If you’re a boat owner, you understand the necessity of boat insurance. But what if you don’t own a boat, but instead have other watercraft like a jet ski or canoe? Do you need comprehensive boat insurance for these, or will your homeowners insurance cover them since you typically store them at home, such as in your garage? The answer depends on the type of craft you have and whether it’s motorized. The Grove Insurance Agency in Brownsburg, IN wants you to be prepared with the correct insurance before summer arrives, and with it, the perfect weather for lake outings.
Homeowners’ Insurance Offers Limited Coverage for Watercraft
Watercraft come in various types and sizes, but insurance does not treat them all the same. Homeowners’ insurance will only cover certain watercraft up to a relatively low amount. These crafts are typically small and non-motorized, such as personal kayaks and canoes. Occasionally, a homeowner’s policy will cover smaller motorized boats, but the coverage limits are typically low and may not be sufficient to cover damage after you’ve paid your deductible.
Even jet skis usually require boating insurance. It’s rare for a homeowner’s policy to cover these, and even if you find one, the coverage will likely be limited.
Another reason why relying on homeowners’ insurance to cover watercraft isn’t a great idea is the lack of liability coverage if someone is hurt while using your watercraft or if your watercraft injures someone in a collision.
The Grove Insurance Agency in Brownsburg, IN wants you to enjoy your summer, and that means getting proper coverage in place. If you’re buying a watercraft, contact us to discuss boat insurance and ensure you have adequate coverage.