Your boat could be one of the more expensive purchases you’ll make, right after your home and cars. So, although boat insurance is not always mandatory, it is important to get your ducks in a row before your launch.
Let’s first tackle the question of whether you need a separate insurance policy for your boat. If your boat is small and has limited or no power, the chances are that your homeowner insurance policy will afford you all the protection you need, although you may need to modify, or endorse, your homeowner policy to allow for the value of the boat. Check with us to be sure.
A typical homeowner policy includes liability protection for small boats with horsepower for only modest speeds. Some examples of boats like this include canoes, small sail boats and small motor boats. Your homeowner policy will also provide some insurance for damage or loss to the boat, motor and trailer. In most cases the amount of protection will be limited.
A Boat or Watercraft Policy may be for you if you need more protection for your basic boating property and need to cover other equipment like navigation or communication equipment, fishing gear, or boat covers. You may also need a Boat Policy if your boat is larger or is capable of speeds in excess of 25 mph
A Boat Policy combines a number of different kinds of coverage including:
- Liability and Medical Payments
- Uninsured Boater
- Theft, Physical Loss or Damage to the hull, machinery, fittings, furnishings and permanently attached equipment.
- Towing and Assistance while on the water.
Your homeowner policy may not provide adequate protection for Jet Skis and Wave Runners so you should look into a separate policy, often called a Personal Water Craft Policy (PWC).
There is more variation in boat policies offered by insurance companies than there is for auto insurance, even though the types of coverage are similar. This variation also extends to the area of discounts.
Discounts may apply for:
- Lay Up Periods
- New Boats
- Burglar Alarms
- Depth Finder
- Coast Guard Approved Fire Extinguishers
- Boater Safety Courses (http://www.usps.org) There are courses in April in Johnson City, Dewitt, and Camillus. Get signed up soon!
- Ship-to-Shore Radio
- Multiple policies with the same insurance company (e.g., Auto, Home)
Insurance companies will take into account the size and type of boat, its value, and where the boat sails when determining the conditions and the cost of the policy.
An insurance policy with a solid company gives you peace of mind knowing that your investment is covered.
At Bailey Place Insurance, we can help you navigate the ocean of insurance possibilities! I know…corny, but I had to do it!
Dryden office: (607) 844-8626
Cortland office: (607) 756-2805
If you own it...chances are we can insure it! Check out this boat...everyone needs a guitar boat!