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As consumers deal with the fallout from the recession, some are cutting back on coverage when insuring non-essential luxury items such as boats and other recreational watercraft–a short-sighted step that could come back to haunt them, carriers warn.

Indeed, cost-cutting measures such as dropping or modifying coverage could leave policyholders high and dry with inadequate protection, according to experts at Travelers, which outlined five common mistakes consumers are making in this economy.

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