boat crosses the sea

Does My Home Insurance Cover My Boat?

Your boat is only on the water for part of the summer; most of the year, it sits in your garage or backyard. This leads many homeowners to wonder: Since the boat is on my property, is it covered by my Winnipeg home insurance?
The answer is complicated. It depends on the type of claim, the value of your boat, and your specific policy. We’ve written this blog post to clear up the topic:

Understanding Your Home Insurance Coverage

Your homeowner’s insurance goes beyond your front door. It extends to the detached structures on your property, including your garage, fence, or shed. Will it cover damage to your boat that occurs on your property?
Every policy has a coverage limit. In most cases, the cost to replace or repair your boat will be greater than the amount covered by your homeowner’s policy.
For example, let’s say you’re covered for up to $1,500 of damage to your personal property. A boat repair can easily cost more than this, meaning you will not be adequately covered. Once you factor in that you also need to pay a deductible, it’s more feasible to take out a separate boat insurance policy.

What about personal liability coverage?

Part of your home insurance protects you if people or their property are damaged at your house. Liability coverage will reimburse you for those damages, along with defence fees, if they pursue legal action.
Since this coverage applies to incidents on or around your home, you might wonder if it covers boating accidents.
The answer is yes—but it depends. Some insurance providers may not offer coverage depending on the size of your boat.
As long as you inform your insurance provider that you use the boat that’s on your property, the cost of your liability coverage will increase in proportion to the risk level.
It may be more cost-effective to take out a separate boat insurance policy rather than trying to add your boat to your homeowner’s insurance. Otherwise, you’ll have limited coverage—which could end up costing you in the event of an accident or break-in.

Then To Use Your Homeowner’s Insurance

If the boat itself is damaged or stolen, it won’t make sense to claim it on your home insurance. But what about the contents of your boat?
For example, imagine if someone broke into your garage and stole items from your boat. Depending on the value of those belongings, they may be covered by the personal property coverage in your homeowner’s insurance policy.
That being said, specialized boat equipment may not be covered, such as navigational equipment or fishing supplies.
The cost of your home insurance in Winnipeg is determined in part by your policy limits. For instance, let’s say you have $60,000 of personal property coverage. If you want to add your boat to that policy, you’ll need to expand your coverage limits.
This will cause your premiums to go up. Rather than driving up the cost of your home insurance, it may be wiser to get a separate policy for your boat.

Should You Buy Boat Insurance?

Even though you park your car at home, you have a separate policy for it. The same goes for your boat; given its high value, you’re better off buying boat insurance in Winnipeg than relying on the minimal coverage from your homeowner’s insurance.
Just like your home, your boat is a significant investment. It’s one you want to protect. And without boat insurance, you may lack the protection you need to cover damages, vandalism, or boating accidents.
You don’t want to imagine a summer stuck without a boat. Make sure you’re protected with a policy designed to cover your watercraft, whether you have a Jet Ski, sailboat, or houseboat.
It’s best not to rely solely on your home insurance for coverage. This policy will only apply to damages that occur on or around your property. If you take your boat elsewhere and it’s damaged, you’ll be stuck paying for it out of pocket.

Get the Insurance You Need at Nation West Insurance.

So, will damages to your boat be covered by your homeowner’s insurance? In most cases, the answer is no—it’s better to take out a separate policy specifically on the boat.
Buying insurance doesn’t have to be stressful. At Nation West Insurance, we do the heavy-lifting for you. Leave it to our insurance brokers to do the shopping and the paperwork.

With Nation West, you can get a quote in 3 different ways: By calling us, visiting us, or requesting an online quote. If you’re looking for insurance in Winnipeg, contact us today!

Ken Coughlin

About the Author

Ken Coughlin


Experienced Chief Executive Officer with a demonstrated history of working in the insurance industry. Strong business development professional skilled in Negotiation, Budgeting, Business Planning, Operations Management, and Property & Casualty Insurance.

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