Whats the difference between putting my boat on my homeowners policy and insuring it with a true yacht policy?
Boats can represent sizable investments. Many boats, particularly small boats and boats with low hull and equipment values, lend themselves to general coverage under homeowner policies. Homeowner policies, while slanted toward the policyholder’s residence and its contents, can also extend coverage to the actual cash value of personal property including watercraft owned by the insured while away from his premises.. If the vessel is stolen while away from the insured’s residence however, it is generally not covered. Another aspect of the homeowner’s policy is personal liability coverage. Typical homeowner’s policies exclude liability arising out of the ownership, maintenance, operation, use, loading or unloading of any watercraft that has an outboard or inboard motor of more than 50 horsepower or if the vessel is a sailboat greater than 26 feet in length. Medical coverage for injuries caused to other persons, while not automatically included, can generally be purchased for an additional
