Houseboat and Yacht Insurance Coverage
The insurance companies place houseboats and yachts in the same class. Due to this, coverage, policy premiums and indemnifying conditions are comparable between the two. The main distinctions lie in the houseboat’s construction, making it more difficult to navigate and not as much seafaring as the yacht in turbulent waters. Houseboat and yacht insurance policies are based upon the owner’s or navigator’s experience, the watercraft’s usage, season in which it is used, and corresponding insurance rates for any particular navigational area. Insurance typically covers the following after applicable deductibles:
- Hull Insurance
Hull coverage refers to physical damage, including damage to the trailers, equipment, motor and boat accessories. Excluded in the coverage is damage as a result of wear-and-tear and lack of maintenance.
- Personal Effects Insurance
Personal effects coverage is in regard to the insured’s belongings, such as clothing, cell phone, scuba and/or snorkeling or any other sports and fishing equipment.
- Liability Insurance
Just as auto insurance provides liability for an at-fault accident, so does houseboat insurance in regard to an at-fault collision that occurs on the water. This coverage pays for boat repairs or replacement costs of the other party’s property, as well as their medical care, lost wages and any other expenses related to a boat accident where you are at-fault.
- Medical Payments Insurance
Medical payments coverage pays for necessary medical care costs that are the consequences of a watercraft accident. Coverage includes you, passengers, and water skiers whether you are or are not at-fault.
- Uninsured Boaters Insurance
Unlike auto insurance boat insurance is not always obligatory. If the at-fault boat accident party is uninsured or underinsured and you are hurt, this insurance covers your medical treatment, lost wages, and other expenses related to the accident.
For more about Houseboat Insurance, speak to an experienced independent agency that has your best interests in mind.
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Summary: What type of boat insurance do the houseboat and yacht need?