Do I Need Insurance On My Boat For The Winter?
Even if your boat is in storage for the winter, you may want to keep boat insurance during the off-season. While it may be tempting to drop your insurance policy to save some money when your boat is covered for the season, however, your boat can still be subjected to weather and other risks while it's in storage. Vandalism, fire, and theft happen year-round.
If you were to cancel the policy on your watercraft for the winter months, and a fire — or some other calamity — were to happen, you could be liable for paying for any damage yourself.
Maybe My Homeowners Insurance Covers A Boat In Storage?
Your stored boat may not be covered under your Homeowners insurance, which is why you don't want to cancel your boat insurance. Even if a homeowners policy does extend the policy coverage to boats, the Insurance Information Institute (III) says that policy would likely only cover a small boat, like a canoe or another similarly low-powered watercraft. And the coverage from the Homeowners policy would probably be minimal, the Institute says.
If you are planning to rent storage space for your boat, you may also want to verify with the company about any security measures it has and what, if any, insurance the facility provides for your boat.
Am I Required To Have Winter Coverage?
There may be some situations in which you are required to have an active insurance policy year round. For example, if your boat has been financed, the lender may require that you have year-round insurance coverage.
Are There Ways To Cut Off-Season Costs?
Typically, boats and watercraft premiums are reduced somewhat for the entire year due to you not being able to use them all year. Talk to us to see if there is an opportunity to adjust the cost for your insurance coverage during the offseason. Maybe, you can lower your premiums for a time by decreasing your limits or cutting back on some of the policy's coverage types.
Whatever you decide, though, you'll want to return to your original policy in the spring. So that when you pull your watercraft out of storage, you can begin the boating season with the peace of mind that comes from knowing you have protection for your boat, just in case.