Is boat insurance mandatory in Stamford, CT?

If you’re planning to buy a sailboat or powerboat in the coming weeks or months, there is a good chance you’re thinking about your boat insurance options. If you’re wondering if you can skip the policy part or have so many questions about the coverage and limits, you’re in the right place. Allkane Insurance will help you understand your boat insurance needs and answer the question of whether the policy is mandatory or not.

Do you need boat insurance?

Stamford, CT  law does not require boat owners to have boat insurance. However, certain circumstances may force you to have boat insurance. For instance, if you use your boat as collateral for a loan, the bank holding the loan will likely need proof of boat insurance and list the bank as the payee in case of a loss.  Marinas may also require you to have boat insurance as a prerequisite to storing your boat in that location. 

Your risk level 

While the law doesn’t require you to have boat insurance, it is critical to understand that boat insurance is designed to provide financial protection for you, your family, and other boaters. You may feel like skipping the policy because you feel it’s not important at the moment. However, before you take your boat into the water, ask yourself whether you’re ready to buy another boat if your boat gets damaged or stolen. 

Depending on your water activities, you may be at risk of getting injured or injuring others. You may want to assess your needs, particularly your risk level, before buying boat insurance.

Smaller boats may be covered

Home insurance covers small non-motor boats up to specific limits. However, that doesn’t mean you shouldn’t buy boat insurance,  especially if you spend most of your time in Stamford, CT waters.

Looking to buy boat insurance? Let Allkane Insurance help you find a policy that matches your needs, style, and budget. Feel free to call and book an appointment with us today!