Home Insurance Isn't Enough to Cover Your Boat

March 25, 2024 | by admin

Your boat may be stored for half of the year on your property. Isn’t home insurance enough to protect it? No, your home insurance policy usually doesn’t have enough coverage to protect your boat.

Even if your car sits in your driveway a lot of the time, it still has its own insurance. Your boat should have its own insurance, too, to protect it from being damaged or stolen.

Does my home insurance cover my boat at all?

In most cases, the cost to replace or repair your boat will be greater than the amount covered by your homeowner’s policy. And you will need to pay the deductible on your home insurance policy, too.

If your boat is worth less than $3,000, is less than 26 feet (eight metres), and its horsepower is less than 50 HP., it’s likely to be covered under your home insurance.

If your boat is bigger and worth more than a few thousand dollars, you should have boat insurance. Home insurance isn’t enough coverage for your boat.

Does personal liability coverage on my home insurance cover my boat?

Personal liability insurance, as part of your home insurance, covers you if people or their property are damaged at your house or on your property.

Would it cover a boating accident? Check with your insurance provider. It may depend on the size of your boat.

If you are storing your boat on your property, don’t forget to tell your insurance provider. This could affect the amount and cost of personal liability coverage on your home insurance.

Does home insurance cover a stolen boat?

Your home insurance typically will not cover your boat in the event of fire, theft, or other loss.

If you have items stolen from your boat that’s stored in your garage or in a shed on your property, depending on their value, they may be covered by your homeowner’s insurance policy.

Specialized boat equipment may not be covered, such as navigational equipment.

What if I am storing my boat at a friend’s storage building or garage?

Boat insurance isn’t legally required, but your boat will not be covered under any policy on someone else’s property.

If your boat is damaged or stolen, you won’t be covered and will have to pay out of pocket for any repairs or replacement.

It’s recommended that you at least maintain liability insurance if it is stored on someone else's property should someone being hurt or their property was damaged as a result of your boat.

If you are storing your boat at a commercial boat storage facility, you can expect to be asked to have at least liability insurance on your boat.

How boat insurance protects your boat

Boat insurance covers such things as damage from vermin, wreckage removal, agreed value coverage, and liability coverage.

You can learn more about what boat insurance includes:

It’s best to insure your boat all year round to protect it, even if you’re not using it over the winter.

Speak to a Western Financial Group boat insurance expert about your boating insurance needs.

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