There’s a lot of risk involved with owning a boat. Your state may or may not require boat owners to have boat insurance, but you might still need it for other reasons. If you’re still paying for the boat, the loan provider will require it to be covered for at least its replacement value. And if you keep the boat at a marina, that facility may require coverage, too.

Aside from all of these solid reasons to carry an insurance policy on your watercraft, you’ll simply feel better knowing that you’re insured for damage to your boat.