Why You Should Never Insure Your Personal WaterCraft On Your Home Insurance

Similar to any property you own, you can protect your watercraft with a policy that covers financial loss in case of accidents, theft, or other damage.

Unfortunately, numerous people mistakenly believe that their homeowners policy will cover their personal watercraft (PWC). It’s important to note that homeowners policies might only cover those that are low-powered or have low value.

Furthermore, homeowners policy may not comprise specialized coverage. If you’re thinking of including your PWC in your homeowner’s policy, here’s why you shouldn’t do so.

Watercraft Insurance

These types of policies offer coverage for personal watercrafts and boats. Watercraft insurance frequently includes wreckage removal and towing as well as the indemnification of fuel spills.

You may purchase this form of insurance for sailboats, pontoon boats, and other watercraft up to a certain value and size.

You’ll discover that the coverage differs according to the kind of watercraft because different types carry varying risks. Bear in mind that insurance doesn’t offer liability coverage for injuries sustained by the operation of the watercraft or the boat.

Furthermore, policies may limit the areas in which you operate the PWC while maintaining coverage. This form of insurance is accessible from most insurance firms that provide boat insurance.

If you have boat insurance, you can frequently have your PWC insurance included on your boat insurance policy. If you don’t have a boat and are merely looking for PWC insurance, online shopping can go a long way towards getting you an excellent policy at a great cost.

You’ll discover that numerous providers permit you to obtain insurance quotes online. Nevertheless, it’s important you compare at least three different quotes, allowing you to obtain the policy you want at your preferable cost.

Homeowners Insurance and Watercraft

In general, home insurance doesn’t cover PWC and where it does, the limits can be fairly low. Therefore, you should consider an umbrella policy, which will offer more liability protection.

A homeowners policy will typically pay up to $1,500 if something happens to your vessel. Although the policy may provide some liability coverage while you use it, the option is less than ideal.

You should avoid including your PWC under your home insurance because it may be tooexpensive or big, which means you may require a separate policy.

In the event that your watercraft is eligible for coverage under home insurance, you may still need specialized coverage that you simply can’t obtain with a typical homeowners policy. Other reasons why you should consider a separate policy include:

• Filing a claim for a watercraft under your home insurance may have a considerable impact on your home premiums for the subsequent five years.
• Insurance policies for boats and watercrafts are affordable for the protection you obtain
• A separate policy is typically more inclusive than when you include it in a home policy
• Your homeowners coverage may not be applicable, depending on your boat’s features (engine type, size, etc)

Consider Different Watercraft Coverages

Insurance providers provide numerous kinds of coverage for your PWC. Having numerous options allows you to customize your insurance policy to meet your needs. Typical coverages include:

1. Liability

This policy functions as financial protection for watercraft owners following an accident, regardless of whether it’s your fault or the person driving your watercraft.

The policy will help you cover the costs arising from injury, death, or property damage. You’ll also discover it pays for any legal costs you might incur in case of legal action against you.

2. Comprehensive

This coverage will prove beneficial when it comes to replacement or repairs in case of damage originating from incidents such as vandalism.

Final Thoughts

It’s important you identify the proper coverage before making an investment in a PWC to avoid future inconveniences.

Image: Flickr

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