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Insuring Your Home

When we started thinking about buying a home, I realized that we had a boatload of work to do. I knew that we needed to save up a down payment, talk with a mortgage broker, and most importantly--figure out what we were doing about homeowners insurance. Fortunately, a friend of mine told me about a great insurance broker in our area who handled that kind of thing. We met with her to talk about our options, and before we knew it, we had found a policy that really melded with our budget and lifestyle. This blog is all about insuring your home.



Four Reasons Why A Boat Owner Needs Boat Insurance

Purchasing a boat is a huge investment, and you must protect your asset at all costs. That's because your boat can get involved in an accident at any time leading to damage. In addition, you may need to do repairs or get a replacement, which may not be affordable. Hence, you require boat insurance to cover such losses. Here are reasons why buying a boat insurance policy is essential.

1. Investment Protection

Boat insurance protects your investment against theft, collisions, fire, and equipment failure. Typically, insurance covers different parts of the boat, such as sails, furniture, and inbuilt equipment. However, some items such as radars and scuba diving equipment may require separate coverage. And if your boat stalls while on water due to mechanical problems or fuel insufficiency, emergency coverage can help. Such insurance covers towing, gas or fuel delivery, or even loaned batteries.

2. Safety

When boat emergencies occur, they can cause injuries to boat passengers. For instance, you may get a severe injury that requires urgent medical treatment. Getting the treatment can be costly, and insurance can cover these medical costs. Additionally, you may sustain severe injuries that may cause disability, and you may be unable to continue working in your current role. Again, boat insurance can cover all these risks and ensure your safety and well-being.

3. Environmental Protection

If your boat gets into a serious accident, the oil may leak into the water, or the wrecked parts may fill the water. Having oil in the water is risky because the oil reduces the amount of oxygen that enters the water. That may cause the death of marine animals such as fish. Additionally, the wrecked parts are unsightly and pollute the water. Hence, you're required to pay for oil cleanup and boat wreckage removal services. And you'll probably pay for these services from your pocket. However, boat insurance could cater to these cleanup expenses and save you money.

4. Loan security

Purchasing a boat can be costly, and you may require a loan to pay for the boat. If this is the case, you need boat insurance since most lenders need to see the insurance to ensure that the investment is safe before lending you the money. Additionally, if you want a spot in your local marina, you need to have a boat insurance policy to dock at the facility.

Boat insurance is essential for asset or investment protection, safety, environmental protection, and loan security. These reasons should make you purchase boat insurance. To learn more about boat insurance, contact a local insurance provider.