Boat insurance, like auto or homeowners’ insurance, provides protection from many unforeseen situations. However, it may not be a legal requirement in many states, unlike auto and homeowners’ insurance. Our Atrium Insurance Group, serving the greater Centennial, CO community, is dedicated to helping boat owners understand what’s required as well as explore their coverage options.

What is Boat Insurance?

Boat insurance, similar to car insurance, provides liability protection as well as financial coverage for damage to your watercraft or your boat. Boat insurance can provide liability protection, property damage, and coverage for damage in the event of a boating accident. You can insure your personal watercraft, sailboat, or boat. Boat insurance will even cover theft and natural disasters.

You can get boat insurance for the actual cash value of your boat or the agreed value. If you opt to get boat insurance for the agreed value of your boat, your policy will be based on the value of your boat at the time of coverage. A cash value boat policy assesses the value of your boat at the time of an accident. Your compensation will be based on the actual value of your boat.

Is Boat Insurance a Requirement in Colorado?

Boat insurance isn’t a legal requirement in the state of Colorado. In fact, it’s not legally required in many states. However, you may still be required to carry boat insurance if you are financing your boat. Your lender will likely require you to carry boat insurance until your boat is paid off.

Also, boat insurance may be a requirement for certain marinas to dock and use their marinas. Often, third-party boat insurance coverage is a requirement of marinas.

Contact Us Today

If you have questions about boat insurance and feel you might benefit, call us at Atrium Insurance Group in Centennial, CO. We’d be happy to answer your questions.