If you lost your boat due to a fire, storm or lawsuit, you want to have the appropriate coverage to replace or repair the boat to use again. Although your homeowners policy may provide some coverage for small boats, it is usually very limited with coverage as low as $1,000 to pay for physical damage to a boat, outboard motor, trailer and accessories. In addition, if you are in an accident with damage to any other property or if any one is hurt, you are liable for the costs of all damages.
This information is intended to describe insurance for boats for private pleasure use and not used for commercial purposes. If you are interested in insurance for commercial operation of boats, contact your insurance producer to discuss other insurance, including marine insurance.