You love your boat, and it is one of your most valuable possessions. However, another word for valuable is expensive. If something were to happen to the boat, you’d want insurance to protect it. This can help safeguard your own solvency.
Many boaters wonder if homeowners insurance will protect their boat. This is a complicated question. Sometimes, homeowners insurance will extend a degree of protection to your boat. Nevertheless, the coverage often comes with strict limits.
Homeowners Coverage for Boat Damage
Many homeowners policies cover your vessel under your personal possessions coverage. Possessions coverage may indeed provide funds for boat damages. Nevertheless, the coverage might be very limited. Homeowners policies will usually only provide boat coverage if an accident occurs while the boat is out of the water and stored on your property. For example, the policy might cover damage resulting from:
- Fires
- Weather events like wind or hail
- Theft and vandalism
- Falling objects
- Explosions
And other hazards.
However, most homeowners policies place limits on how stored property receives protection. Some policies will assume that a homeowner has to have the boat stored in a low-risk area for it to qualify for coverage. If you don’t store the boat responsibly, you may be out of luck if you try to file a homeowners insurance claim against it.
Other restrictions also exist. Some policies also put specific limits on how much aid they will provide for boat damages. The value of a vessel loss might be above the limits that a homeowners policy can reasonably cover. In other cases, policies will strictly limit the type of boats they protect. Boats may have to be below certain size, horsepower or weight limits to qualify for coverage.
Liability Protection for Boats
Again, homeowners insurance may provide liability protection for certain boat accidents. If a boater’s actions cause harm or property damage to someone else, this protection might help compensate the affected party. If coverage is available, the protection might pay in-full to the policy limits.
Nevertheless, homeowners insurance will still likely limit the protection available for boats. Most often, liability coverage is available only to boats below certain size or power limits.
Think about your boat’s specific needs when judging whether you have enough coverage on your homeowners insurance. If you have an expensive boat with lots of features, you will likely need specific boat insurance. Talk to your insurance agent about your needs when you begin searching for coverage.