Many homeowner’s policies will have a minimal amount of coverage for really small boats with either no engine or a very small engine, like a sailboat, but if you’re buying a boat or yacht, your homeowner’s policy is not going to cover you for what you need. Boats are unique and require their own policy. Your boat has nothing to do with your home, any more than your car can be covered under your homeowners insurance. Your home isn’t mobile. Your boat, like your car, can go anywhere, so it requires a separate policy. Like home insurance, a boat policy covers you for liability if someone is injured on your craft and gives you the choice between replacement cost or cash value in a total loss. Pollution cleanup has to be considered in a boat policy.
Like auto insurance, boat coverage typically includes coverage for bodily injury that your boat inflicts on others, property damage your boat inflicts on docks and other boats, and physical damage to your boat should you hit something or run aground. You can also purchase comprehensive coverage against theft, vandalism, fire and flood, personal property coverage for your fishing gear, uninsured boater insurance and even assistance in the event you need a tow.