With our beautiful Pacific coast, inlets, rivers, and lakes, Washington is the perfect state to enjoy time on the water. Whether you already own or plan to purchase a boat or personal watercraft, you should consider the best insurance coverage to protect this valuable investment. The Schultz Agency has policies that allow you to navigate waters with coverage that offers reassurance and peace of mind.
Under Washington law, some homeowner policies may offer coverage for small boats. However, even if such coverage is provided, these policies generally have limits of $1,500 or less. Liability coverage is based upon the motorboat's horsepower and the size of the boat if your craft suffers from physical damage.
In most cases, your homeowner policy will not cover a bigger boat for either liability or property damage. The policy may precisely specify what constitutes a "small" versus a "large" boat and may differ from someone's interpretation if they believe that only luxury yachts fall under that definition.
Some people mistakenly assume that Jet Skis® and similar personal watercraft do not require insurance. In some cases, it may be possible to add this coverage as part of your homeowner policy. Other insurance companies may require that personal watercraft fall under an insurance line specifically for boats.
If you have financed the purchase of your vessel through a bank or other lender, that institution will most likely mandate that you purchase sufficient coverage in case the watercraft suffers damage, destruction, theft, or loss.
Under Washington law, if a person purchases a boat or watercraft and does not acquire sufficient coverage, the lender may choose to secure more expensive force-placed insurance that they must pay for.
Contact the Schultz Agency today to discuss the best level of liability and physical coverage for your boat or personal watercraft.
