Three things you didn’t know about boat insurance

Buying boat insurance is important for watercraft owners. You need to do your research and find a boat insurance policy in Lincoln, NE that meets your needs. We can provide you with boat insurance at Richards Insurance Agency.

The following are three things you didn’t know about boat insurance that you should be aware of.

Home insurance won’t provide adequate boat insurance coverage.

Many consumers make the mistake of assuming that their home insurance policy is going to cover their boat. However, this is not generally true.

Your home insurance policy will definitely not cover your boat if you take your boat off your own property to use it. In this case, you’ll need to buy a boat insurance policy to enjoy the coverage. 

You need to consider add-on coverage.

There are many types of add-on coverage available for boat insurance policies. Some examples include coverage for fuel spill liability or salvage retrieval coverage. 

It’s important to familiarize yourself with the different add-on coverage types available. Then, you can determine which types of coverage you need. 

Boat insurance coverage is limited to certain areas.

You need to be especially careful when buying boat insurance if you use your boat far from home. That’s because boat insurance coverage is typically limited to certain geographic areas.

Make sure you read the fine print on your boat insurance policy. Your policy will probably only cover you if you’re within a certain radius of your home or home port. If you travel a lot and use your boat far from home, you may need to invest in added coverage. 

Get started today finding a boat insurance policy in Lincoln, NE. Contact us at Richards Insurance Agency with your questions and inquiries. 

Tips for new boat insurance buyers

The price of a boat is not the only expense you should think about when buying a watercraft in Nebraska. Boat insurance, although not a requirement in Nebraska, is quite vital for any boat owner.

At Richards Insurance Agency in Lincoln, NE, we recommend making sure that your personal property and legal liability obligations are well protected every time you are in the water. Here are a few tips for new boat insurance buyers:

Work with your budget

Like we already mentioned, boat insurance is not a legal requirement. Therefore, it is prudent that you don’t financially strain to pay for insurance. Decide the amount you are willing to spend on your watercraft and speak to any insurance expert in Richards Insurance Agency to get their views and approvals.

Know your insurer

Some boats can be covered under homeowners’ insurance, especially the small boats. This heavily depends on the insurance provider, the price of the boat, and your home insurance policy. The best way to go about it would be to buy separate boat insurance from a reputable insurance agency in Nebraska like Richards Insurance Agency and add it to your home policy too. This will ensure that your boat is adequately covered because a home insurance policy can be limited.

Understand the policy

Don’t assume that boat insurance is like other basic insurance policies. Make sure that you read and understand clearly what is covered. Ask for clarification where you don’t understand before signing up or finalizing the agreement. Remember, you can always walk away if you are not satisfied with the policy.

If you still need more tips or have more questions regarding boat insurance, feel free to visit us at Richards Insurance Agency in Lincoln, NE today!