BOAT INSURANCE
Boat insurance is flexible, from one that protects your assets in case of a liability claim against you to one that covers the majority of situations that could damage or destroy your boat. It's up to you.
If you're comfortable with risking the value of your boat, many companies offer you the option for a liability-only policy that doesn't insure physical damage to your boat at all but provides a specified amount of coverage for your liability to others in the event of an accident, as well as protection from uninsured boaters. I recommend checking this with your insurance agent before deciding. Even if your boat isn't worth very much, you should still consider liability insurance. A collision with a small powerboat can cause serious injuries, and even if you're not found liable for those injuries, it could cost a significant amount of money in legal fees to defend yourself against such claims.
Policies that cover liability only, with no hull coverage, can be significantly less expensive than full-coverage policies. If you have a homeowner's umbrella (or excess-liability) policy, it will usually require your boat policy to have certain minimum liability limits (typically $300,000, but sometimes as high as $500,000), and you should make sure there's no coverage gap.
Get quotes on several different types of policies will allow you to make an informed decision based on the coverage versus the cost.
Baes on an article published in Boat US Magazine