Do You Need Boat Insurance?

Your home insurance policy covers your boat in some cases, but it doesn’t go far. Homeowners policies typically cap boat coverage at 10% of your home’s insured value. And liability coverage — which pays for damage your boat does to others — typically isn’t included under home insurance.

So you’re probably asking: Do I need boat insurance?

YesNo
Yachts
Large sailboats
Jet boats
Personal watercraft like WaveRunners
Anything that runs faster than 25 mph
Canoes
Boats with small engines
Any other small, slow, inexpensive boat
Nerdwallet.com

What will boat insurance cover?

You can typically buy liability insurance — which pays for damage your boat does to others — in amounts from $15,000 to $300,000, according to the Insurance Information Institute. Here’s what else you can expect from a boat insurance policy:

What boat insurance typically coversWhat it doesn’t cover
-Damage or destruction from a collision, fire, lightning, theft and vandalism.
-Damage to a boat and permanently attached equipment, such as anchors.
-Bodily injury liability, which pays expenses when someone is injured on your boat.
-Property damage liability, which pays for damage your boat causes to someone else’s property.
-Guest passenger liability, which pays for legal expenses of someone driving your boat with permission.
-Medical payments, which pay expenses for you and your passengers.
Normal wear and tear.
Defective machinery or machinery damage.
Damage from sharks and other creatures.
Damage from mold, insects and zebra mussels.

*Pro tip: Look into additional coverage for trailers and accessories, for towing and for damage caused by an uninsured boater.

Photo by Anne Agrubio from Pexels

What are some ways to save money on boat insurance?

Insurance companies offer a variety of ways to save money, including discounts for:

  • Having a diesel-powered boat.
  • Not having made a previous boat insurance claim.
  • Carrying other policies, such as car or homeowners, with the same insurer.
  • Taking safety courses.
Photo by Carrie Johnson from Pexels

For more ideas, read our recent article “6 Quick Tips to Declutter Your Space.”

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