When you decide to buy a boat, you might think that your homeowners insurance will cover it in case it experiences damage. This is not exactly true. Most of the time, you need separate boat insurance on the vessel, and here’s why.
Boat insurance provides pleasure craft owners with coverage that a homeowners policy simply will not offer. It provides more-targeted protection that will help you in more ways than one. However, you often do have the benefit to bundle boat insurance with other policies. When you do so, you might be able to tap into financial benefits.
Homeowners Protection for Boats
Sometimes, homeowners insurance offers a certain amount of coverage for boats. However, coverage, usually is very limited.
To get more appropriate coverage for these vessels, you need specific boat insurance.
- Policies might only cover small boats, like kayaks or canoes. Those vessels over a certain horsepower will likely have no coverage at all.
- Coverage likely will not reimburse you the vessel’s full replacement value.
- Coverage might only cover the damage your boat sustains while on your property.
The Specifics of Boat Insurance
With boat insurance, you’ll be able to direct coverage directly to the value of the vessel. You will also be able to protect your liability risks when operating these vessels. Boat insurance can offer various perks:
You might also be able to buy towing coverage, pollution liability coverage, guest passenger liability insurance and other specialty lines of protection.
- Liability insurance helps you pay for losses you cause others, such as if you are at-fault for a boating wreck that causes them damage. This coverage might help you pay for the third-party injuries or their property damage.
- Physical damage insurance can help you pay for damage to your own vessel, from both collisions, and other damage like theft.
- Uninsured/under-insured coverage helps you pay for your own costs if another at-fault boater has no liability insurance.
- Possessions coverage pays for personal assets and equipment damaged on the vessel.
- Medical payments coverage can pay for the costs of your injuries.
Bundle Boat Insurance with Your Homeowners Coverage
Once you get both boat insurance and homeowners coverage, you will likely have an option to bundle your coverage. By bundling, you buy multiple types of coverage from the same insurance company.
Bundling first offers convenience for the policyholder. You can usually coordinate policies to begin, end, renew and require payments on the same dates. However, bundling also has its financial benefits. Often, when you bundle policies, you will be able to qualify for cost savings, including discounts. Therefore, you can reap additional savings from having both boat and home insurance. Contact Us now to speak with one of our awesome agent or give us a call at 828-252-6848
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