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Most companies provide limited coverage for property damage for small boats under a homeowners' or renters' insurance policy. Coverage is usually about $1,000 or about 10% of property coverage. Additionally, a homeowners' policy can provide only limited liability coverage and has many limitations and exclusions as to size and horsepower. Coverage against boat theft and other perils to their boat is not provided under a homeowners policy. You can purchase a watercraft endorsement that will broaden the personal liability and medical payments coverage on your homeowners policy for small sailboats and motorboats. Given the above limitations, insurers recommend that consumers buy a separate policy for their vessel. A distinct policy for a boat covers against theft, damage to the vessel (aside from wear and tear) and liability for boat-related claims. When selecting a policy, check to see if there is a geographical limit on where the boat can travel and still be insured. Be certain that the policy covers expensive items such as sails or spars that you may have aboard.
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