As the warm weather arrives, many are taking their boats, jet skis, and paddleboards out of storage. However, it’s essential to ensure you have the right insurance coverage to protect yourself and your family. Homeowners insurance may not provide adequate coverage for your watercraft, especially when it’s in the water.

Understanding Homeowners Insurance Coverage

Homeowners insurance typically covers small, non-motorized boats and watercraft as personal property, but the coverage is limited. It may not cover larger or faster boats, and it often excludes personal watercraft like jet skis. Additionally, homeowners insurance usually stops protecting you once you leave your property, which is when most accidents occur.

Liability is also a significant concern. Homeowners insurance may not provide liability coverage for your watercraft, leaving you financially responsible if someone gets hurt on your boat or you damage another vessel.

Dedicated Boat Insurance

A dedicated boat or personal watercraft policy can provide broader coverage, including protection for your boat wherever you take it, not just while it’s parked at home. This type of policy can cover collisions, capsizing, and running aground, as well as liability for injuries or damage to others.

When purchasing a boat policy, it’s crucial to check whether it covers your boat at its agreed value or its actual cash value. Agreed value costs more but provides better protection if your boat is destroyed.

Boat insurance can also provide liability coverage, which is essential in case you’re sued over an accident. An umbrella policy can extend your liability limits, providing additional protection for your assets.

Original reporting: KEYT (Ventura/Santa Barbara) — read the source article.