Hello, fellow boaters and sailing enthusiasts! Dan Burghardt here, from Dan Burghardt Insurance. With the sun shining and the waves calling, boating season is upon us, and the excitement is palpable. Like many of you, I take great pride in my vessel, treating it with the utmost care and attention.
Yet, even the most conscientious among us can find ourselves in unforeseen situations. Accidents don’t only happen in the water; they can occur on dry land before the hull even graces the waves. As a fellow boat lover and a seasoned insurance provider, I wanted to share a quick checklist to guide you through the insurance landscape. Let’s set sail!
BOAT COVERAGE: Your Vessel’s Best Friend
Our boats are more than mere transportation; they’re our pride and joy. That’s why we must protect them with the right insurance. Hull insurance covers physical damage to the boat and attached accessories, alongside provisions for theft, property damage, and even medical payments. However, be aware, if you’re liable for damage to someone else’s property while hauling the boat, your boat coverage might not come to your rescue. That’s when we look to auto insurance.
AUTO COVERAGE: Protecting the Journey to the Water
The road to the marina can be as treacherous as the high seas. If your vehicle used to haul the boat gets damaged, the auto policy will cover it. And yes, you may need to list the trailer specifically on your auto policy. I’ve seen many unexpected situations over the years, and the right auto coverage can make all the difference.
HOMEOWNERS COVERAGE: Safety in the Harbor
While your boat dreams of the open water, it spends time at home too. Most homeowner policies extend coverage to your boat when parked at home, covering named perils like theft or vandalism. Mind you, it’s usually capped at $1,500. It’s a crucial but often overlooked piece of the puzzle, one that’s saved many of my clients from unexpected financial headaches.
ADDITIONAL COVERAGE: The Umbrella That Shields You
In the ever-changing weather of life, an umbrella policy can be a real lifesaver. An umbrella policy provides coverage above the limits listed in homeowner, auto, boat, motorcycle, RV. and other policies as a valuable tool for extending liability. For example, if a boat liability stops at $300,000, the umbrella policy can extend this coverage up to 1, 2, or even 5 million dollars. Burghardt says, “ In todays hostile legal environment you have to protect your net worth or risk losing it all in a lawsuit or judgment.”