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Just about anything. Natural disasters, including hurricanes or fires, could destroy your boat. Your boat may be susceptible to electrical fires, burglaries or lawsuits filed by other parties claiming negligence in the use of your boat.
Insurance is intended to address the costs of unexpected damages beyond your reasonable control. It is not intended to pay the expected repairs you need to maintain your boat such as the cost of replacing worn out decks. By purchasing the right insurance policy, you may be able to protect yourself from the financial costs of unforeseen losses. Without appropriate protection, you could lose everything that you have worked to obtain.
Boat insurance is financial protection to cover you and your loved ones from the costs of unexpected events damaging your boat or the costs you may be liable for due to boat-related accidents. There is no law requiring that you purchase insurance for your boat, but it is prudent to consider this coverage to protect the investment you have made in your boat.
While no law requires you to obtain boat insurance, if you need a loan to help pay for your boat, your lender or bank may not loan you money unless you buy and maintain insurance on your boat. If you drop coverage or stop paying for it, some loan agreements permit the lender to accelerate the loan and demand immediate payment of the entire loan balance.
Always remember, that even if your lender requires you to have insurance, the lender cannot require you to obtain the coverage from a particular insurer and cannot require you to insure your boat for more than its value. (The lender may, however, require you to maintain liability insurance for damage caused by the boat.)