Purchasing a houseboat is guaranteed to give you years of
unlimited pleasure. Provided, however that you've insured your
houseboat properly. Otherwise, you could lose your life's
savings and in the worse case scenario, and be forced to file
for bankruptcy.
In the marine insurance industry, houseboats are categorized
together with jet boats, ski boats, sailboats, cabin cruisers
and party boats as a pleasure boat. For this reason, this kind
of coverage is not generally handled by regular insurance
companies. You should carefully shop for underwriters who
specifically handle these policies.
The first houseboat insurance tenet you must follow is to find
a reliable insurer who'll service your needs. Conduct the search
both ways.
· Word of mouth Ask boating friends for insurance
recommendations.
· Conduct research on the recommended insurance carriers, the
company in-charge of providing you coverage.
The following facts (as provided by the Insurance Information
Institute) about your houseboat, such as horsepower, size and
age of your boat, the type of craft and where it is used (i.e.
moored in a river or hurricane prone area), determines coverage
and premium you will pay for your houseboat.
Once that's done, you can now carefully consider which of these
policy clauses can help maximize your coverage and accurately
answer your particular needs.
Hull and Machinery Clause
Because your houseboat is placed in the same pleasure boat
category as a cabin cruiser, certain rates, coverage,
restrictions, and terms will be similar.
Still, there are differences. The function of a houseboat is
different from a cabin cruiser. The construction of a houseboat
reflects this. They are normally flat-bottomed and designed to
navigate slowly through the waters.
Many houseboats are bulkier, since they come equipped with
bigger sleeping & living areas, full galley, and enclosed head.
A race boat or cabin cruiser is smaller, more seaworthy, and
easy to maneuver and built for speed.
Liability and Medical Payments to Others
Pays for bodily injury or property damage you are liable for.
Physical Damage Coverage
Pays for the damage your boat, motor, and trailer sustain.
Uninsured Watercraft Coverage
Pays for personal injury damages you are entitled to recover
from the owner or operator who have not insured their vessel.
Medical Payments For The Insured
Covers you and your family's medical fees, if you sustain
accidental boating injuries.
Towing and Assistance
This coverage pays for the expenses you incur when you request a
towing service to deliver the fuels and replacements parts, or
fix your engine.
Additional Living Expense
you're reimbursed for expenses incurred by living in a hotel,
because your boat had to be repaired.
Be a responsible houseboat owner. Customize your houseboat
insurance to safeguard your personal well-being, finances, and
protect your investment.
About the author:
Mansi Gupta recommends that you visit
hou
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