There are two individual types of houseboat insurance policies:
Actual Cash Value — This type of insurance for a houseboat is known as ACV and it pays the Actual Cash Value of your houseboat minus the assessed depreciation. This type of insurance is the cheapest insurance option for your houseboat.
Agreed Amount Value — This type of insurance policy sets the value of the houseboat at the start of the policy, which includes the combined value of the hull and everything attached to it. The most valuable advice for this type of policy is for the policyholder to identify AND document each piece of equipment that is on the boat, in order to have the most accurate value when you start the policy.
There are several different specifics you will need to consider, as far as insuring your houseboat:
Marine Survey Most insurance companies require houseboat owners to submit to an annual or at least, a regularly scheduled marine survey.
Navigation Limits — Houseboat owners will not be covered if they travel outside specific geographical limits. The reason for this is to the protect the insurance company’s investment, in the event that you travel to waters that are too dangerous for your houseboat.
Deductible — The deductible to insure a houseboat is very similar to an auto insurance deductible — the higher the deductible, the lower the premium. In general, a houseboat deductible is about one to two percent.
Discounts – Some providers, especially those in colder climates — offer “winter storage” discounts for policyholders who only stay on their houseboat for part of the year. Some companies offer a “fresh water use only” discount for houseboat owners. Houseboat owners who have passed a boating safety course are also eligible for an additional discount. In addition, policyholders with a clean driving record will get the cheapest insurance rates for their houseboat.
Live-Aboard Coverage — The primary difference between boat insurance and houseboat insurance is that you will need specific coverage to cover your additional cargo, equipment and supplies, along with the additional liability that comes with living on the boat.