Boat season is around the corner. Do you need a watercraft insurance policy? Absolutely. If nothing else, you at least need to make sure that you get watercraft liability insurance coverage for any personal watercraft that you own so that you are protected against anything that might go wrong. In most states, boat insurance and watercraft protection are NOT required by law. However, if you have a loan, your lender might require it. Even if you aren’t mandated in any way to get watercraft liability insurance coverage, you should still do it if your vessel has any actual cash value. This will protect you from damage expenses that could come out of your pocket and help to pay for repairs of other property in the event that you have an accident.