Why you shouldn't insure your boat through your homeowners Insurance. (You may have it and not even know it.)
Although you may have boat coverage through a quality carrier, there are down sides to having your boat coverage from a company that considers your boat as part of your home insurance policy.
The first, and arguably the largest reason, is any claim you have on you boat will effect your homeowners policy rate. So one claim on your home (ie, a storm) and one claim on your boat (ie, a collision), and you might be in hot water with your insurance carrier at renewal.
A second reason is, should you have a claim, you will most likely get an automobile adjuster and not an adjuster that is an expert on boats to handle your claim. This is because the carrier doesn't have many boat claims as it is not a separate line of business for them.
Where the problem comes in is that for automobile repair, the parts needed and cost of the parts can easily be looked up by the Vehicle Identification Number (VIN#). Boats however don't have this luxury. So an adjuster should have to have a thorough understanding of boats and boat repairs to adequately estimate the true cost needed for repairs. If they do not possess this knowledge, it could result in a grossly low settlement of your claim. (Or a grossly high settlement, lol! But are you willing to take that risk?)
These home/boat policies are typically a little less expensive than full blown boat policies. Usually not by much. Again this is because these carriers typically don't have many boat claims as this is not a line of business they focus on and therefore they don't pay out much in claims.
To verify which type of policy you have, ask your agent, "if you where to have a boat claim, would it be filed under your homeowners insurance?"
Lets Talk A Little About Coverages
Basically stated, boat insurance protects a boat, its owner, and its passengers in the event of a loss. Boat and marine insurance refer to all motorized water vessels including, but not limited to, fishing boats, pontoon boats, yachts, and jet skis.
There are many other personalized coverage's that can be added to a boat policy. We would be very happy to help customize a boat policy to fit your needs.
Contact us to learn more about the right boat and marine insurance coverage for you.
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