Being in South Carolina, our lives revolve around the water.
Boats, yachts, and jet skis are pretty commonplace for most of us. So is protecting them and you. You might think your boat is covered by your homeowner's policy, but you’d be wrong. An average homeowners policy offers little or no coverage for watercraft. If yours is really that important to you, you need a boat owner's policy from Statewide Insurance Group.
It can be confusing, but a lot of people often ask what’s the difference between a boat and a yacht? To an insurance company, anything under 26 feet is a boat. Anything over is a yacht. But don’t worry, coverage for both is quite similar. And an independent Statewide Insurance Group agent can help create a boat owner's policy worthy of your flagship.
- Hull and Equipment Coverage. Any good boat owner's policy starts with this essential coverage which pays to repair your craft if it’s accidentally damaged or destroyed by a covered peril such as wind, fire, lightning, collision with other boats or underwater objects, theft, vandalism, explosion, sinking and capsizing.
- Liability Protection and Indemnity Coverage. This coverage protects you legally and financially in the event you are sued as a result of hitting another vessel or if someone is hurt onboard your craft because of your negligence.
- Medical Payments Coverage. This goodwill coverage pays for less serious injuries that occur aboard your boat, regardless of fault. If you have a lot of passengers, the more coverage you have, the better.
- Uninsured Boaters Coverage. You need this for your protection! If you are hurt by a boater who is uninsured, your own insurance will pay for bodily injury damages you are legally entitled to recover.
- Towing and Labor Costs. This coverage provides for a damaged or marooned craft in need of a tow or a push.
- Specialized Equipment. Protect your fishing equipment, gear, electronics and boat accessories with this coverage.
- Replacement Cost Versus Actual Cash Value. Replacement cost pays the cost to restore or replace damaged property without the deduction for depreciation. Actual Cash Value is replacement cost at the time of loss, less depreciation.
