1. What types of watercraft are typically covered under homeowners insurance liability policies?
Watercraft Liability Coverage in Homeowners Insurance
Owning a boat can be a thrilling experience, however, a boat is a major investment that should not be taken lightly. To protect your investment and your liability, adding watercraft liability coverage to your homeowners insurance can provide you with the coverage you need for peace of mind.
What is Watercraft Liability Coverage?
Watercraft liability coverage is an endorsement added to a homeowners insurance policy or a separate boat policy that provides coverage for bodily injury and property damage sustained by a third party as a result of an incident with your boat. This coverage usually includes legal fees related to defending yourself against a liability claim.
Key Benefits
- Comprehensive Coverage: Watercraft liability coverage typically includes bodily injury and property damage sustained by a third party, property damage not caused by a collision, fuel spill costs, and even medical payments to cover medical bills of third parties involved in the incident.
- Affordable Coverage: Adding watercraft liability to your homeowners insurance policy can provide more value than purchasing a separate boat policy.
- Peace of Mind: With watercraft liability coverage, you can enjoy the open water knowing you are protected.
What Does Watercraft Liability Coverage Not Cover?
- Damage to your boat or property
- Injury to you or other boat occupants, other than third parties
- Damage caused by reckless or irresponsible behavior
- Damage caused by animals
When you purchase a boat, it is important to consider all the risks and potential liabilities involved, and to purchase the coverage you need to protect yourself and your investment. Adding watercraft liability coverage to your homeowners insurance is a practical way to ensure you are always protected while enjoying the open water.