Under a homeowners or renters insurance policy, most companies provide limited coverage for property damage for small boats, such as canoes, and small sail boats or small power boats with less than 25-mile-per-hour horse power. Coverage may be around $1,000 on up to closer to 10% of the home’s property value and generally includes the boat, motor and trailer combined. Liability coverage is typically not included–but it can be added as an endorsement to a homeowners policy. Check with your Aloha Insurance representative to find out if your boat is covered and what the limits are. Jet skis and wave runners require a separate boat insurance policy. The size, type and value of the craft and the water in which you use it factor into how much you will pay for insurance coverage.
For physical loss or damage, personal marine coverage includes the hull, machinery, fittings, furnishings and permanently attached equipment for an agreed value. These policies also provide broader liability protection than a homeowners policy.
Boat insurance can also cover these categories:
Bodily Injury-for injuries caused to another person,
Property Damage-for damage caused to someone else’s property, and
Guest Passenger Liability-for any legal expenses incurred by someone using the boat with the owner’s permission.
Other coverages include medical payments for injuries to the boat owner. Boaters should also inquire about special equipment kept on the boat, such as fishing gear, to make sure it is covered, and verify that towing coverage is included in the policy. Boat owners should also inquire about discounts, including diesel-powered craft, coast guard-approved fire extinguishers, ship-to-shore radios, two years of claims-free experience, and multi-policies with the same insurer, such as a car, home or umbrella policy. Safety education courses, such as those offered by the Coast Guard Auxiliary, U.S. Power Squadrons and the American Red Cross, are recommended and may lead to a discount as well.
