What Am I Covered For?
Many boat owners think their boat is covered under their homeowner’s insurance policy. Although some smaller boats that are parked at a residence can be covered adequately under a homeowner’s policy for certain claims, this would be subject to the terms of the policy itself. Homeowners insurance riders typically apply only to small boats with horsepower limits. It would be important to talk to your homeowner’s insurance agent to see how your particular situation would impact a claim.
Limited Coverage Under Homeowner’s Policies
Coverage of boats under a homeowner’s policy will vary from state to state, policy to policy. Typically, homeowner’s policies simply do not have the required provisions to cover the losses inherent in boating claims. Coverage for boats under a homeowner’s policy is very limited. Depending on your homeowner’s policy terms, losses may only be covered if they take place on the property. Some policies will limit coverage to only boats kept in enclosed spaces or buildings. While certain claims may be covered under your homeowner’s policy, it is best to cover your boat separately with adequate boat insurance.
Do I Need Boat Insurance?
There are a few states that require liability coverage on boats such as powerboats. But even if you are not required by your state to have coverage, the lending institution or marina may require it. Most marinas will require proof of liability insurance before they will accept a contract for dockage or mooring. Homeowner’s coverage will never be accepted for these instances.
Tailored Coverage
A boat insurance policy is a hybrid. Like auto coverage, boat insurance will cover the owner’s liability for injuries and property damage due to the driver’s negligence. Comprehensive coverage is available for theft, weather incidents, vandalism, and fire damage. There is even uninsured boater insurance, medical costs insurance, and tow insurance. Like home insurance, boat insurance covers liability for any injuries sustained on the boat and replacement costs of the boat itself and equipment and accessories after weather incidents. Boat insurance can also be suspended during those times of year when the boat won’t be in the water and utilized. The flexibility of boat insurance enables it to be tailored to the owner’s needs under a myriad of conditions. An “all risk” boat policy will offer the greatest amount of overall coverage.
If you have questions about the difference between boat insurance and what your coverage would be under your homeowner’s policy, call the experts at InsureAnyBoat.com. We would be glad to discuss any boat insurance needs you may have.
Call 1-800-585-1665 today to request a quote from InsureAnyBoat.com