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Summer fun - Boat owners to make sure you know what your boat insurance cover

Mosaic Insurance reminds you to check your boat insurance coverage in PrescottSummer’s here and it’s time for outdoor fun, which for many of you means taking the cover off the boat. Whether you own a bass fishing boat or a yacht, it’s important to find the right boat insurance in Prescott that will come to the rescue if you have damage or theft. Mosaic Insurance would like to help you understand boat insurance policies, and who needs them.

The first question is, do you need boat insurance? If you have a dinghy or canoe, then the answer is no, but if you have a larger boat or waverunners, then the answer is definitely yes! Your home insurance policy covers your boat in some cases, but it doesn’t go far. Homeowners policies typically cap boat coverage at $1,000 or 10% of your home’s insured value. And liability coverage — which pays for damage your boat does to others — typically isn’t included under home insurance at all.

The next question is probably, if I buy boat insurance, what will it cover? You can typically buy liability insurance — which pays for damage your boat does to others — in amounts from $15,000 to $300,000, according to the Insurance Information Institute. In addition, it will normally cover:

  • Damage or destruction from a collision, fire, lightning, theft and vandalism.
  • Damage to a boat and permanently attached equipment, such as anchors.
  • Bodily injury liability, which pays expenses when someone is injured on your boat.
  • Property damage liability, which pays for damage your boat causes to someone else’s property.
  • Guest passenger liability, which pays for legal expenses of someone driving your boat with permission.
  • Medical payments, which pay expenses for you and your passengers.

You may also want to check for additional coverage for the trailer that you use to haul the boat.
Insurance companies also offer a variety of ways to save money, including discounts for:
  • Having a diesel-powered boat.
  • Not having made a previous boat insurance claim.
  • Carrying other policies, such as car or homeowners, with the same insurer.
  • Taking safety courses.

Mosaic Insurance is here to help answer any questions you may have about boat insurance before you head out to the lake this summer. For more information on boat, car or home insurance, contact your local Prescott insurance experts at 928-458-7374


Posted to: Watercraft and Boating Insurance


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