Property & Finance
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Boat Insurance: Are You Covered?

By Andy Bennett
Published: September 1, 2009

Contrary to popular belief, your homeowners insurance policy typically doesn’t extend to your boat. Boat insurance is broad, providing coverage not only for your boat – including its machinery, fittings and auxiliary equipment, outboard motors, boat trailer, permanently attached equipment (e.g., anchors) – but also your personal property, and damage to guests and other people’s property. You’ll want to check with your insurer to make sure specialty items (like fishing gear) and towing are included in your policy.

Also, here are some potential policy discounts, according to Loretta Worters of the Insurance Information Institute:

• Coast Guard approved fire extinguishers.

• Ship-to-shore radios.

• Two years of claims-free experience.

• Multiple policies with the same insurer, such as an auto, home or umbrella policy.

• Completion of safety education courses.

• Diesel-powered craft, which are less of a fire hazard than gasoline-powered boats.

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