DO YOU NEED BOAT OR JET SKI INSURANCE?
Believe it or not, your home insurance policy will cover your boat in some cases. Albeit, it doesn’t cover much. Typically your homeowners policy will cover $1,000 or possibly up to 10% of your home’s value. Liability coverage (damage your boat or jet ski does to others) is NOT included with Homeowners Insurance. Using your homeowners' policy may be an option if your boat is slow, small, and inexpensive. Example: canoe, kayak, paddle boat, etc.
Liability Coverage
Liability Coverage in needed with most boats. Just like Auto Insurance, liability coverage offers protection in case of damage to others.
A good rule of thumb; any boats or jet skis faster than 25mph or of significant value should have their own policy. Examples:
- PWC’s – Personal Water Craft
- Ski-boats
- Performance powerboats
- Houseboats
- Pontoon boats
- Catamarans
- Sailboats
- Yachts
What Does Boat Insurance Cover?
Boat Insurance typically covers –
- Damage to the boat and fixed equipment
- Bodily injury liability; if a person is injured on your boat
- Property damage liability; damage caused by your boat
- Guest passenger liability
- Medical payments; pays expenses for you and your passengers
There are also optional endorsements/coverages to consider –
- Personal Property
- Mechanical Breakdown
- Salvage
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