Buy a watercraft for summer fun, and you'll take on a boatload of risk.
For a canoe, small sailboat or small motorboat with less than 25 mph horsepower, your homeowners or renters insurance may provide all the coverage you need. The Insurance Information Institute says for larger and faster boats, or personal watercraft-like Jet Skis, you'll need a separate marine policy.
The cost will depend on your boating background, type of boat and where you'll use it.
For example, boat owners in Miami-Dade County, Fla., pay the highest premiums because of hurricanes, thefts and year-round use of their boats, says Jeffrey Berndt, vice president of the National Boat Owners Association.
The group says your age, driving and credit histories, boating certifications, and whether you own or rent a home can affect your policy cost, too.
Other cost factors include the boat's engine type and whether it has safety equipment such as fire extinguishers.
Proper boat insurance will pay not only if your boat is accidentally lost or damaged, but it also will cover damage or injuries to others as well as your legal costs if someone takes your boat for a joy ride without permission.