If you haven’t done a lot of boating, you may believe that your homeowner’s insurance will cover your boat. In a lot of cases, that’s not true. If the boat is covered, it’s often a small amount of coverage and likely applies only to certain boats. This is why it’s important to have the proper insurance to protect your investment. The good news is there are many options for getting boat insurance in Chicago.
Differences of Boat and Home or Auto Insurance
Boat insurance does have similarities to both vehicle and homeowner’s insurance. For instance, a boat policy provides you with liability coverage is someone is injured on the boat, just as home insurance does if someone has an accident at your home. You will often be provided the cost of replacement or the value of the boat as a whole if the entire boat is lost.
Looking at auto insurance, boat insurance in Chicago protects you from situations where your boat cause property damage or physical damage. This include running into other boats or damaging a dock. This is similar to what auto insurance provides to a car owner. In addition, there are coverage options that protect against fire, theft, and even roadside assistance if you are in a situation where you need your boat towed.
Coverage Out of the Water
Some people may wonder if their boat is covered when it’s on land, not in the water. It is, but not in the sense you might think. Let’s say your boat is hitched to your truck and you back up and run into a car. Your auto policy would take care of you in this case. In the event that your boat is damaged while parked at home, your homeowner’s insurance might cover it. It also might not so make sure you understand your policy.
Most boat insurance in Chicago will include a navigational warranty. For a smaller boat, this might include coastal waters of the United States and Canada. A larger craft will have specific geographical points stipulated. Be sure that you can go where you need to before signing any insurance contract. If you plan to do a one-time trip somewhere beyond the limits, speak with your provided. Some policies allow this, while others may not.
If you need to acquire boat insurance for your dingy or yacht, Great Northern Insurance Agency can help. You can visit our website at www.GreatNorthernInsuranceAgency.com to learn more and receive a free quotation.