So we've had an umbrella policy for many years for our rental homes plus our personal stuff. Perhaps our original independent agent (now retired) made a mistake since we never had an individual policy for our boat. Virginia does not require boat insurance but it seems that umbrella policies do. So we just got a notice about this after about 15 years or so with the same policy!

Homeowners' insurance covers a minimal amount for the boat, but our 1986 boat is not very valuable (17' with 90 hp motor). We use it rarely, but it is nice to have when we want to use it. We haven't had a chance to use it since 2019 - day job, rental homes, traveling to kids & grandkids in northern Ohio and elderly mother-in-law in Chicago suburbs. We do have a nice pool in our back yard that we can conveniently enjoy when we do get a break and are too wiped out to do anything else.

It looks like we will have to pay for a liability policy for the boat which seems like a waste since who knows when we will use it again. But we want to keep it and will try to use it more next summer when & if things slow down enough.

Crazy as this may sound I have two friends that own a boat together. One who paid for the boat and the other partner who's a mechanic that rebuilt the motor and all of the other stuff.

They two had real estate holdings, but no boat insurance. Like good people they gave keys to friends to use the boat. You got a boat that you seldom use, let your friends enjoy it too.

Well one of the owners friends almost blow up the motor and didn't say anything. They another friend of the same partner took it out the boat and the knocked out. Now a group of people were stuck on a boat in the middle of a river, no motor and the battery dying.

An collision occurred and everyone on both boats were injured. Who do you think have to pay all of the medical costs and property loss? It was my two friends that owned the boat together without any insurance.

They both had umbrella polices but no underline liability policy on the boat! AND, since they were not on the boat or driving it, their homeowners and personal umbrella polices would not pay out.

I understand the medical bill were over half a million total for all 9 occupants of both boats and the other boat was over $200,000. So they lost their boat and paid out $700,000.

An insurance policy with a million coverage would have been under $2,000. Not having insurance and allowing others to use your boat, 1 big costly mistake.

I went through the same no insurance thing. Luckily (very)I had no incidents other than the time a whale almost sank it with 4 of us in it - (imagine a Nantucket sleighride where we were dragged for a while by the anchor line and almost dragged under and then the tail-as high our of the ocean as a 2 story apartment building, wider than the boat was long and about 4 feet thick coming up over us and smashing down, fortunately not right on top of us but swamping us). In the end, I sold it. After I added up all the costs, it would have been cheaper to rent one for the days we used it.

Still Learning,

Still learning,

Thanks

My son's boat is insured on his homeowner's policy. The boat is specifically listed as a covered item. So for my insurance company, at least, they will write a boat policy under the homeowner's policy.

No one is allowed to borrow the boat. Friends might be taken out fishing, but the boat owner is the one running the boat.

What I have learned is NOT ALL UMBRELLA are equal.

Some are great other's minimalist.

What I have learned is NOT ALL UMBRELLA are equal.

Some are great other's minimalist.