Whether you've recently purchased a boat or plan to in the near future, having the right insurance coverage is a must. After all, a boat is not a small investment — and you'll want the peace of mind in knowing that you and your property are protected. Before you begin shopping for boat insurance coverage, be aware of a few of the most common mistakes and how to avoid them.

Assuming Your Home Insurance is Enough

One of the biggest mistakes people sometimes make when they buy a boat is assuming that their home insurance coverage is enough to protect them on the water. While it's true that home insurance can provide protection for your boat while it's parked on your property (in your driveway, for example), it will not cover you on the water. This means if you're involved in a boating accident or your boat is damaged while away from your residence, you'll be completely without coverage.

Foregoing Coverage During the Off-Season

While it may be tempting to save money by suspending boat insurance coverage during the off-season months, this can end up being a huge mistake. Suspending all coverage will leave you on-the-hook for any damage that may occur to your boat while it's in off-season storage. Instead, check with your insurance carrier to see about lowering your limits or dropping certain parts of your coverage during the off-season as a means of saving money without setting yourself up for problems.

Overlooking Coverage for Boating Equipment

Make sure you're clear on exactly what's included versus what's not included with your boat insurance coverage. For example, your policy may or may not cover equipment like your trailer, safety equipment, and electronics. If not, then you'll need to purchase separate coverage or a rider policy in order to insure these items.

Buying Coverage Based on Price Alone

Nobody wants to pay more than they need to for boat insurance, but ultimately, you get what you pay for when it comes to coverage. Rather than automatically going with the company that offers you the cheapest insurance quote, shop around and find the best overall value for your money. This way, you can avoid overpaying and know that you're getting a great deal.

Having the right boat insurance coverage is a must, but there are many mistakes that can be made when buying this type of coverage; by being aware of these mistakes and how to avoid them, you'll be out enjoying the open waters with confidence in no time.