Insurance Tips

Published in the January 2011 Issue January 2011 Ask The Expert Foremost Insurance

With the National Houseboat Expo just around the corner, many people will be looking to buy a houseboat soon. But before you put down that sizable down payment at our March event, have you thought about insurance? Here are five questions that many new owners have when it comes to getting the right coverage, with replies from Dan Gordon, senior marine product manager for Foremost Insurance Company.

1. Do I need insurance for my boat?

"Some people may think that their houseboat is adequately covered through an endorsement on their homeowner's policy," explains Gordon. "Worse yet, they don't carry any coverage at all. Boat owners should look for a specialized insurance policy that offers the coverages that fit their houseboat and lifestyle. It's better to be prepared and have it insured for peace of mind while on the water."

2. Will my personal property be covered?

"Buying life vests, water skis and fishing gear can really add up," says Gordon. "A good policy will not only provide coverage for all of this equipment, but also for other personal property onboard."

Covered. "A good policy will not only provide coverage for your houseboat, but also for other personal property onboard."

3. What discounts are available?

"There's a variety of discounts a customer could qualify for, like a multi-policy discount if they insure more than just a boat with the same company, or a multi-unit discount if they insure more than one type of boat," states Gordon. "Discounts will help a customer save money on the policy's premium."

4. Is towing and assistance available?

"A day of fun in the sun could easily be ruined if the boat breaks down while on the water," adds Gordon. "This is a great coverage to add to a policy and covers either the cost of certain emergency fixes at the point where the boat broke down, or the cost of towing the boat to nearest repair shop."

5. Is the type of boat I have eligible for insurance coverage?

"There are many different kinds of boats - pontoons, open bow, fishing boats, houseboats-and even more things to consider like speed, length, value and use of the vessels," explains Gordon. "That's why it's important to make sure your agent knows all these things up front, even how you will use your boat. Your agent can help you get the coverages that are just the right fit."

To learn more about Foremost's products or to share feedback, visit Foremost Insurance Group is a single source for personal property and casualty and commercial insurance. A part of the Farmers Insurance Group of Companies, Foremost has been a leader in the insurance industry since 1952.

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