Accidents happen anywhere and anytime. It is our job to make sure that we protect ourselves if these accidents happen with anything that we own or are using. This exactly what insurance is for, such as those for life or even your car. But did you know that there is houseboat insurance and it is just as important?
Yes, if you own a houseboat, then I highly recommend that you insure your houseboat in case an accident happens to cover your costs and the costs of whatever or whoever you think. It is important for you to find the best insurance policy that meets your needs and your budget.
With that said, you might be wondering how much is houseboat insurance?
The cost of houseboat insurance varies greatly depending on the value of your houseboat, where your boat is at as well as many other features. For most people the insurance will cost between $100-$300 a month.
That is certainly a wide range and makes it difficult to plan so to get a more exact quote you will need to get a real quote by giving them the exact information about your houseboat, your location, and other risk factors.
In this article, we will take a more in depth look at the general cost of houseboat insurance and other vital information that you may need as you navigate this new area.
How Much Is Houseboat Insurance?
When it comes to houseboat insurance, the rates can differ depending on the insurance companies, marine surveys, and the value and size of your houseboat. There is no general consensus on the cost of houseboat insurance, but there is a general fee for marine surveys.
Usually, marine surveys can go from $10 per foot to about $30 per foot, which is determined by the extent of the houseboat insurance policy that you desire.
Marine surveyors are people who carry out inspections of marine vessels to generate a report on their wellbeing. When it comes to houseboat insurance, you may have to pay a marine surveyor to create a report on how much you should pay for insurance.
It is also recommended that you pay the few extra bucks to hire someone who is well-trained and certified to carry out this survey and outline the reasonable condition of your houseboat. They can also identify the areas that you should repair or improve upon before getting the insurance.
Why Do You Need Houseboat Insurance?
Houseboat insurance offers coverage for your houseboat. This is especially important when your houseboat costs tens or hundreds of thousands of dollars. The insurance will financially protect you if there is property damage or injury when you are operating your houseboat.
It can also be used to financially cover your investment in your houseboat, especially if it was damaged by someone else who does not have adequate insurance or money to cover the expenses.
With these valid reasons, it is fair to say that you should not only consider getting insurance for your houseboat but you 100% need to get it!
More On Marine Surveys
Marine surveys may be an additional cost that you have to bear when it comes to houseboat insurance. As stated before, it is recommended that you spend the extra cash to hire a marine surveyor who is well trained and skilled at their job.
Marine surveys are generally conducted when a houseboat is more than ten years old. The cost of the marine survey varies depending on the length of your houseboat and its value. Marine surveys also apply to different situations, such as selling or financing your houseboat.
It plays the role of giving you important information about your houseboat so that you can give it an accurate price for buying and selling and also an accurate number for the insurance.
In a marine survey, it will evaluate your houseboat to tell you:
- Current Worth
- Current State
- If it is safe to navigate the waterways
What Are The Different Types of Houseboat Insurance?
There are different types of houseboat insurance coverage that you should be aware of. They include:
- Medical Payments: If there are medical injuries to the passengers of your houseboat, this insurance will cover the medical expenses.
- Fishing Equipment: This insurance will cover the cost of lost fishing equipment.
- Watercraft Liability Insurance: If during the operation of the houseboat, there is property or bodily damage, this insurance will cover the costs.
- Personal Effects: The cost of damaged personal goods are covered with this insurance policy
- Uninsured Boaters: If there is a collision with a boater who is uninsured, this insurance policy will cover the expenses.
- Comprehensive: As the name suggests, comprehensive insurance covers a range of disasters such as storms, theft, collision, sinking, capsizing, and many more.
- Fuel Spill Liability: This covers the expenses and clean-up costs if there is a fuel spill.
- Living Expenses: This insurance covers the costs of living if your houseboat is in for repairs because of an accident or incident.
This list is not exhaustive. There are many more choices available depending on the insurance company that you work with. Moreover, your choice of insurance policy also depends on the insurer of your choice, as well as the country or state you live in.
Those who live full-time on a houseboat may have different insurance needs than, for example, someone who rents houseboats to customers.
Be sure to talk with your agent and make sure you’re getting the coverage you need to protect your finances without spending a fortune.
What Are The Factors That Will Affect Your Houseboat Insurance?
Insurance companies determine the amount of money you have to pay for your insurance premium. It is based on a variety of factors, such as the worth of the hull of your houseboat. Other factors that also play a significant role include:
- The type of occasions that you use your houseboat, such as daily living or just for vacation.
- Whether you allow other people to borrow or rent your houseboat
- The location where your houseboat is used. Certain aspects of your houseboat’s site, such as being on a river, an ocean, or in an area prone to natural disasters.
- If you usually rent out your houseboat, insurance will be based upon the renter’s background and experience.
- Do you stay in one location or do you usually travel to various locations? This will also factor into the amount of the insurance premium.
What To Look For In A Houseboat Insurance Policy?
The search for the best houseboat insurance policy for you may be a daunting task. You must understand your rights as a customer and gather information about the different insurance policies and companies. To make this process a smoother one, here are a few points that you should keep in mind:
- How often does the company carry out marine surveys
- Are there any discounts available? And what are the criteria that have to be met?
- What are the deductibles for your chosen insurance policy?
- If you completed certified courses by the Red Cross, Coast Guard, and so on, would you receive discounts on your insurance policies?
- Are there limits under which your houseboat will be covered?
What Have We Learned?
As we all know, insurance plays a vital role in all of our lives. It is important to have financial coverage for different aspects of your life, such as your car, home, and also your houseboat. Since no one knows when accidents will occur, protecting your houseboat, especially when they are expensive, is the next best step to take.
This will allow you to cover the costs and expenses that you will incur if any disaster happens. Moreover, you must understand the different types of houseboat insurance. These factors affect your premium and the information regarding the insurance company that you hope to align yourself with. Once you have these covered, you are on your way to becoming a responsible houseboat owner.