Your homeowners insurance covers your boat. Even if you keep your vessel on your property, your homeowners insurance may not cover boats, no matter how small or inexpensive they might be. You might be able to get a rider to cover the boat being on the property, but the coverage will cease once it's off the property.

 You don't need boat insurance. Your local community may not have laws that require insurance on your boat, but the local marina or storage facility where you keep your boat may require proof of insurance to reduce their liability. If you finance your boat or use it as collateral for a loan, your bank may require insurance. Even if no one else requires you to have a policy, remember that it only takes a second for another car to hit your boat as you take it to the lake or someone to be injured while the boat is in use.

 You're covered no matter where you go boating. Most policies only cover the area in which you typically go boating, as well as a range around that area. If you take your boat across the country on vacation, your boat may not be covered and it's probably cheaper and less of a hassle to just rent a boat while you vacation.

 Hurricanes cause insurance rates to go up. Your boat insurance premiums are based on the area in which you live. Hurricanes only affect your insurance if you're in a coastal state where hurricanes can cause damage to boats.

 Boat insurance is expensive. Any hobby comes with costs and boating is no exception. Understanding the financial implications of owing a boat is important, but there are steps you can take to reduce your boat insurance premiums. Maintaining a good credit score, an excellent driving record and taking boating safety courses may net you discounts on your annual insurance premiums.