Is boat insurance covered by my homeowners insurance policy or do I need separate coverage?
UPDATED: Sep 23, 2015
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Asked September 23, 2015
First of all, read your insurance policy. Make sure the company and the agent is registered in the state of Florida to sell home insurance and boat insurance. In most cases, home insurance policies will not cover boat insurance in Florida. Why? Home insurance policies covers your home. Likewise, you cannot use a home insurance policy to cover your car. Car insurance will cover only your car and not your home. The boat is mobile like a car that can travel almost anywhere. Therefore, you need a separate policy for boating insurance.
On the other hand, in Florida, there are insurance companies that will insure small boats under a home insurance policy. For example, if you buy or own a small boat, the insurance company might insure the boat for $1,000 to $2,000 under a home insurance policy. Boat insurance is different from home insurance. Keep in mind that in Florida boat owners are not required to have insurance. If you buy a boat from a loan company or park it in a marina or a boat yard, you might need boat insurance in Florida.
When a home owner purchase a $10,000 boat, your home insurance policy will not cover the boat in most cases. Remember, the boat is mobile like a car and it is totally different from your home. This is why it is important to review the home insurance policy with your home insurance agent. Boat insurance covers you if someone is injured on your boat or if you damage property with your boat. The insured can also purchase comprehensive coverage. Comprehensive coverage can protect the owner against fire, theft, floods, and vandalism.
There are insurance companies that will bundle your boat insurance and your home insurance policies together and give you a discount. Find a licensed Florida boat insurance agent to assist you when trying to determine what is the best type of boat insurance to purchase. Boat insurance may not cover you if the boat is not in the water. Some policies in Florida have a "lay up clause." For example, the insured may not be covered during the months of October through December. These policies are also written based on the type of watercraft, the size and where the boat will be traveling.
Answered September 28, 2015 by tim