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Ohio Boating Resources

Insuring a Boat

When insuring your boat, consider separating boat insurance from your homeowner’s policy, as many homeowners’ policies may not cover specific marine risks. A dedicated marine insurer is often essential for comprehensive coverage.

The Basics of Insuring a Boat

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    Comprehensive Coverage

    • Agreed Value Policy: Covers the boat’s total value when the policy is written, with no depreciation for total losses.
    • Actual Cash Value Policy: Lower cost but factors in depreciation, paying the current value at the time of a claim.

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    Factors Influencing Insurance Costs

    • Age, length, and value of the boat.
    • Speed and condition (must meet Coast Guard standards).
    • Type of boat and where it will operate (ocean, lakes, etc.).
    • Ownership structure (number of owners).

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    Common Coverage Options Most Policies Include

    • Medical payments.
    • Uninsured boaters liability.
    • Towing and assistance.
    • Coverage for personal effects, such as fishing equipment.

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    Boating Insurance Discounts

    You can lower costs with:

    • “Lay-up” discounts for winter storage.
    • A good driving record.
    • Bundling with home or auto insurance.
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    Best Coverage

    An “All Risk” policy is recommended for broad protection. Ensure replacement cost coverage with an “Agreed Value” policy.

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    Who can Operate

    Most policies allow anyone you authorize, but be sure to check for any restrictions. Understanding these aspects will help you find the right insurance to protect your investment and enjoy your time on the water!

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