Does Your Home Insurance Cover Your Boat?
No, your home insurance policy usually doesn’t have enough coverage to protect your boat.
Your boat should have its own insurance to protect it from being damaged or stolen.
When does my home insurance cover my boat?
Typically, the cost to replace or repair your boat will be greater than the amount covered by your homeowner’s policy.
If your boat is worth less than $3,000, is less than 26 feet (eight metres), and its horsepower is less than 50 HP., it’s likely to be covered under your home insurance. So, it may cover a rowboat or some type of canoe.
If your boat is bigger and worth more than a few thousand dollars, you should have boat insurance to protect it.
Does personal liability coverage on my home insurance cover my boat?
Personal liability insurance covers you if people are injured or their property is damaged at your house or on your property.
Would it cover a boating accident? Check with your insurance provider. It may depend on the size of your boat.
If you are storing your boat on your property, don’t forget to tell your insurance provider. This could affect the amount and cost of personal liability coverage on your home insurance.
Does my home insurance cover a stolen boat?
Your home insurance typically will not cover your boat in the event of fire, theft, or other loss.
If you have items stolen from your boat that’s stored in your garage or in a shed on your property, depending on their value, they may be covered by your homeowner’s insurance policy.
Specialized boat equipment may not be covered, such as navigational equipment.
What if I am storing my boat at a friend’s storage building or garage?
Your boat will not be covered under any policy on someone else’s property.
If your boat is damaged or stolen, you won’t be covered and will have to pay out of pocket for any repairs or replacement.
It’s recommended that you at least maintain liability insurance if it is stored on someone else's property should someone be hurt or their property was damaged as a result of your boat.
If you are storing your boat at a commercial boat storage facility, you can expect to be asked to have at least liability insurance on your boat.
How boat insurance protects your boat
Boat insurance covers such things as damage from vermin, wreckage removal, agreed value coverage, and liability coverage.
You can learn more about what boat insurance includes: https://westernfinancialgroup.ca/What-Does-Boat-Insurance-Include
It’s best to insure your boat all year round to protect it, even if you’re not using it over the winter.
Speak to a Western Financial Group boat insurance expert about your boating insurance needs.
