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Does Boat Insurance Cover Storm Damage?

Published: May 2018

Boat insurance may help cover storm damage in a number of situations. The property coverage in a boat insurance policy may help pay for repairs if your boat is damaged in a storm. Coverage may extend to damage caused by:

  • Lightning
  • Hail
  • Windstorms
  • Flood

In some cases, boat insurance may also help cover equipment you keep on your boat, such as fishing gear, the Insurance Information Institute (III) says. Read your policy or check with your local agent to learn what kind of storm damage it may cover and whether your policy helps cover equipment or belongings on your boat.

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Does Boat Insurance Cover Hurricane Damage?

Boat insurance may help pay to repair or replace a boat if it's damaged in a hurricane. You'll typically find that a boat insurance policy provides coverage for wind damage as well as flood damage.

Read your policy or check with your agent to learn of any scenarios in which your boat or equipment may not be covered.

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Limits and Deductibles

Keep in mind that you will likely need to pay your deductible before boat insurance helps reimburse you for covered storm damage. And, as with any insurance coverage, a limit will apply. The limit stated in your boat insurance policy is the maximum amount your insurer will reimburse you for a covered claim.

Boat insurance policies may help pay for damage in one of two ways, the III says. Some policies issue reimbursements based on what's referred to as an “agreed amount value." That is the amount you and your insurer agreed your boat was worth when you purchased your policy, and it's the maximum amount your policy will pay toward a total loss. Other policies provide coverage on an actual cash value basis. If your boat is declared a total loss after a covered claim, your insurer will reimburse you based on the depreciated value of your boat at the time it was damaged.

Boat insurance may help pay to repair storm damage in a number of situations. Having an understanding of what your boat insurance does and does not cover may help you prepare for the unexpected and give you peace of mind before a storm arrives.

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This content is for informational purposes only and may not be applicable to all situations.

Coverage subject to terms, conditions, and availability. Policy issuance is subject to qualifications. Allstate Insurance Company, Allstate Indemnity Company, Allstate Fire and Casualty Insurance Company, Allstate Property and Casualty Insurance Company, Northbrook, IL. © 2018 Allstate Insurance Company, Northbrook, IL.

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