Re: Boat Sank
If you do not have a loan, no need to insure the property (actual physical boat) if you can easily replace the $$ value.<br /><br />I only insure to actual value, more is just money in the agent's pocket. Most insurance companies don't care unless the amount of insurance is less than 80 percent of the actual value of the boat.<br /><br />Also, check your homeowners policy for restrictions and limits. You may have no coverage if you head north from Nebraska into Canada, or possibly in some rivers, or in the Great Lakes.<br /><br />One other note, for about $50 a year, you can also get a $1million liability umbrella over and above the limits on all your policies. I have this just in case that stupid kid who just rented the jet ski decides to cut in front of me----at least I will have something to offer his family and their attorney, other than my house, car, boat, and salary for the next 20 years.