Do I have to insure my boat?

My small boat didn't cost a lot. Do I have to insure it? If your watercraft with all the furnishings, equipment, accessories and motors does not cost more than $3000 then it is likely included in your home insurance. So if your boat got stolen then you would be able to put in a claim.

Liability is extended as well if your boat is equipped with an outboard motor of not more than 25 hp. If your motor is an inboard or an inboard-outboard then this limit goes up to 50 hp.

The last thing to consider is size. Size does matter for whether or not your boat is included in your home insurance. To qualify the watercraft must be no more than 26 feet (5 metres) in length.

Specified Perils that are covered under the home insurance for your smaller watercraft include:

  • Fire or lightning
  • Explosion
  • Smoke
  • Falling object
  • Impact by aircraft, spacecraft or land vehicle
  • Riot
  • Vandalism or malicious acts
  • Water damage (limitations abound here)
  • Windstorm or hail
  • Weight of ice, snow or sleet
  • Electricity
  • Collapse of a building or any part of a building
  • Damage by bears


If you went with a larger model then it is up to you if you choose to buy coverage to protect it and your liability for the use of the boat.

Be aware that there a number of companies who offer boat and watercraft insurance. Check it out with your broker as to what is available in your area.

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