Boat insurance provides financial protection to property owners for a number of risks. Among those risks is protection for the contents on your boat, including your navigational system and other equipment. As you take the time to consider what type of boat insurance you need, zero in on your computer equipment and other high-value belongings. Having the right level and amount of coverage on these items can make the difference in how well protected your boat is.
Determine What Insurance You Have
The first step is to determine what high-end items you have on board that may need extra protection. Most boat insurance policies offer a contents level of coverage with a specific dollar value. Once that dollar value is reached, your belongings, including computer equipment, isn’t covered beyond that limit. If your boat has this type of equipment, the policy you select needs to offer enough financial protection to safeguard these valuables.
How to Determine Worth
A good step to take is to look toward replacement cost. If you own high-end equipment, such as GPS systems or computers for special projects or even work-related tasks on board, how much would it cost to replace those items today? Having replacement cost coverage on your boat insurance for these valuables could be the ideal way to reduce the risks you face outright. On the other hand, if your policy just has actual value coverage, it will only pay the value of those belongings at the time of your loss, which includes depreciated values. With computer equipment, this could become a problem quickly since value tends to fall rather fast.
Once you know what it costs to replace these items on board, you can then ensure your boat insurance plan offers plenty of financial protection to protect those items. If not, it may be time to choose a new policy. The contents coverage on your policy may need an additional rider or specific, high-end valuables mentioned by name to provide financial protection. Work closely with your insurance agent or get into a new policy that offers the level and amount of financial protection you need for these high end valuables.
Are you fully covered? Call Insurance Planning Service at (800) 220-5582 for more information on Michigan boat insurance.