Kentucky has several beautiful lakes for both casual and frequent boaters. If you own a boat in Kentucky, however, you likely know the many dangers your water vehicle faces. From crashes with other boats to wear and tear, environmental damage and theft, it's important to protect your boat from anything that might damage it.
Thankfully, most home insurance policies do come with a boat insurance floater. Unfortunately, this coverage is relatively limited and may not cover you if you have certain types of boats that are particularly large or expensive.
What Does Boat Insurance Cover?
Under your homeowners insurance policy, only property damage is typically covered. This provides compensation for damage to your boat as a result of fire, wind, hail, lightning, theft or vandalism. It does not cover liability unless you purchase an additional endorsement, and certain large or fast boats must be insured separately.
If you purchase a separate boat insurance policy, it will generally include property damage as well as:
- Property Damage and Bodily Injury Liability: This provides compensation if you cause bodily injury or property damage to someone else while operating the insured boat. It can also help with legal fees, should the victim decide to sue.
- Medical Payments: This provides compensation for medical expenses for you and your passengers in case of an accident.
- Guest Passenger Liability: This covers liability in case a guest driver causes bodily injury or property damage while operating your boat.
- Trailer or Boat Accessories: If you have accessories or permanently attached equipment on your boat, you can insure them separately in order for more coverage. You may also want to cover your boat trailer from loss, damage and liability.
- Towing: In case of an accident, you can add towing coverage for your boat.
You can also add loss or theft of belongings in case you keep equipment or gear on the boat.
Is Boat Insurance Expensive?
Boat insurance is relatively inexpensive. Costs vary depending on many factors, such as your:
- Claims history
- Driving record
- Credit score
- Make, model, speed and value of the boat
- Coverage limits
On average, Kentucky boat owners pay about $256 a year (around $21.33 a month) for a boat insurance policy. This also depends on your coverage limits. A basic homeowners policy typically only covers $1,000 of property damage for your boat.
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