Add Boat To Homeowners Insurance

When looking into boat Insurance, you may be considering to add boat to homeowners insurance. While this may seem like a cost effective way of protecting your property, you may want to investigate the matter thoroughly, before making this decision.

Home insurance policies often allow the policy holder to add additional property at a lower rate, which can be a cost effective way of insuring your boat.

This option, however, often does not generally allow for additional protection for such things as wreckage removal, loss of use, or include the environmental aspects of coverage (such as insuring against oil leaks or gas leaks or other such problems which can cause damages to the natural environment).

Add Boat To Homeowners Insurance

Add Boat To Homeowners Insurance

Another problem a boat owner may discover if opting to cover the vessel on a home insurance policy, is that the company does not specialize in boat insurance claims, and may have little experience in handling these types of claims.

This could present a problem if the boat owner should need to file a claim somewhere down the road.

Because individual boat owners often have unique needs in regards to covering their vessels, it is often best to select an insurance carrier who specializes in boats and other water craft.

This helps to insure that your policy will cover all your major needs, and that your insurance carrier has the unique experience needed to handle any situation which may arise with your vessel.

Add Boat To Homeowners Insurance

How to get boating insurance

If your vessel is more than 10 years old your insurance carrier may require you to receive a Marine Survey, to certify that the boat is both safe and seaworthy.

The Marine survey will also give your insurance carrier an idea of what the vessel is worth, according to fair market value, an important aspect in getting an accurate insurance quote.

A marine survey can benefit you in several ways. While you may contract the survey to be done because an insurance carrier or potential lender has required it, it may save you money on your insurance premium, in the long run.

A thorough survey can also identify potential problems that you may not have been aware of, helping you to avoid an unwanted accident, or break down on the water.

Marine surveyors will generally inspect the hull and frame of your watercraft, as well as the engine and any other exposed areas. Surveyors can often identify problems, and offer suggestions on repairs or maintenance.

Letting the boat owner know of potential risks and hazards allows for preventative measures to be taken, before a disaster occurs.

The cost of a marine survey varies depending on the extent of work to be done. Larger vessels obviously take longer to inspect, and therefore will be more expensive to survey than a smaller craft.

The cost of the survey itself, however, is small in comparison to the risks a boat owner may take in not having one completed.

Add Boat To Homeowners Insurance

Boat Insurance Coverage

Coverage of a watercraft can range from total replacement of the vessel if destroyed, to personal liability coverage, and everything in between. When deciding on what policy is right for you, consider what your needs and risks are, and how much you are willing to spend to protect them.

Full coverage boat insurance is the safest route for the boat owner who wants to insure his valuable property. With full coverage the boat owner can opt to ensure the cost of replacing the vessel if it is totally destroyed.

Coverage can also include damages to either the boats structure, or engine. Coverage for loss or damage to personal property while on the vessel may also be included. Other options can include injury protection, salvage or wreck removal, loss of use reimbursement, towing costs, and even investigative services.

Liability insurance covers you in the case of accident responsibility. Generally a boat owner can choose either boat liability, also known as indemnity insurance, which will cover only damages done by the vessel, or personal liability, which will cover damages done by the boat owner, regardless of where or how they occur.

While liability insurance is generally the least expensive, it is important to remember that it will only cover the cost of damages/repairs to third parties. Your own property is not covered under liability insurance.

In this way, even though liability insurance often appears to be the most inexpensive option for the boat owner, if the vessel were to be destroyed, the cost of replacement would far out weigh the savings on premiums.

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