Owning a boat is a great way to enjoy the outdoors and spend quality time with family and friends. But, do you need to insure your watercraft personal property if you have a boat policy? The answer is yes. Homeowners insurance policies protect your personal assets, but they may not cover the full cost of your boat or provide enough liability coverage. That's why it's important to get boat insurance to protect your boat and save money in the long run. Boat insurance policies are designed to cover your boat, passengers, personal belongings, and yourself.
Home insurance policies only offer very limited coverage for boats and personal watercrafts (PWCs). If you don't have the right coverage, you could be in for a difficult time if you ever need to file a claim for a boating accident. Taking a boating safety course can also help lower your boat insurance premiums. The requirements for boat insurance vary by company. Your insurer may have limits on the age or size of your boat before they will add it to your policy.
Boats may be covered by a homeowners policy, but there are usually restrictions on the size and value of the boats that can be included. Even if these requirements don't apply to you, it's still a good idea to get boat insurance. Most insurers have strict regulations on the size and power of the boat in order to file claims. If items on your boat are stolen or destroyed, you can probably use your home insurance to file a claim and recover those losses. However, the protection of the value of your boat is limited, as is liability coverage for your boat under your homeowners insurance. Unlike car insurance, you're not legally required to have insurance for your boat, jet ski, or other watercraft.
But it's important to remember that having the right coverage can save you money in the long run if you ever need to file a claim. So make sure you get the right coverage for your watercraft and enjoy peace of mind while out on the open water.