Owning a boat exposes you to many of the same risks associated with auto and home ownership, including the risk of causing bodily injury to other people or their property, or to your own property.
You may have limited coverage for your boat under your home policy, typically $1000. However, jet skis and other similar watercraft are often excluded from homeowner’s insurance coverage.
Watercraft are usually divided into three categories:
1) Boats between 16′ and 25′ 11″
2) Boats 26′ or longer
3)Jet skis, Waverunners or other similar craft.
Boat insurance can pay for repairs or to replace your boat if it is damaged or destroyed. In addition to the boat, outboard motors, trailers, and personal property kept aboard the boat are usually covered, but coverage may vary from company to company.
A boat policy does not cover wear and tear, latent defect, mechanical breakdown, faulty manufacturing, war and nuclear hazard, repair and restoration, carrying people or property for a fee and claims resulting from racing.
You need liability and medical protection on a boat policy. Liability coverage protects you from legal claims if you are found liable for a boating accident and medical coverage pays for injuries.