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Boat Insurance

When it comes to boat insurance it's often better to separate your boat policy from your homeowner's policy. Many homeowner's policies do a fine job of covering smaller boats and motors. However, the homeowner's policy has limits for larger more powerful boats.

Almost any boat can be insured - for a price. What factors do insurance companies look at? 

        - Age of boat
        - Length
        - Value
        - Speed/horsepower
        - Type (Inboard, Outboard, performance boat, cruiser, sailboat, yacht, PWC)
        - Where it is operated (Lakes, bays, rivers, Great Lakes, Ocean)
        - Condition (Does it meet Coast Guard Standards)

There are two types of boat policies - agreed value and actual cash value. How depreciation is handle separates the two. Agreed value covers the boat based on the value when the policy is written. There is no depreciation for a total loss however a partial loss may be depreciated. Actual cash value policy will only pay up to the value of the boat at time of loss factoring in depreciation of the boat.

How and where you boat will determine what type of policy you need. Do you pull skiers, wake boarders/surfers? Do you need specialized coverage for navigation equipment, props?

As boating season gets going give me a call at 913-948-6575 to review your boat policy needs.
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