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P&C Insurance Articles
Boaters Insurance
When it comes to insuring your boat, it’s often best to separate your boat insurance from your homeowner’s policy. Many homeowners’ policies limit or don’t cover marine-specific risks, such as salvage work, wreck removal, pollution, or environmental damage. But there are exceptions. Many homeowners policies include perfectly good coverage for smaller boats and motors, usually with a horsepower limit of from 25- to 100-horsepower. While homeowners riders are normally adequate for these boats, be careful to ask the same questions you’d ask any other insurer about damages to your vessel and how they will be paid. Also, most homeowners insurance riders apply only to use in inland waterways, lakes and rivers. Coverage seldom extends outside a coastal inlet or along the beach.
Insurers consider many factors when deciding whether or not to offer a policy. Almost any vessel can be insured— for a price. You want to consider the following to make sure the policy you purchase meets your needs:
- Age of Boat
- Length
- Value
- Speed/Horsepower
- Condition (Does it meet US Coast Guard Standards in effect at the time it was built?)
- Primary residence (If the boat is used as a primary residence)
- Type (Inboard, Outboard, utility, cruiser, bassboat, saltwater fishing boat, performance boat)
- Homemade (Boats without a serial number are tricky but many kits are okay)
- Houseboats with no motor
- Ownership (more than 2 owners)
- Where it will operate (Ocean, lakes, bays, rivers, Great Lakes)
Only you can decide on the right combination of coverage and price that suits your needs.
Frequently Asked Questions
Can I get coverage for my personal belongings on the boat?
Yes, many boaters insurance policies offer coverage for personal belongings such as clothing, fishing gear, electronics, and other personal items that are kept on the boat.
What should I do if I need to file a claim for my boat?
If you need to file a claim for your boat, contact your insurance company or agent as soon as possible to report the incident. They will guide you through the claims process and provide assistance in assessing the damage and arranging repairs.
Where can I purchase boaters insurance?
You can purchase boaters insurance from insurance companies that specialize in marine insurance, as well as from independent insurance agents or brokers who offer boat insurance policies from multiple insurers.
You can also give us a call and schedule a no-cost consultation where we can help you understand your options! Call us at 417-883-9300 or click “Call Now” below:
