Gulf Coast Insurance, LLC Blog

Enjoying outdoor water sports and boating is an integral part of a Naples lifestyle. Ensuring your boat is covered with insurance in Naples is one of the best ways to protect your investment. Should you still be considering your insurance options, here is some information you may find helpful.

A boat or marine insurance policy offers coverage for your boat and trailer as well as some the usual equipment found on board. A typical boat insurance policy doesn’t have comprehensive and collision coverage like your personal auto insurance, instead it has what is known as “hull insurance”. This type of insurance may protect your boat against a specific list of incidents, usually including theft, hail, wind, lightning, collision and wave action related damage.

A boat insurance policy may have three different pay out options. “Agreed value” is an amount pre-decided and is usually written into the insurance policy. “Actual cash value” is typically the current market value of the boat. “Replacement cost” means if the boat is destroyed you may receive a payout to cover the cost of a new boat. Of course, the premium cost of the three options may vary significantly.

Similar to a car accident on a road, an accident on the water may be extremely expensive. Don’t put your hard earned investment at risk by neglecting to make sure you have the appropriate boating insurance in Naples. Our insurance agents are available to help you determine the right insurance for your boat!

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