Personal Boat Insurance 101

Boat Insurance protects you financially for injuries or damage you cause others while boating. While not all states require Boat Insurance, marinas definitely will, as well as banks, should there be a loan on the boat. 

Typically, Boat Insurance works just like an automobile insurance policy or a motorcycle policy. Some people fall under the mistake thinking their homeowners insurance covers them properly for their boat. While some small boats will have coverage while on your property under your homeowners insurance, there is no coverage while you are out on the water. You need this policy to cover you over the water, and typically companies will limit the distance you can travel over water for protection. Make sure you check the policy contract.

Boat Insurance will never cover you for maintenance or general wear and tear. Even gradual weathering, mold, insect damage, animal/marine damage, deterioration or engine flooding will not be covered.

Generally, we always recommend keeping your boat insured even while in storage. You never know if you will be subject to theft, hail damage, wind damage or flooding while it’s stored. Check with your company as some will allow you to remove some unneeded coverages while the boat is stored.