You've got your sunscreen and beach ball. But do you have insurance for summer fun?

Boat coverage from stem to stern
Boat coverage from stem to stern © Wimbledon / Fotolia

Boat coverage from stem to stern

If you buy a watercraft for summer fun off dry land, you'll find yourself taking on a boatload of risk.

Home insurance or renters insurance may provide all the coverage you need. But the Insurance Information Institute says for larger and faster boats, or personal watercraft -- like Jet Skis -- you'll need a separate marine policy.

Your premiums will depend on your boating background, type of boat and where you'll use it.

What this all means is that sailboats cost less to insure than riskier speed boats.

The National Boat Owners Association says your age, credit history, driving record, boating certifications and whether you own or rent a home can affect your policy cost, too.

You can keep tabs on your credit for free at myBankrate.

Proper boat insurance will pay if your boat is accidentally lost or damaged and will cover damage or injuries to others, as well as your legal costs, if someone takes your boat for a joy ride without permission.



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