If you are the owner of a small boat, you will be glad to know that you can add limited liability boat coverage to your homeowner’s or renter’s insurance policy to cover small watercraft like canoes, kayaks, and other small boats with no larger than an 25HP motor. This coverage is usually automatic for most home/renters insurance policy owners. (Size of boat, motor and even the availability of any automatic coverage varies between carriers. Please check with your agent for more information.)
If you own a larger boat or a personal watercraft like a jet ski, you will likely need to either endorse the watercraft to your homeowners insurance policy or purchase a separate boat insurance policy. To provide a quote, your agent needs to know information pertaining to the size, type and value of your boat, as well as how you typically use the boat and in what type of water it is used. (Note: it is sometimes more expensive to have a boat added to your homeowners than it would be to have a separate boat policy.)
Separate boat insurance policies typically have broader protection than that provided by the average homeowners’ policy. Boat Owner Coverage can include liability coverage and coverage for physical loss, including damage to the boat, motor, hull, prop and other permanently attached equipment. Coverage can also be added for an outboard motor, a boat trailer and for items like water sports equipment and fishing equipment.
Be insurance smart, don’t assume your homeowners policy covers your type of boat. Call your agent and request a review. If you would like to discuss coverage for your watercraft, don’t hesitate to call us at (937) 962-2123.
Here are a few things to consider as you prepare for the discussion:
How much can you afford to pay if your boat or personal watercraft is in an accident, damaged or stolen?
Is my boat or watercraft covered for use year-round?
What discounts and programs are available?
How much medical insurance and liability coverage is enough?
Do I have coverage if I need to have my boat towed in an emergency?
What’s the process for filing and settling a claim?
Does the insurance company have a good reputation for customer service? Is it known for paying claims fairly and promptly?
Home and auto insurance policies may provide limited coverage for personal watercraft. Talk to your insurance representative about coverage limits. You may want to consider purchasing a personal watercraft policy to protect yourself and your water vehicle in the event of an accident.
guest passenger liability
Typical policies include deductibles of $250 for property damage, $500 for theft and $1,000 for medical payments.
Additional coverage can also be purchased for trailers and other accessories.