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4 Things You Should Know About Boat Insurance

Boats are a big investment and you need to make sure it’s well protected. However, boat insurance can be confusing and boat owners tend to push it to the bottom of the to-do list.



Need to know: Only small boats have coverage under a homeowner’s policy. This is only for very small engines or no engine, and the coverage is not as big as on a separate boat insurance policy.


Boats have limited coverage on a homeowner’s policy


Most homeowners’ insurance policies only offer limited coverage for boats. Unless you are towing the boat, the damage must occur at home. Since towing is included on a boat insurance policy, it makes more sense to go that route.


Large watercraft vessels need their own boat insurance policy.


When deciding on boat insurance, there are several things you should consider. Besides limited policy on boat value or horsepower, homeowners’ policies have limits on size. Additionally, determining if a boat is considered a yacht is based on size, value and attitude. For example, your boat may only be 27ft and while it’s not large in size, its varnished mahogany hull gives it the attitude it needs to be a yacht. Long story short, if you owe a $10,000 or $20,000 boat it should have a boat insurance policy of its own.


Boat policies come with limited coverage for personal effects.


You can add additional coverage from property coverage on homeowners’ insurance. Additional deductibles usually apply. It is safer and more cost-effective in the long run if you protect personal property by increasing coverage on boat insurance.


There are ways to save on boat insurance


Taking a boat class or boat safety education course can save you money. The type of boat will greatly influence the cost of insurance. Be specific with the year and model of your boat to get the most accurate quote. Additionally, you can lower your premiums if you have certain safety precautions on board in the event of an emergency such as a fire extinguisher, a ship-to-shore radio or a wireless auto tether.



Give us a call today and submit a quote to get the right coverage for your boat!


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