If you’re the owner of a car or truck, you likely have auto insurance. Drivers maintain auto insurance to help protect themselves in the event their property is ever damaged. That being said, having insurance for a boat is no different than having insurance for a truck or motorcycle. The following are a few simple tips every owner can use when buying Boat Insurance in Spring TX.
There are a couple of different ways a boat owner can obtain boat insurance. For instance, some homeowner’s insurance policies allow for boat insurance to be added on as an extra expense. An owner can also find an independent agent to provide them with protection. However, getting protection from a marine insurance agent is probably the best way to go. Why? These policies are specifically designed for boat owners and incidents involving boats.
All boat owners should know the difference between actual cash value and agreed value. The actual cash value option is relatively inexpensive and easier to maintain. If your boat is ever totaled or stolen, your insurance company will pay you the current value of the boat – depreciation is calculated into this value.
Maintaining an agreed value policy is much different than an actual cash value policy. With an agreed value policy, a stated value is what an owner will receive for Boat Insurance in Spring TX. In this case, an owner may purchase a policy with an agreed value, and they’ll receive compensation for that exact amount if their boat is ever totaled or stolen.
Have a clear understanding of the details of a policy before agreeing to it. Insurance policies are filled with legal jargon which can be very confusing and difficult to understand. Unfortunately, owners often sign on the dotted line without knowing what they’re agreeing to. Have your agent carefully and clearly explain what is being stated so that you can decide if you’re making the right decision.
Visit us if you’re looking to buy protection for your property. Again, consider purchasing insurance from a company who knows your needs. Next, understand the difference between agreed value and actual cash value policies. Lastly, never sign a document or agree to any terms which you don’t understand.
