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Your homeowner policy may not cover personal watercraft; so you might need to purchase a policy that is specially geared to your watercraft. A personal watercraft policy includes:
Typical policies include deductibles of $250 for property damage, $500 for theft and $1,000 for medical payments.
Liability limits start at $15,000 and can be increased. This coverage will provide financial protection if your personal watercraft is involved in an accident. We will recommend a liability limit of $300,000 or more.
Most policies also include water sports liability, which covers risks associated with activities such as waterskiing.
You may want to consider buying an umbrella policy which will provide more liability protection. One million dollars in extra coverage costs about $300 a year and would extend to your home and auto insurance policies as well.
If you have several personal watercraft, you may qualify for a multi-boat discount on your insurance. Additional coverage can also be purchased for trailers and other accessories.
Boat owners typically face large property and liability loss exposures from their boating activities while often going without proper insurance. The following loss scenarios point to the need for specialized boat owners coverage. Remember that many of these loss examples are not covered (or have tough restrictions) under the standard personal auto or homeowners policies.
Your cruiser collides with a speed boat whose operator fails to yield the right of way, causing extensive damage to your boat. The owner of the speed boat does not have any insurance coverage.
If you have any watercraft exposures, please call our office for a review of your loss exposures and insurance solutions.
Sea Doos, Wave Runners and other personal watercraft are fun and so easy to use that you can get a false sense of security; however, each year they cause thousands of serious injuries.
Information from Insurance Information Institute