At M8 Insurance, we understand the enjoyment that Salt Lake City, UT, residents get from their year-round lake visits, often leading to increased boat use and upgrades such as equipment additions or cabin renovations during the summer season. If you are one of these boat owners, an update on your boat insurance may be needed.
Boat Improvements and Insurance Review
Particular boat upgrades like the ones below, call for an insurance review:
- Cabin renovations
- Radar equipment incorporation
- Adding a mural to the boat.
These enhancements increase the boat’s value and your insurance coverage should reflect this increment.
When procuring boat insurance, you need to declare your boat’s value or show the purchase receipt to establish its actual value. This value forms a tangible part of your insurance policy; in case of a total loss, it’s the amount you’d receive. Any additions you make, like a boat renovation or new radar installation, would increase its value. Consequently, an insurance review can help reflect this new value in your policy.
Boat Insurance Updates
An insurance review helps identify the kind of boat insurance modifications needed to adequately cover your boat upgrades. If your enhancements are equipment based, a rider would ideally protect it at its full value. If you’ve added a mural to your boat’s hull or renovated the cabin, it enhances the overall boat value and the policy must be accordingly updated.
Contact Us Today
Reach out to M8 Insurance today via call or email to schedule an insurance review. Before exploring the waters around Salt Lake City, UT, be assured that your boat and all its contents are completely covered by your updated boat insurance.
