Do I need boat insurance if I have homeowner’s insurance?

Purchasing a boat is a point of pride for avid fishermen and water sport enthusiasts. To protect the monetary component of a boat investment and provide additional liability coverage, boat insurance is needed. Before setting sail or motoring across a Kentucky lake contact Sharp Insurance & Financial Services serving Ashland, KY to procure a policy capable of meeting your basic needs and beyond.

Homeowners insurance and boats

A common misconception is that homeowner’s insurance provides full protection for boats and other recreational watercraft, but this is not the case. Homeowner’s insurance only provides limited coverage. 

The coverage is limited both in terms of dollar value provided and the events covered. Your homeowner’s policy will provide a flat amount of protection against events such as fire, hail damage, theft or vandalism. The value of most boats, particularly those with motors, will exceed the amount of compensation provided by the policy. 

Liability coverage in a boating accident is also strictly regulated by homeowner’s insurance policies, which makes speaking to a qualified agent very important when setting up coverage. Boats exceeding a certain horsepower are outside the scope of a homeowner’s policy, making secondary coverage through a boat specific policy essential. Other watercraft, such as jet skis, are often not covered at all. 

Boat specific policies

Boat policies bring with them the liability coverage typically found in auto policies — an extremely important element when you are boating with a friend or friends. Your policy can be adjusted to provide coverage adequate for repairing or replacing your boat in full if it is damaged. It can also protect your boat in the event you are in a boating accident with an uninsured boater.

If you still have questions, you can call Sharp Insurance & Financial Services serving Ashland, KY to discuss the particulars of your boat insurance needs and discuss the coverage possibilities.