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Any watercraft, from fishing boats to luxury yachts, represent a significant outlay of capital as well as a source of potential liability. Because these assets are especially vulnerable to a variety of perils, from theft and storm damage to accidental crashes, a boat insurance policy is crucial for protecting the value of your investment. When shopping for insurance coverage, be sure to ask your agent some of the following questions to ensure you get adequate coverage at the best price.

4 Boat Insurance Questions

How Much Insurance Do I Need?

boat insuranceOne of the most important decisions you'll have to make is whether to insure your boat for its actual cash value or an agreed value. While you may pay higher premiums for an agreed-value policy, the payout will likely allow you to replace the vessel if it's destroyed.

Do I Need Additional Coverage?

While the standard boat insurance policy includes liability coverage to protect guests and those injured in an accident, you may want to consider additional coverage. For instance, medical coverage will cover treatment for anyone injured in an accident, regardless of fault, while uninsured boater insurance will pay for damages caused by someone else who lacks sufficient coverage.

Can I Save Money by Bundling?

Many insurance companies offer some fairly significant discounts for customers who purchase multiple policies. Bundling your boat insurance with your home or auto insurance policy can significantly lower your premiums.

Where Is My Policy Valid?

Most boat insurance policies address where you can sail, limiting the coverage area in which they will honor a claim. For instance, you may be required to stay within 75 miles of the U.S. coastline, or risk having an otherwise valid claim denied.

 

As a family-owned, independent insurance brokerage in Cincinnati, Albers Insurance Agency offers products from several of the industry's leading carriers. Whether you've just purchased your first boat or are a lifelong water enthusiast, they'll make sure you have the coverage you need at the best possible price. Visit their website to learn more about the benefits an independent agency can provide, or call (513) 891-3304 to request a boat insurance quote today.

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