Does your homeowners insurance policy cover a boathouse?
When you think of a homeowners insurance policy in Canada, you may think about protecting your primary residence (on land), as well as all of your personal belongings inside. What about a home that's not on land? If you have a boathouse, did you buy additional home insurance?
Some people may not know this, but your homeowners insurance policy can actually cover costs to include items that are lost outside when there isn't even actual damage to your home, such as a bike that is stolen while chained up outside a store. But does this type of insurance extend to recreational properties such as a boathouse?
How to insure your boathouse
There are two ways to insure property other than your primary personal residence. The first is to ask the insurance company if you can purchase additional insurance under your primary homeowners policy to cover another property. The second method is to purchase a separate insurance policy for your boathouse.
The first option will most likely be cheaper since it's an add-on to an existing policy. However, it may not offer complete coverage. The second option is probably more expensive as it's a completely new policy. The advantage is that homeowners can customize and extend their coverage if desired.
Do you need additional insurance for a boathouse?
Before your insurance company can decide if a boathouse is covered, Property Casualty 360 says they need to determine the location and usage: "In order for (homeowners) coverage to apply to a structure, it must be located on the residence premises. Where is this boathouse located? On the dock over the river. And who typically owns the land under a navigable waterway, such as a major river? The government. So technically, that boathouse is located on government property, not the insured's. Thus, there's no coverage."
With that explanation, the answer is definitely yes. You need to contact your insurance provider and purchase a new homeowners insurance policy for your boathouse.
How can I purchase insurance for a boathouse?
Many companies offer insurance for additional residences such as a trailer, vacation home, and boathouse. Of course you want to shop around to find the best rates as you insure your boathouse. Start with your current insurance provider. Often, having multiple insurance policies with the same company equals a discount in the premiums. From there you can compare rates from other providers. You'll never know if you're getting a good rate if you don't compare prices. Use our helpful online insurance tool to compare quotes from several providers at the same time.
The entire purpose of a homeowners insurance policy is to protect your home, your belongings, additional structures on the property, and your liability if someone is hurt on your property. Although the other structures part doesn't apply to a boathouse because it's a stand-alone property, all of the other points are good reasons why you should purchase homeowners insurance for your boathouse. You want to protect the structure itself, and the last thing you want is to have a guest injured and be stuck with the medical bills. Protect yourself and your property with homeowners insurance.