| They're called
pleasure boats or pleasure crafts, but, let's
face it, sometimes they're a "pain."
They can be an expensive habit, to say the least
- and potential danger comes with the pleasure.
They are, after your house(s) and maybe your
car(s), probably your most valued assets. You
can choose to own and operate a boat, yacht
or Jet Ski without insurance (although some
marinas and yacht clubs won't let you dock your
craft unless you have coverage). That wouldn't
be a very smart choice, however.
Note. If you have a homeowners
insurance policy, you may have some coverage
for your watercraft, but it is very, very minimal.
A typical homeowners policy will pay as much
as $1,000 to repair damage to your boat, but
- guess what? - that damage has to occur while
the boat is at your home. This is not exactly
the kind of damage coverage you need. In addition,
there may be some liability coverage. Some,
but hardly enough.
You can gamble and not buy insurance for your
watercraft, but it is a big gamble. You're risking
not only losing or severely damaging the boat
in an accident without compensation, but possibly
your other assets if your boat causes damage
and/or injuries to other boats and/or boaters.
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