Join us on Wednesdays for an answer to a “What If” insurance question. Everyday questions for everyday life – answered right here on the McClain Insurance Blog at AutoHomeBoat.Wordpress.com.
If you have a “What If” question that you’d like answered, simply submit a comment below, or send an e-mail to claudia[at]mcagent.org.
What If … You stored your boat in your garage, and your garage burns down?
If you own a boat, you probably take good care to keep your vessel in good running order. Cover her up or store her in the garage during the winter months. Now, what if, in preparation to Fourth of July weekend, you rolled your boat and trailer into the garage, to protect her from falling firework debris.
What if, that night, a stray bottle rocket landed on your roof, setting your home, garage, and boat inside on fire?
Would your boat be covered?
The answer is: No – unless your boat is worth less than $1,000 – $1,500. This is the maximum coverage a standard homeowner’s insurance policy may provide for your boat, even if it was stored inside your garage at the time of the accident.
Notice that even this limited coverage through your homeowner’s insurance will only apply if the loss occurs at your home. If your boat is damaged while out on the water, or while you load or unload, your homeowner’s policy will not extend.
Yes, we admit it: The chances of your boat being totaled while parked near your home are rather low (despite our dramatic example above.) The risk of an accident is much higher when your boat is actually being used.
This is where boat insurance comes in. Boat insurance protects you and your boat if you have an accident and your boat is damaged. It also offers liability protection if you cause injury or damage to another boater, boat, or to a marina.
Boat insurance is available for watercraft of all sizes – from jetskis and waverunners, to powerboats, sailboats and yachts. Please click here for more information, or call your “mates” at McClain Insurance Services. We are happy to help!
A boat is likely one of your biggest investments, along with your home and car. We recommend: Protect it. It deserves it.