(NAPSI)-They don't believe in the Loch Ness Monster. They don't believe a friend caught Jaws fishing off the Florida coast. Yet some boaters think adding their boat to their homeowners policy protects them from all the incidents that happen on the water.
Leading boat insurer Progressive clears up those myths and shares tips so you have the information you need to choose the right insurance for yourself and your boat.
Myth: If I list my boat on my homeowners insurance policy, it's fully protected.
Fact: In some cases, you might cover your boat by adding it to your homeowners policy instead of buying specialized insurance. But specialized boat policies cover many incidents that a homeowners policy might not. For example, coverage available from Progressive will pay to clean up the spill if your boat leaks fuel, and pull your boat out of the water if it sinks. Homeowners policies won't provide that level of specialized coverage.
Getting stranded on the water can make for a long, expensive day, so consider buying specialized insurance to get towing coverage, too.
Myth: Boat insurance won't cover my fishing equipment if it's stolen.
Fact: With specialized boat insurance, you have the option to also cover personal belongings such as fishing equipment, cell phones and binoculars. So when you're buying your policy, review available optional coverages.
Myth: Specialized boat insurance is expensive.
Fact: A Progressive boat policy starts at around $100 and can provide more coverage than if you added your boat to your homeowners insurance.
Myth: Boat insurance covers me anywhere I go boating.
Fact: Some insurance companies only provide coverage where the boat is used most, and may limit coverage to within 100 nautical miles of your home port. Progressive provides coverage virtually anywhere you decide to go in the continental U.S. and Canada.
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