Whether you have a speedboat, small fishing Boat, yacht, sailboat or other type of watercraft, if you’re a boat owner, chances are that you need some sort of insurance coverage for your vessel.

While only two states (Arkansas and Utah) require Boat Insurance, having coverage can help protect you financially if your boat is damaged, stolen or injures someone — either in the water or on land. You also may be required to carry boat insurance by your marina, or your lender if you have a boat loan. 

A homeowners insurance policy may cover some damage to a boat, but it will likely not be sufficient coverage for many larger boats.

Here, CNBC Select rounds up the five best boat insurance companies based on coverage, availability and ease of use (see our methodology for more information on how we made this list).

Geico offers boat insurance policies through BoatUS that cover many types of boats and scenarios. Its policies include helpful features like discounts for completing boat safety courses and optional add-ons like boat towing assistance, disappearing deductibles and coverage for your fishing equipment. Geico is rated highly for customer satisfaction and financial strength, also taking top spots in CNBC Select’s rankings for best car insurance and best home and auto insurance bundles.

Markel offers coverage for a variety of specialty items, including boats. Its coverage is an especially strong option for those who use their boats for fishing, with some unique perks and coverage for things like tournament fees and fishing equipment. Markel has several discounts available to customers and offers special policies for personal watercraft and yachts. It also offers commercial policies if you use your boat for charters or excursions.

Progressive is a strong choice for its boat coverage, covering a variety of boats valued under $500,000 and up to 50 feet long. Progressive stands out for offering competitive rates with 10 different boat insurance discounts, including discounts for paying in full, completing a safety course and getting quotes in advance. Optional policy add-ons include replacement cost coverage, hurricane haul out and Sign & Glide, which covers emergency services like on-water towing and jump starts.

Chubb is ideal for those insuring large or expensive boats or yachts. Creating policies to cater to those with higher-value properties and items, this insurer can cover luxury pleasure boats 35 feet and less. Chubb’s unique, tailored coverage could be a good fit for clients who have an expensive boat with high-dollar items on board. It also offers unique services for yacht owners like complimentary background screenings on crew members, travel briefings and discounted rates on security services.

As a Farmers Insurance company, Foremost offers coverage with the same great strength as its name-brand parent company. Foremost’s boat insurance serves a wide range of boat types, from fishing boats to performance boats. With coverage available in all 50 states, it is a strong choice for many boat owners. Foremost also has multiple discounts available, such as for boat owners over 55, as well as special coverage options for USAA members.

Boat insurance generally covers the following:

• Liability coverage that can pay for damages that you’re found responsible for
• Uninsured/underinsured boaters
• Medical payments for you and your passengers
• Specialty equipment or personal property onboard a boat

However, every policy is unique so it’s important to review your policy to see what exactly is and is not covered.

Boat insurance can cover damage sustained from weather-related events, such as hurricanes, but it’s not always included by default — it may be an optional add-on to your policy. Some insurers will also help cover the cost to move your vessel out of danger during a hurricane advisory.

The average boat insurance premium is about 1.5% of the boat’s insured value according to Bankrate. However, other factors like your credit score and location (and the length of the boating season there) can affect the amount you pay, too.

There are three types of boat insurance: actual cash value insurance, agreed value insurance and total replacement value insurance. Actual cash value policies pay for replacement cost minus depreciation if you have a claim, and are generally the most affordable. Agreed value insurance has an agreed-upon amount that the owner will receive if the boat is considered to be a total loss. Meanwhile, total replacement value insurance replaces damages with new items without considering depreciation.

Boat insurance can repair or replace a boat, and could be a useful tool for those with larger, powered boats. While smaller boats like a canoe or kayak may be covered under a homeowners insurance policy, a boat insurance policy can protect a larger and more expensive vessel, and make sure your finances aren’t impacted if you’re found liable for damages.

While boat insurance isn’t required in every situation, having coverage can help ensure smooth sailing for you in a number of ways. Boat insurance can protect both your investment in your watercraft and your finances if you’re involved in an accident. To find the best deal for you, it’s important to get quotes from several insurers and compare them.

To determine the best boat insurance companies, CNBC Select analyzed dozens of U.S. insurance companies with policies for boats that suit a variety of needs.

When narrowing down and ranking the best boat insurance companies, we focused on coverage, availability, unique features and ease of use. We considered the number of states where coverage is available, the variety of vessel types and sizes covered, financial strength ratings from AM Best (which measures a company’s ability to pay on debts), and the number of discounts available.

From there, we sorted our recommendations by the best overall and the best runner-up, the best for discounts, best for high-value boats, and best for a wide variety of boats.

Note that the premiums and policy structures advertised for motorcycle insurance companies are subject to fluctuate in accordance with the company’s policies. 

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