Boat Coverage:  What Will Work for You?

The season is here, and boat owners are on the water, enjoying one of our area's favorite pasttimes.

Summer brings about a new twist to dockside conversation. Some of the long-term treasures I’ve heard recently are, “A boat is a hole in the water into which you pour lots of money” and “B.O.A.T. stands for Break Out Another Thousand.”

As you can guess, these discussions center on boat values, upkeep and insurance. Boats, whether they are simple sailing vessels, motor boats or yachts are a major investment. Do you have the protection you need?

There are a number of ways to secure boat insurance. Your homeowner’s policy offers very limited coverage for physical damage to watercraft. Liability coverage will extend to power boats from your homeowner’s policy, but only if the vessels have motors of fewer than 25 horsepower and if they are less than 26 feet and have no engines greater than 25 hp. In some instances a homeowner’s insurance company will allow policy endorsements to increase coverage.

Your best protection will come with a boat or yacht policy, depending on the size and value of the vessel. Many of those policies will include coverage for the boat, engines, trailer, equipment, personal effects, liability and towing. Taking a safe boating course, offered by the Coast Guard Auxiliary or the U.S. Power Squadron, can reduce the premium.

Keep in mind that if you use your boat commercially under a personal insurance policy, your coverage will be voided. Commercial use requires a commercial hull policy.

Please call your Eldredge & Lumpkin customer service representative at 800-945-1840 to discuss your options, or email us.

We wish you calm seas and gentle breezes for your boating season.