Boating is a relaxing and exciting pastime; buying a boat can ensure an adventurous outing. But just like any other investment, it requires some considerations, like financial planning, safety precautions, and maintenance. Amongst these, insurance is one of the most important considerations. Insuring a boat means safeguarding one’s vessel against unforeseen risks and liabilities, but many first-time boat buyers make certain mistakes while buying insurance that cost them money. Thinking other insurances will cover one’s boat Many homeowners or renters’ insurance policies may protect one’s boat, but boat owners should not rely entirely on these policies. These hybrid policies that cover multiple assets have a low limit for watercraft coverage and can be incredibly restrictive regarding payout or types of damages or issues they cover. For instance, these policies may not cover collisions, sinking, or disablement. Certain types of boats may also be excluded from protection altogether. So, one may have to pay for damages or expenses partially or majorly out of pocket. These insurances, at times, may be suitable for kayaks or canoes. To put it in perspective, a typical home policy may give around $1,500 coverage to one’s boat in case of damages, while buying dedicated boat insurance can cover the full replacement cost.