Interactive Planning Approach
If you own a smaller boat such as a canoe or small sail/power boat, you can often purchase limited coverage for property damage through your homeowners or renters insurance policy, although liability coverage is typically not included but can often be added by endorsement.
Larger Boats like yachts or personal watercraft like jet skis and wave runners will require a separate boat insurance policy. There are generally two types of boat insurance policies.
An Actual Cash Value policy will pay for replacement costs minus depreciation at the time of loss.
An Agreed Amount Value policy means you and the insurer have agreed on the value of your boat and in the event it is totaled, you will be paid that amount.
If you have special equipment on the boat such as fishing gear or wake boards, be sure to ask your agent to see if these are covered under your boat insurance policy.
Do I need separate insurance for my boat?
It depends on the size and type of your boat. Smaller boats, like canoes or small sailboats, can often be covered under your homeowners or renters insurance for property damage. However, larger boats, yachts, and personal watercraft typically require a separate boat insurance policy for full protection.
What’s the difference between Actual Cash Value and Agreed Amount Value policies?
An Actual Cash Value policy covers your boat’s replacement cost minus depreciation at the time of loss. An Agreed Amount Value policy means you and your insurer agree on a specific value for your boat upfront, and that amount is paid if the boat is totaled.
Does homeowners insurance cover liability for my boat?
Standard homeowners or renters insurance may provide limited coverage for property damage but usually does not include liability protection. Liability coverage for boating accidents or injuries often needs to be added by endorsement or through a separate boat insurance policy.
Are my boat’s accessories and equipment covered?
Some equipment, like fishing gear, water skis, or wakeboards, may not be automatically covered. It’s best to check with your agent to ensure your policy includes protection for any special equipment or add-ons.
How do I know how much boat insurance coverage I need?
Your coverage should reflect the type, size, and value of your boat, as well as how and where you use it. At J.S. Braddock Agency, our agents can help you determine the right policy and coverage limits to keep your investment safe on and off the water.
Understanding Your Boat Insurance
Boat insurance helps protect your vessel, passengers, and equipment whether you’re out on the water or docked at shore. At J.S. Braddock Agency, we help you find the right policy for your type of boat — from small crafts to yachts — and ensure you understand what’s covered, so you can enjoy every trip with peace of mind.
Protection on the water and at the dock tailored coverage for every type of boat and watercraft.
Small Boat Coverage
Provides limited protection for canoes, kayaks, or small sailboats, often available through your homeowners or renters insurance policy.
Personal Watercraft Coverage
Designed for jet skis, wave runners, and other personal watercraft to keep you protected while enjoying time on the water.
Yacht & Large Boat Coverage
Specialized policies for higher-value boats and yachts, offering broader coverage for damage, theft, and liability.
Equipment & Accessory Coverage
Covers fishing gear, water sports equipment, and other accessories that may not be included in standard policies.
