Existing Policy Or Special Insurance For Your Boat

Deciding Whether to Add a Watercraft to an Existing Insurance Policy, or Purchase a Special Policy for the Vessel

When looking into Boat Insurance, you may be considering adding your boat onto your already existing home insurance policy. While this may seem like a cost effective way of protecting your property, you may want to investigate the matter thoroughly, before making this decision.

Home insurance policies often allow the policy holder to add additional property at a lower rate, which can be a cost effective way of insuring your boat. This option, however, often does not generally allow for additional protection for such things as wreckage removal, loss of use, or include the environmental aspects of coverage (such
as insuring against oil leaks or gas leaks or other such problems which can cause damages to the natural environment).

Another problem a boat owner may discover if opting to cover the vessel on a home insurance policy, is that the company does not specialize in boat insurance claims, and may have little experience in handling these types of claims. This could present a problem if the boat owner should need to file a claim somewhere down the road.

Because individual boat owners often have unique needs in regards to covering their vessels, it is often best to select an insurance carrier who specializes in boats and other water craft. This helps to insure that your policy will cover all your major needs, and that your insurance carrier has the unique experience needed to handle any situation which may arise with your vessel.