Watercraft Insurance

Well, this term is exactly what is sounds like: an insurance policy that covers a variety of personal watercraft vehicles and the random incidentals they may incur.

Most personal watercraft vehicles are eligible for watercraft insurance, including speedboats, houseboats, jet-skis, and the like. But if you emptied your trust fund to buy a yacht, proceed with caution...it may not fall within the specified size limits required for standard watercraft insurance.

So if your jet-ski "malfunctions," sending you straight into your neighbor's dock while you're out for a joy ride on the 4th of July, no need to fret. With watercraft insurance, chances are the damages will be covered.