Many boat owners assume their boats are going to be covered under homeowners insurance. Typically with homeowners insurance they cover up to $1,000 in coverage’s for boats, boat trailers, motors, and equipment related to sufficient for small craft owners. The following are exclusions that exist:
- Water damage – includes sinking, collision, debris, and hitting rocks
- Wind damage – includes if your boat is left in the open, you should always keep your boat in a locked building on your property
- Flood damage
- Theft losses – includes if they occur off your property so make sure to take extreme safety measures to avoid theft when you leave your boat on your property
Owners who have a high-value for there boats, they tend to get extra coverage. Coverage for hazards like sinking and collision are available as “special perils coverage.” With an annual premium they are about 2 percent of the value of the boat and its related equipment, with at least a $100 deductible that is going to be required. When you have a higher deductible it means a lower premium.
Also, special perils coverage can usually be purchased as a scheduled item on someone’s homeowners insurance. If you don’t have homeowners insurance, and you need to save some money temporarily while still having limited coverage, contact Brazelton Insurance Group and one of their agents may allow you to add your boat to your auto insurance.