Does my home insurance cover my boat?

By Samantha Lemna | March 12, 2018

Many people assume their home insurance covers all of their belongings and will replace it in the event of a disaster including their “toys” such as ATVs RVs and boats. This is true to an extent. Your home insurance policy will likely cover these items but only in certain circumstances and only to a particular dollar amount. Home insurance policies will often only cover items that are stored on your property. While they offer sufficient coverage to replace things like clothes and furniture this amount may not be enough to cover the “big ticket” items like boats. Each policy is different however so it’s important to talk to your broker and understand your home insurance.

Does my home insurance cover my boat?

The first thing you should find out is what your existing coverage is. Does your home insurance policy offer any coverage for your boat? If so what are the limits around it when it comes to dollar amount and circumstances? For example some policies will only cover the boat while it is on your property – leaving you uninsured should something happen while you’re on the lake. Are you covered when it comes to liability in case someone is injured while on your boat? What if the boat is damaged in an accident on the lake or on the way there?

While your home insurance policy documents should have the answer to all of these questions your broker is the best resource to help you understand your policy. Based on the answers you can determine if you’re comfortable with the amount of coverage or want more to protect yourself and your boat.

Commonly boats are only covered for damages while it is on your property such as parked in your driveway. You would have to pay out of pocket to repair or replace your boat if it was damaged at the lake. Therefore many boat owners find their home insurance inadequate for their boats.

What coverage do I need for my boat?

A separate boat policy provides better value when it comes to insurance. Not only is your boat’s value better determined the coverage and limits offered better reflect the risks of boating. You’ll be covered while you’re boating in transit and while its parked depending on the extent of coverage you choose. You’ll also have liability coverage which is incredibly important – it covers the legal and medical costs associated with death or injury. You can get your expensive equipment covered as well.

Boat insurance will vary depending on how you use your boat the amount you use it what type of coverage you want and of course your budget. Your broker can help find the right policy for you.