How Much Is Houseboat Insurance | LakeWizard

Whether you live in a houseboat or have a houseboat rental business, you need insurance. So, how much is houseboat insurance?

Basic houseboat insurance coverage will come at an annual cost that's anywhere from $500 to $2,000, depending on a number of factors. There are also different kinds of houseboat insurance. These are watercraft liability insurance, uninsured boaters insurance, and so on.

It goes without saying that insurance is a must-have for boat owners. But while insurers will sell you basic coverage options, there are also optional kinds of coverage that are available that you need to be aware of.

We are the proud owners of houseboats and know all about the process of getting these magnificent vessels insured. Here, we are going to break down the topic of insurance for houseboat owners so that you can make a more informed decision when it's time to shop for insurance for your liveaboard.

Table of contents


Why Get Basic Houseboat Insurance Coverage?

If you own or operate a boat or other marine vessel, you must have marine insurance. Many insurers may provide boat or marine craft insurance that includes both basic damage and loss coverage and a choice of supplemental coverage. Some specialist boat insurers cover boat owners for insurance risks and activities that aren't as frequent as well, but you will have to contact the insurance provider to get more details on those services.

For houseboat owners, marine insurance is a must-have. Physical damage coverage is usually included in marine insurance, and it covers your boat, engine, and related equipment against a number of dangers such as theft, fire, vandalism, accident, and storm damage.

Houseboat Insurance

The cost of houseboat insurance varies according to the insurance company, maritime surveys, and the value and size of your houseboat. Although there is no universal agreement on the price of houseboat insurance, there is a standard rate for maritime surveys.

Marine examinations often range in price from $10 to $30 per foot, depending on the scope of the houseboat insurance coverage you choose. Maritime surveyors conduct examinations of marine vessels in order to create a report on their condition. You may have to employ a marine surveyor to generate a report on how much insurance you should pay for your houseboat.

Your houseboat is covered by houseboat insurance. When your houseboat is worth tens or hundreds of thousands of dollars, this is very significant. When you operate your houseboat, the insurance will financially safeguard you in the event of property damage or accident. It can also be used to financially protect your houseboat investment, particularly if it was destroyed by someone without appropriate insurance or funds to meet the costs.

Boat Insurance Costs on Average According to current estimates, the national average premium is between $300 and $500 per year. The yearly percentage might rise to $1,000 in rare circumstances.

So, what is covered by boat insurance? It basically insures the boat against damages due to sinking, fire, storms, theft, and collision, as well as other typical dangers. The boat hull, boat motor(s), stated boat equipment, and, if requested, the boat trailer are normally covered by this insurance.

Marine Surveys Explained

When it comes to houseboat insurance, marine surveys may be an additional expense that you must face. As previously said, it is advised that you pay the extra money to engage a well-trained and professional maritime surveyor. When a houseboat is more than 10 years old, it is usually subjected to a marine survey. The cost of a maritime survey is determined by the length and value of your houseboat.

Marine surveys are also useful in a variety of scenarios, including the sale or financing of a houseboat. Its purpose is to provide you with crucial information about your houseboat so that you can offer it an exact price when buying or selling it, as well as an accurate insurance number.

Types of Houseboat Insurance

Owners of houseboats benefit from financial protection and security provided by houseboat insurance. Those who are protected pay a premium for their coverage, which is determined by the boat's worth as well as other considerations such as horsepower and age.

Liability and property damage are both covered by most houseboat insurance policies. If you're renting a houseboat, houseboat insurance isn't required, but it's a smart idea for people who own one.

The following are some of the main types of houseboat insurance that you can choose from when you are getting a liveaboard.

  • Watercraft Liability Insurance - If there is property or physical damage while operating the houseboat, this insurance will pay the costs.
  • Uninsured Boaters - If a collision occurs with an uninsured boater, this insurance coverage will pay the costs.
  • Personal Effects - This insurance coverage covers the expense of damaged personal items.
  • Medical Payments - If any of your houseboat's passengers suffer medical injuries, this insurance will cover their medical bills.
  • Lost Equipment - The cost of lost fishing equipment will be covered by this insurance.
  • Living Expenses - If your houseboat is in for repairs due to an accident or event, this insurance will pay your living expenses.
  • Fuel Leak Liability - If there is a fuel spill, this pays the expenses and clean-up charges.