If you’re under the impression that your home insurance covers your boat too, you’re wrong. There are homeowner’s policies that do cover small boats with either no engine or a very small engine. But if you want to buy a bigger boat that costs $10,000 or above, your home insurance policy will not cover it.
Even if you’re living on your boat, it won’t be covered by home insurance. When it comes to insurance policies, your boat is treated like a car. It can be taken anywhere; therefore, it requires a different policy. That being said, you do have the option of bundling your home or auto insurance policy with your boat insurance policy and take advantage of lower rates.
How Boat Insurance Works
Boat insurance works like home insurance; it covers policyholders for liability in case someone is injured on the boat. If the boat is damaged then boat owners can choose between cash value for the total loss or replacement cost.
Similar to auto insurance, boat insurance also covers injuries and property damage caused by your boat. You can also receive coverage against theft, fire and flood, vandalism and personal property such as fishing gear. Even the cost of towing a boat can be covered by your insurance policy.
Since most people don’t use their boats all year around, you even have the option of suspending coverage for the times you don’t use your boats.
Is My Boat Covered Everywhere?
New boaters aren’t aware of limits on their boat insurance policies. For small boats, home insurance policies cover coastal waters of US and Canada. For larger vehicles, home insurance vehicles cover 22 defined territories.
If you intend to roam in specific areas, make sure your insurance policy covers it. There are some areas that may be excluded from your insurance policy for political/security reasons.
For everyone’s safety, it’s best that you take up boat safety courses. Many states demand that boaters complete a boat safety course and receive certification prior to applying for a boater card.
Boat safety courses provide you with essential safety tips and update you with boat laws that you’re probably not aware of.
Boater’s Academy offers an online boater safety course that includes going through a study guide and completing online quizzes. Once the final test is been completed, applicants will receive boat safety certification that ensures that you have the knowledge and skills to stay safe on the boat.
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