The state of Texas requires all watercraft owners to obtain boat insurance before enjoying a day out in the ocean or on the lake. There are many instances where your homeowner's insurance policy will cover the general cost of your boat should an accident take place. You, however, are responsible for damages to individuals who are injured during an at-fault incident.
Norment & Landers Insurance can help you find the boat insurance policy that fits your needs. Agents can also give a complete breakdown of what it means to have watercraft assurance.
Insured by way of a homeowner's policy
Many homeowners take full advantage of their home insurance policy by adding on the option of a watercraft indemnity plan. These policies pay a limited dollar amount for boats that are damaged on the water or on land.
The main disadvantage of this type of boat/watercraft insurance policy is that it will not protect your boat in transport or from certain instances of damages. A boat/watercraft insurance policy works more like an auto insurance policy in that it will provide liability protection, collision protection, and much more.
Other types of boat insurance plans
Boat indemnity plans that resemble auto policies typically come with the following options:
- Replacement Costs ‐ which pays to repair or replace a boat damaged in an accident.
- Actual Cash Value ‐ which pays to repair or replace your boat sans depreciation values, of course.
- Agreed Amount Value ‐ which pays to repair or replace your boat up to a set value that is similar to a policy limit that you would see with an auto insurance plan.
Norment & Landers Insurance can help you find the boat insurance plan that best meets your needs. Call us today for a quote!