If you own a houseboat that you live in (and occasionally rent it out to vacationers and tourists during the high season), you will want to consult with your agent at NCIB Group Inc. in Chicago, IL, to get houseboat insurance that provides adequate protection. Houseboat insurance is similar to home insurance and various forms of commercial insurance are for the usage as a rental unit.
Physical Risks
One of the key considerations is insuring the houseboat from losses caused by fire, theft, and vandalism. You will want protection from damage with hull coverage, storm, hurricane, and flood damage insurance.
Other things to consider are fuel spill (sometimes called pollution) liability. You should check the insurance requirements for the mooring location and marina liability requirements.
You should consider having mechanical breakdown coverage with engine and generator coverage. For cold winters, consider ice and freeze damage coverage.
Be sure to keep your houseboat well maintained and follow all recommended maintenance and inspection requirements with the info kept in a records logbook.
Live Aboard Insurance Endorsement and Personal Property
This "live aboard" insurance is an insurance policy add-on that covers you while living in the houseboat. Add to this personal property coverage, especially for expensive electronics and equipment.
Commercial Insurance
When renting your houseboat to others, it changes the risk to a commercial use classification. For this, you will need liability insurance, guest injury liability coverage, medical payments coverage, and perhaps coverage for alcohol-related liability.
You may need coverage for rental furnishings. If your rental income is significant, you might want to carry loss of rental income insurance (also called business interruption insurance).
Other risks to consider may be covered by pet liability insurance, and coverage for watercraft, swimming, and diving liability.
Consult with your agent at NCIB Group Inc. in Chicago, IL, for all your boat/watercraft insurance needs.
