Whether you use your boat to fish, cruise or sail, recreational boating is a great way to spend your leisure time. To ensure your time on the water is fun and worry-free, protect your boat with the right insurance.
Boats may be insured in one of two ways: by a homeowner’s policy, or by a separate boat owner’s policy. Insurance coverage for boat accidents varies by policy and by situation. Therefore, boaters should consult the “personal property” and a “liability” section of their homeowner’s or boat owner’s policies to understand how their individual policies handle claims on boats.
Boaters who rely on their homeowner’s insurance to cover their boat should also remember:
Boat owner’s policies are similar to auto insurance policies because they often provide liability and personal property insurance. Some boat owner’s policies may also include coverage for medical payments and uninsured boater’s coverage. However, policies do not cover “wear and tear,” marring, scratching or denting.
Talk to a Cole Harrison agent to determine if a separate boat policy is right for you.