As winter approaches, many boat owners in New Jersey and beyond begin preparing their vessels for the colder months. One common question that arises during this seasonal transition is whether boat insurance is still necessary when your watercraft is stored away from the water. Creative Risk Management LLC understands that this decision can impact your budget and your peace of mind during the off-season.
Winter Coverage Isn’t Just About Water Risks
Many boat owners mistakenly believe that insurance is only necessary when their vessel is in active use on the water. However, your boat faces numerous risks even while stored. Fire damage can occur in storage facilities, theft remains a concern regardless of location, and vandalism can happen anywhere your boat is kept. Additionally, if you’re making payments on your vessel, your lender will probably require coverage throughout the year.
Storage Location Affects Your Risk Profile
The type of winter storage you choose significantly impacts your insurance needs. Boats stored in professional indoor facilities generally face lower risks than those kept outdoors or in personal garages. However, even indoor storage doesn’t eliminate all hazards. Weather-related damage from storms, roof collapses, or flooding can still occur. Your insurance policy also provides liability protection if someone is injured while accessing or working on your stored boat.
Protecting Your Investment Year-Round
Maintaining boat/watercraft insurance through winter is typically the smartest financial decision. Most insurers offer seasonal policies or reduced rates for stored vessels, making year-round coverage affordable. The relatively small cost of winter coverage pales in comparison to the potential financial loss from an uninsured incident. Creative Risk Management LLC, serving New Jersey, can help you explore options that provide adequate protection while keeping costs manageable during your boat’s dormant season.
