Watercraft (including boats and sailboats) for personal use are automatically included under your homeowners insurance. Watercraft coverage under your home insurance includes physical damage and boat liability coverage. But, watercraft coverage only applies if they meet the following conditions:
- The watercraft is not valued at more than $3,000;
- The length is not more than 26 ft.;
- The motor’s horsepower is not more than 50 HP.;
- You’re covered by all risk coverage for the watercraft, motor and trailer up to $3000 maximum per item up to a total of $10,000.
If you schedule the watercraft, trailer and accessories, you can benefit from additional coverage. We’ll cover the cost to repair or replace your lost or damaged watercraft without any deduction for depreciation – if the watercraft is two years old or less. All boats over two years are covered on an actual cash value basis.
The watercraft is still covered for liability if the horsepower is not more than 50HP or 26 ft., and if it is more than $3,000 in value.
Heads up! Your watercraft is not covered – unless it is a sailboat – if it’s used for business or organized racing purposes.