Owning a boat provides access to plenty of waterways, lakes, and rivers. If you’re located in or near Eagan MN, you may be curious about what traditional boating insurance policies do not cover to determine if you require extra coverage, or endorsements. At F.I.R.E. Leaders Financial, we work with clients to help find policies that provide as much coverage as possible along with peace of mind.
Normal Wear and Tear
Even with standard boating insurance, traditional normal wear and tear is not often covered. Damage caused by corrosion, age, rust, rot, or even gradual deterioration is not typically covered by policies. Worn hoses, engine fatigue, or even faded upholstery are not covered with a standard boat insurance policy.
Mechanical and Electrical Breakdowns
Another aspect to consider when investing in boating insurance includes potential mechanical and electrical breakdowns you might experience. In these cases, policies exclude mechanical and electrical failures, unless the damage is caused by fire or collision.
Improper Maintenance or Negligence
Damage resulting from neglect (such as failing to winterize your boat or ignoring issues) is usually excluded from traditional boat insurance policies. Insurers expect boat owners to take reasonable care of their boats year-round.
Use Outside Policy Limits
Traditional boating insurance often restricts where you can operate your boat (navigational limits), and when it can be used (such as seasonal restrictions). How your boat can be used may also be accounted for with particular policies.
Determining the level of boat insurance you require will depend on your lifestyle and boating habits. Whether you’re a seasonal boater or you plan to use your boat year-round, finding the right insurance policies and add-ons can make all the difference. If you’re currently in the market for additional coverage for your boat in or around Eagan, MN, we can help. For your quote and consultation, contact F.I.R.E. Leaders Financial today!
