Do I need boat insurance?

I am planning on buying a boat, but I am not sure exactly what I can afford to spend. I am trying to figure out all the costs associated with keeping a boat to see if I can afford it. I know I can pay for the boat itself, but I also have to rent a spot to keep it, pay for gas, pay for upkeep, etc. However, I am trying to figure out whether or not i need boat insurance. What exactly does this cover, and is it required or optional? Where can I find out more information about this?

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