Known as the land of many lakes, Minnesota is home to many boaters. While having boat insurance is not a legal requirement, registering the boat in the state of Minnesota is a requirement. It doesn’t matter whether you live in Minneapolis, Rochester, Bloomington, or Plymouth, MN. There is no shortcut to this, as sailing without proper registration could land you into trouble and harsh penalties from the authorities.
What if I have a home insurance policy?
Some home insurance policies offer limited coverage for personal watercraft or boats in case of theft or damage. However, this coverage only applies to small boats (those without engines). In most cases, this coverage only reimburses you for damage that occurs while the boat is in your property. The type of loss covered is also limited, and you are not insured when in water.
What about injuries to another party?
If you damage other people’s property or injure another person, home insurance can help pay a limited amount, which may not be enough to cover for medical bills and legal expenses in case you are sued. Remember, your boat has to be small, non-motorized, such as kayaks and canoes, to be covered. That’s why you need to find a more robust watercraft coverage. Anchor Insurance Agency LLP can help you shop for the right boat insurance.
How much boat insurance do I need?
Boat insurance is similar to home insurance and auto insurance. You will be covered when another person is injured in your boat, and just like auto insurance, you can buy both collision and comprehensive coverages along with the property damage and bodily injury. In addition, some boat policies offer coverage for fuel-spill clean-up, salvage costs, and damage from water sports.
If you are still not sure of how to insure your boat, Anchor Insurance Agency LLP can help take you through the process. Feel free to visit us at Plymouth, MN today!