Is it House Boat or
Boat House Insurance?
Is it House Boat or Boat House Insurance, either way you say it, you need and should be properly insured. Nothing can ruin your day as to not having the type of coverage you thought you had. We'll try and cover the basics.
Most people don't enjoy reading Insurance Policies, they're generally long, difficult to understand, and let's be honest, they're really boring to read. Do most people actually read all the fine print, and understand everything?
The Basics on Boat House InsuranceWhat are the two most common types of insurance coverage?
Actual Cash Value policies pay the Actual Cash Value at the time of loss or claim, LESS depreciation. This type of policy is generally cheaper; however the claim is calculated with the depreciation deducted from the total. The Agree Amount policy eliminates any confusion as to value.
Agreed Amount Value policies have an Agreed Amount Value that is pre-determined and includes the value of the hull, and all the attached equipment/hardware. With this type of policy it is important to document all the values before having a loss, and simply pay the premium.
The Questions you want to Ask?When it comes to Boat House Insurance, there's some important questions to ask to ensure the expected insurance coverage should a future claim arise.
Marine Survey's are generally expected, and at what yearly intervals?
Navigation limits are part of policies, what are your territorial limits?
Lay-up period is for Winter Storage, what dates are they using?
Liability types & amount for property damage and personal injury?
Deductible amount is usually 1-2% of the insured value, what's yours?
Liveaboard coverage is a policy condition that should be discussed?
Discounts for courses are available for Power Squadron graduates?
Coverage for Dinghy's or PWC is included, or needs to be added?
Sources for House Boat InsuranceAs you see below, there are various companies involved in House Boat Insurance. The one with a direct link is BoatUS Insurance, which has a great reputation, and many bonus features included in their policies.
| United MarineState FarmNationWide | AllstateFarmer's GroupAetna | National MarineProgressiveBoatUS Insurance |
We'll add more "links" as soon as we get positive feedback from our readers. If you've had good success, we would love your feedback.
The "Who & What" of Marine SurveysMarine Survey Cost can vary but a ballpark figure is @ 10-30$ foot, and depends on the extent of inspection needed. A survey will give you an indication of the current value, condition, and seaworthiness of the boat, therefore a survey can be extremely beneficial in all stages of either purchasing, financing, or insuring.
Survey Advantages are that for a low-cost the purchaser/owner can know the value, condition, seaworthiness of a boat, and can use this information while financing, purchasing, or insuring a vessel.
Find a qualified Marine Surveyor by visiting the organizations below, or contact me directly and I'll try to connect you with someone qualified.
- NAMS Marine Surveyors at www.nams-cms.org
- SAMS Marine Surveyors at www.marinesurvey.org
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