The warm weather calls for some good time in the water. As the temperature creeps upwards, a boat becomes a sudden necessity, particularly for water enthusiasts in Canby, OR. To promote safety for you and your family, you need to get proper boat insurance. If you have or intend to buy boat insurance soon, here are three things you probably don’t know about boat insurance.
Homeowner’s insurance provides very little coverage that could be unreliable
Small boats– with very small or no engine at all can be covered under home insurance. However, it is essential to understand that the coverage is not close to what you would receive when you purchase a separate policy. The coverage is limited to a specific amount depending on the insurer. In case of serious damage, your home insurance may not be adequate to cover all the costs. At Oliver Insurance, we recommend buying boat insurance whether you own a small or big boat.
Sometimes, boat insurance is mandatory
The state of Oregon does not require you to have boat insurance. However, the government recommends having enough coverage to protect your finances in case of engine problems, collision, and other boat issues. There are certain cases where boat insurance may be mandatory. For instance, marinas may require you to have insurance before docking your boat. Additionally, if you are buying a boat through a loan, your lender may require you to purchase boat insurance to protect their investment.
Personal belongings coverage is quite limited
When it comes to buying boat insurance in Canby, OR, you need to think about your valuables seriously. Most boat insurance policies provide very little coverage to your personal belongings. For this reason, you may want to increase coverage if you take most of your valuables to the boat with you.
Boat insurance is essential coverage that protects you and your loved ones every time you are in the water, so don’t buy blindly. Consult Oliver Insurance, and our trusted insurance experts will help you find coverage that works for you.