Insure your boat against damage and loss caused by common risks, such as sinking, fire, storms, theft, and collision. The property usually covers the boat hull, boat motor(s), described boat equipment and the boat trailer if requested.
Full replacement cost
If you carry comprehensive and collision coverage, the insurance policy will pay what it costs to return your watercraft to its pre-accident condition or better.
If your boat sinks, insurance policy cover the cost of removing your boat from the water (if removal is legally required ).
Fishing equipment or carry-on items
You can get full replacement cost up to policy limits for fishing equipment and for personal property such as scuba gear, phones or other items that you carry on board and are lost or stolen.
Bodily injury & property damage liability
Bodily injury liability covers you if you’re in a boat accident and liable for injuring others. Liability boat insurance also pays to repair or replace any watercraft, object or other property you damage while boating, plus legal expenses if you’re sued.
This coverage comes standard with certain carriers if you have trailer coverage on your policy—this coverage pays to tow your disabled vehicle to the nearest repair shop.
Comprehensive & collision
These are two separate coverages. Comprehensive covers events out of your control, such as theft, vandalism, sunken boat, fires, heavy winds, hurricanes, and other weather-related damage. Collision covers damage from boating accidents, such as hitting a submerged object, dock, another boat, and even covers any injuries to pets on your boat, etc.
One of the biggest myths about boat insurance is that you don’t need it because you're adequately covered under your home insurance policy. While your home's policy may provide some protection for a smaller boat while it's on your property, it won't offer the coverage you need on the water — especially if you're operating a powerboat.