Enjoy your time out on the water knowing you have boat insurance. We have a policy for most types of boats, including cruisers, fishing boats, sailboats, catamarans and utility boats.
Small boats with less than 25 mile per hour horse power tend to be restricted on property damage under a homeowners or renters insurance policy. Liability coverage is typically not included–but it can be added as an endorsement to a homeowners policy.
Larger and faster boats, such as yachts, and personal watercraft such as jet skis and wave runners require a separate boat insurance policy.
Policies for physical loss or damage, include the hull, machinery, fittings, furnishings and permanently attached equipment as part of either an actual cash value policy or on an agreed amount value basis. These policies also provide broader liability protection than a homeowners policy.
Actual Cash Value
These policies pay for replacement costs less depreciation at the time of the loss. In the event of a total loss, used boat pricing guides and other resources are used to determine approximate market value. Partial losses are settled by taking the total cost of the repair less a percentage for depreciation.
Agreed Amount Value
This type of policy means that you and your insurer have agreed on the value of your vessel and in the event of a total loss you will be paid that amount. Agreed Amount Value policies also replace old items for new in the event of a partial loss, without any deduction for depreciation.
Boat insurance also covers:
- Bodily injury
- Medical payments
- Property damage
- Other driver liability
Boat Safety Resources
Check out USCG Boating for safety tips. They include:
- Every person on the boat should wear a life jacket
- Don’t operate a boat while under the influence of alcohol or drugs
- And much more . . .
If you prefer videos, there are several short videos about boat safety at Boating Safety Mag.
Hometown Insurance Center will help you determine the type of coverage you need to protect your asset and help you enjoy your boating time worry-free. Just fill out the form on this page for a quote.