It’s summer and means lakes, rivers, boats, and family reunions. This is the season for boat owners to take their boats of all sizes out on the water. But before that, let’s discuss boat insurance. Before taking your boat out, you want to make sure that your boat has proper boat insurance in case any incidents/accidents take place.
Boat Insurance, Who Needs It?
Two states require boat insurance: Arkansas and Utah; though you should check each state’s boat insurance requirements because some states have certain rules/regulations for boats. Even if your state doesn’t require boat insurance, you should still consider insurance and your financial security. Not having boat insurance does not mean that the boat owner won’t be liable for an accident.
Heard That Boats are Covered Under Homeowners Insurance?
Your boat might be covered under a homeowner’s policy, but, coverage for certain incidents may not be extended under a homeowner’s policy. A boat insurance policy creates more options for unique protection. A boat insurance policy can offer physical damage coverage, collision coverage, and medical payments coverage to protect your boat almost anywhere it goes.
Homeowners policies protect dwelling, structures, personal property, and living expenses due to damage/total loss of home. A liability incident by boat is likely not covered under a homeowner’s insurance policy. Generally, covered liability under homeowners’ policies are accidents/incidents like a dog biting and hurting a neighbor, a friend falling on your icy doorstep, and/or someone trips and injures themselves on a lifted tile in your hallway.
Something to keep in mind- jet skis, jammers, and/or wave runners are not “boats” therefore, boat insurance may not cover those types watercrafts. Always discuss your options with an insurance agent.
Using a Boat as a Home?
A houseboat (a boat used as a home/ modified to be a residence), needs a boat insurance policy. A boat being a home means that the following coverages, which are available with a boat insurance policy should be considered:
– Equipment coverage: anchor, radio/stereo, boat cover, fuel container, installed appliances, cabinets, flares, and more.
– Personal effects coverage: furniture and personal property.
– Agreed Value: in the event of a total loss, this coverage allows a boat owner to know how much would be received for the total loss.
Should Boats Be Insured All Year?
Absolutely- keep in mind that a homeowner’s insurance policy may not cover the damage to your boat. So much can happen, like weather and theft and homeowners’ policies, if they do cover boats, only cover a certain amount.
Contact a Ruffcorn insurance agent to get a boat insurance quote and get answers to your boat insurance questions. Our agents can provide information on the multitude of options that work with your budget and state requirements.
About Ryan Ruffcorn
Ryan grew up in Keokuk, graduated from Keokuk Senior High, and started his agency in Keokuk from scratch in 2003 after having worked for one of the largest international accounting firms, KPMG, LLP.
Ryan is hardworking; his loyal and trustworthy character is exemplified by the way he does business. He thoroughly enjoys helping clients through the insurance buying process to secure coverage for their most valuable assets.