The typical homeowners policy provides only limited coverage for your liability due to operating any type of watercraft. It also limits coverage for loss or damage to your watercraft to $1,000, including trailers, furnishings and motors. And coverage for watercraft applies only on your premises, rather than where theft or damage is most likely to occur—in transit or on the water.
As nonstandard policies, boat and watercraft insurance terms, conditions and limits vary widely. At a minimum, however, you will want a policy that provides:
- Property damage coverage: Look for coverage due to theft—no matter where located—and physical damage due to fire, theft, windstorm, lightning or vandalism. All policies cover the hull and machinery; look for one that covers your trailer, permanently installed equipment and personal property required for the boat’s operation, such as tools, GPS, etc.
- Liability coverage: Limits usually range from $100,000 to $1 million. The more assets you have to protect, the higher the limits you need.
Some insurers offer additional coverages, such as towing and assistance coverage, uninsured boaters coverage, medical payments coverage for someone injured on or while boarding/leaving the boat, and fishing tackle coverage. We can help you find the policy that covers your boating needs.