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Is Boat Insurance Required?
While some smaller watercrafts, including kayaks and canoes, should already be covered by your existing home insurance policy, any boat with a motor should have it’s own separate insurance policy.
Most marina’s and storage facilities will require you to have liability insurance on your boat as well.
What Does Boat Insurance Cover?
PROPERTY COVERAGE
This helps protect a boat by covering the costs associated with repairs after being damaged in an accident or storm. It could also cover the replacement costs if your boat is stolen.
LIABILITY INSURANCE
This can help cover expenses stemming from an at-fault accident that caused damage to someone else’s body or property.
UNINSURED WATERCRAFT COVERAGE
If you’re injured or have your property damaged as a result of someone’s actions who is not insured, you can still be covered.
Like most insurance policies there are limits of how much can be covered and in majority of cases, there is a deductible involved when an insurance claim is made.