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Most states don't legally require it, but marinas, lenders, and lake clubs usually do. A typical marina slip contract requires $300K-$500K in liability coverage. If you financed the boat, the lender will require full hull coverage until it's paid off.

The average boat insurance policy runs $200-$500 per year, or about $17-$42 per month. A 20-foot runabout worth $25K typically costs $280/year; a 30-foot cruiser worth $80K runs $650-$900/year. Price depends on hull value, horsepower, operator experience, and navigational limits.

Standard policies cover: (1) hull damage from collisions, fire, theft, vandalism, and weather; (2) liability for injury and property damage you cause; (3) the trailer and outboard motor; (4) onboard personal property; and (5) optional towing/assistance. Check for exclusions like racing, teak surfing, or named storm limitations.

Sometimes, but only for small boats (usually under 26 feet and 50 horsepower) and only for very limited amounts ($1,500-$2,500). Liability is often excluded entirely. Anything larger than a jon boat or kayak should have a dedicated boat policy.

Agreed value pays the amount you and the insurer agreed on at purchase if the boat is totaled — no depreciation. Actual cash value pays replacement cost minus depreciation, which can be significantly less. Agreed value costs slightly more and is strongly recommended for boats over 10 years old.