Is Your Boat Anchored With Your Homeowners Insurance Policy?
Are You Making The Right Choice When Scheduling Your Boat Onto A Homeowners Insurance Policy?
Most home insurance policies automatically include some coverage for watercraft. However at our brokerage we recommend that boat owners insure their pleasure watercraft on a separate marine policy. There are several reasons to do so:
1. Protect Your Claims Record
When a boat is added to a home insurance policy, you run the risk of losing your claims free discount (and affecting your eligibility with the homeowners market) should you suffer a loss to your boat. If you buy a stand-alone boat policy you protect your homeowners’ loss record and prevent a needless increase in premium to your primary residence!
2. True Marine Coverage
Specialty policies specifically designed to address marine exposures are more robust and include coverages not available on a homeowners form: retrieval of wreckage, rental expense, emergency towing, pollution/spill liability, damage from vermin and uninsured boater. These perils may be otherwise excluded under your homeowner’s policy.
3. Claims Experts
If a claim does occur, you will enjoy the experience of working with a knowledgeable marine expert – someone who can talk boat!
4. Guaranteed Replacement Cost Endorsement
For boats up to three years of age – GRC covers the cost of a brand new current model year irrespective of the policy limit.
5. Lower Minimum Premium
Watercraft insurers have made it more cost effective to give even the smallest boat a true marine policy. New discounts for higher policy deductibles and multi boat savings are available resulting in annual premiums as low as $130 for a stand-alone policy.