
Buy a watercraft for summer fun, and you'll take on a boatload of risk.
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.
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. And, 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.
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.