Boat insurance provides financial protection if your boat, sailboat or any other type of watercraft is involved in an accident, is damaged or stolen. Watercraft insurance includes liability coverage in case you are responsible for another person’s injuries or property damage.

You will need Boat Insurance if:
  • You own a recreational vehicle that is used on the water such as a speedboat or sailboat.
  • You want financial coverage to repair or replace your watercraft if you are involved in an accident or collision.
  • You want liability coverage in case you are sued for causing personal injury to another person, or damage to another person’s property while operating your watercraft.

Homeowner policies provide limited coverage for watercraft and often restrict what they will insure based on length and/or horsepower of the watercraft. Watercraft insurance is available for local and offshore vessels.

Your insurance policy depends on the:
  • Length of watercraft
  • Size of motor
  • Type of motor (inboard / outboard)
  • Type of vessel
  • Use (rental to others/sporting activities)
  • Boat storage – where it is kept when not in use

Whether you hit a dock, a rock or another boat, your boat would not be covered unless you had additional watercraft insurance. Your homeowner’s policy would only provide you with limited coverage. Additional coverage is available at a cost dependent on the age and the size of your boat and the power and type of motor.