Boat Insurance

Most companies provide limited coverage for property damage for small boats such as canoes and small sail boats or small power boats with less than 25 mile per hour horse power under a homeowners or renters insurance policy. Coverage is usually limited to $1,000 - $2,000 in value and generally includes the boat, motor and trailer combined. Liability coverage is typically not included, but it can be added as an endorsement to a homeowners policy. Check with your insurance representative to find out if your boat is covered and what the limits are.

Larger and faster boats, yachts, and personal watercraft such as jet skis and wave runners require a separate boat insurance policy. The size, type and value of the craft and the water in which you use it factor into how much you will pay for insurance coverage.

For physical loss or damage, coverage includes the hull, machinery, fittings, furnishings and permanently attached equipment for an agreed value. These policies also provide broader liability protection than a homeowners policy.

Boat insurance also covers:

  • Bodily injury - for injuries caused to another person
  • Property damage - for damage caused to someone else’s property
  • Medical payments - for injuries to the boat owner and other passengers
  • Theft

Most companies offer liability, we recommend at least $1,000,000. Typical policies include varying deductibles and are dependent on the value of the boat. Additional coverage can be purchased for trailers and other accessories. Boat owners may also consider purchasing an umbrella liability policy which will provide additional protection for their boat, home and car.

Boaters should also inquire about special equipment kept on the boat, such as fishing gear, to make sure it is covered and verify that towing coverage is included in the policy.

Boat owners should also inquire about discounts including:

  • Claims-free experience
  • Multi-policies with the same insurer, such as a car, home or umbrella policy
  • Safety education courses.

 Please Note: The above information is for information purposes. To ensure your coverage meets your personal needs please contact your Account Manager to review your special limits of insurance.