Personal watercraft insurance protects your boat from damage due to an insured loss and it also protects you against liability due to injury or death. If you are financing your watercraft, the bank or financing will require you to carry insurance.
When looking at insurance for your boat, you have two options. You can add the boat to your existing home insurance policy, or you can purchase a stand alone boat insurance policy. There are a few things to consider before you make the decision to add your boat or to purchase a separate policy as follows:
- Insurance companies have limits as to the size, speed, and/or horsepower of the boats they are willing to insure under a home insurance policy so depending on these factors, you may not be able to add your boat on to your home policy.
- The basis of settlement on a home insurance policy for boats is usually actual cash value which is replacement cost less depreciation. A basis of settlement on a stand alone boat insurance policy is usually an agreed value.
- If you make a claim for your boat on your home insurance policy, it will count as a claim on the entire policy.
At St. Clair we know that all boats are not alike, and our experienced staff will work with you to tailor a watercraft policy to suit your needs