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As Americans kick off their Fourth of July celebrations, Schlitt Services vice president and Trusted Choice board member Jeffrey M. Schlitt joins Wealth! to break down what you should know before renting a boat this summer.

Schlitt stresses the importance of insurance, encouraging you to opt for coverage on physical damage and liability, explaining, "If you're ever in an accident and you're held liable, you want to make sure that an insurance policy can step in and provide coverage for you rather than your own checkbook."

He explains that every boat rental policy is different, so be sure to read carefully through any agreements you sign. He adds that purchasing additional insurance waivers is always a good idea as it "picks up gaps that you may have in your own coverage, such as if you damage the boat and they can't rent the boat, they have loss of income for that boat not being rented... So they can come back and potentially charge you for those."

Schlitt also encourages seeking out independent insurance agents, as they have "access to many different markets and can work with you to come up with a plan." When bad weather strikes, you can work out a plan to secure the boat or take it to an alternate location and perhaps even receive reimbursement.

This post was written by Melanie Riehl