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Can You Get Insurance Coverage For Boats?

As the proud owner of a new watercraft or boat, one of your first considerations should be how you are going to insure it.

After all, there can be nothing worse than enjoying an idyllic day in the water when something goes wrong - someone slips and falls or you may damage another boat while entering the dock. Just like your car, you want to be sure you are insured for every potential outcome in order to avoid liability lawsuits.

Many boat owners decide to insure their boat under their homeowner’s insurance, but depending on the size of your boat it might not be applicable with your current policy. You’ll need insurance coverage that can give you protection from risks specific to the water such as wreck removal or marine pollution, which isn’t something a general home policy will do.

If you’re wondering whether you can get insurance coverage for boats, keep reading to find out why an individual boat policy may be best for you:

What Goes Into Determining Boat Insurance Plans?

Insurers will take a variety of factors into account when determining what is covered and at what cost. You need to keep this in mind when you are assessing the general cost of running your water vessel.

With boats, the most important things they’ll look at will be:

  • The age of the vessel

  • The size

  • The value

  • The power and condition

  • Whether it’s a primary residence or not

  • The type of boat and how many owners there are

  • Where the boat will be operating

You will find that, for example, coverage for boats used in the open ocean will be more expensive than it would be for lakes or smaller bodies of water.

Now that you know how they determine insurance plans and the costs of coverage, you probably want to know what exactly will be covered.

What Will Boat Insurance Do?

The right boat insurance coverage will protect you from liability that is specific to activities relating to boats and watercrafts. This includes damage in the case of a boating accident where you or another person is injured or damage is done to another person’s boat.

This type of insurance also covers boats and other watercrafts in the event of theft - your policy will even include protection against theft and damage of the hull, furnishings, and other equipment that is permanently affixed.

Other things that may be covered by your boat insurance:

  • General damage protection

  • Protection from liability and injury

  • Actual cash value

  • Salvage and wreck removal

  • Uninsured boater protection

Some of the other options that may be included are coverage for towing, coverage for personal property, coverage for fishing or other water equipment, and even ice coverage.

Finding The Right Insurance Coverage

If you’ve done your homework, your insurance carrier can be a great way for you to get access to liability protection for your boat or watercraft. It’s often better to get a dedicated insurance plan for your boat rather than to include it in your homeowner coverage.

Finding the right insurance coverage can be a pain, but at Richard Dean Insurance we go the extra mile to make claiming as easy and smooth as possible. Our expert consultants can assist you every step of the way whether you’re looking for homeowner coverage, auto insurance, flood cover, and more.

Although boat insurance is not required in the state of Florida, everyone loves to have a good time on the water. If you are not trying to protect your boat, make sure you carry liability protection for your guest. It only takes one slip and fall before you’re smothered in medical bills and wishing you had taken action earlier.

We can also build a policy to cover your boat equipment, personal effects, and on-water towing, Ask about our Agreed Value and ACV options as well.

Contact us today to get the peace of mind that comes from insurance you can trust.



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