The cold days of winter are pretty much behind us, which means the weather should be warming up soon. This means that you can finally come out of hiding and enjoy the friendlier temperatures by taking your boat out onto the water. Before you do so, however, you should make sure that your New Jersey boat insurance is up to date.
Many boat owners mistakenly think that their homeowner’s insurance policy will cover their boat. Unfortunately, it rarely does. Homeowner’s insurance policies only provide minimal coverage for boats, and usually only for really small boats or vessels that have no engines, such as sailboats. Depending on the size of your boat, you may end up needing to purchase yacht insurance. Boat insurance is for vessels that are 26 feet and smaller, whereas yacht insurance is for boats that are 27 feet and larger.
You’ll want to look for specific coverage when purchasing boat insurance. First of all, you’ll want hull insurance to help cover direct damages to your boat. Most yacht insurance policies will also have replacement cost coverage to help cover partial losses. You may also want specific coverage if you have a crew on your boat to cover injuries. Keep in mind that there are some exclusions, as well, such as general wear and tear, damage caused by marine life, ice and freezing, gradual deterioration and more.
For additional information on New Jersey boat insurance and the different coverage options available, contact us at CCW Insurance today.
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