Boat & Watercraft Insurance Coverage & Quotes

It is not required in most states, but marinas and lenders often require it. A dedicated boat policy also covers risks a homeowners policy will not, such as on-water liability and larger vessels.

A homeowners policy may provide limited coverage for very small, low-horsepower boats, but it generally excludes larger or faster vessels and offers little on-water liability. A separate boat policy is usually needed.

Boat insurance usually covers physical damage to the vessel, liability for injuries or property damage you cause, theft, and often the motor and trailer. Optional add-ons can include towing and personal effects.

Some insurers offer lay-up periods with reduced premiums when the boat is stored, while keeping theft and damage protection. Confirm terms so you are not left with a coverage gap.

Agreed value pays a pre-set amount if the boat is totaled, with no depreciation — better protection at a higher premium. Actual cash value pays the depreciated market value, which costs less but pays less after a loss.

Homeowners policies rarely cover personal watercraft, and many states and rental locations require liability coverage. A dedicated PWC or boat policy covers on-water liability, theft, and damage.

Physical-damage coverage generally covers storm damage, but read your policy for named-storm deductibles or haul-out requirements. In coastal areas, insurers may require you to move or secure the boat when a storm is forecast.