Boat Insurance FAQ

Boat insurance protects you financially if your boat is damaged, stolen, or causes injury or property damage to others. It can cover repair costs, medical bills, liability claims, and even towing assistance. Most marinas require proof of coverage, and many lenders do too if you're financing your vessel.

You can insure most types of watercraft - including fishing boats, sailboats, pontoons, speedboats, personal watercraft (like Jet Skis), and yachts. Coverage options and costs vary depending on the size, type, horsepower, and how you use the boat.

Typical policies include:

• Physical damage (accidents, storms, fire, theft, vandalism)
• Liability (injury or property damage you cause to others)
• Medical payments
• Uninsured boater coverage
• Towing and assistance

You can customize your policy based on how and where you use your boat.

In many states, boat insurance isn't legally required for recreational use. However, if you finance your boat or keep it at a marina, insurance is usually required. Even if it's not mandatory, coverage is highly recommended to protect against unexpected expenses.

Coverage is usually limited to specific geographic areas - like inland lakes, rivers, or coastal waters within a certain distance from shore. If you plan to travel to other states or international waters, you may need to extend your coverage. Always check your navigation limits.

Premiums depend on your boat's value, size, horsepower, age, usage, storage location, and operator history. Smaller boats may cost as little as a few hundred dollars per year, while coverage for larger or high-performance boats can be much more. Your insurance broker can help tailor a policy to your needs and budget.

Only to a very limited extent - typically for small, low-powered boats (under a certain size or horsepower) and with low coverage limits. Homeowners policies usually exclude liability on the water. For full protection, a separate boat insurance policy is necessary.

• Agreed value pays a pre-determined amount if your boat is totaled - no depreciation.
• Actual cash value pays the current market value at the time of loss, factoring in depreciation.
• Agreed value policies generally cost more but can provide better protection for newer or high-value boats.

Yes - and it's often smart to do so. Year-round policies typically offer storage protection against fire, theft, vandalism, or weather-related damage during off-season months. Canceling your policy in the winter could leave your boat unprotected when it's most vulnerable.

You may qualify for discounts if you:

• Complete a certified boating safety course
• Insure multiple boats or bundle with auto/home
• Have a clean boating record
• Use protective gear or have safety equipment onboard

Ask your broker about available discounts to keep your premium competitive.