How do I insure a houseboat?

Whether you use it as your primary residence or a home away from home in the Summertime, a houseboat combines the comforts of home with the thrill of adventure. So, how do you go about insuring it? A standard home owner policy probably won’t cover it, but is a typical boat insurance policy adequate, or do you need more coverage than that?

The first thing you have to do before calling Keltner Insurance in Memphis, TN about a policy is get your boat surveyed. Fees can range, but tend to be a little costlier for older boats, demanding more thorough inspection. The surveyor is looking at the boat’s current value and condition, and its seaworthiness. You may have already gotten this out of the way in the process of financing your boat, as surveying makes it easier to find a lender.

Once you’ve had your boat surveyed and ascertained its value, you can either insure it for the AAV, or agreed amount value, where you document the hull and attached equipment and agree on a value with your insurer, or you can insure for the ACV. The ACV is the actual cash value, deducting depreciation at the time of claim payment.

You can buy additional insurance including liability and so on. The main AAV or ACV value only covers the boat itself. That should be enough if you don’t plan to take the boat out on open water. Otherwise, you’ll want to talk to Keltner Insurance in Memphis, TN about buying insurance to cover you in the event that you are found to be at fault in an accident. If you only plan to use the boat as your living quarters, then AAV or ACV coverage is all you need.