-new boat at current prices. Actual cash refers to the depreciated value of your boat, and that is the amount you receive. Agreed upon value refers to an amount you and your agent agree to that is written into your policy.
When you call us at Michael Leonard Insurance of Texas, ask about layup provisions, if you store your boat during winter. Contact our offices to learn more about your options and how you can get started with a quote.
We look forward to working with you!