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Floating Home Insurance

PNW Floating Home Insurance

The Pacific Northwest has many lovely bodies of water that make for a beautiful spot for a floating home. Headquartered in Southwest Washington, Davidson & Associates understands the specific kinds of coverages floating homes need in this region. 

Floating property insurance covers a vessel (without an engine), boathouse or floating home, that is intended for living on water. Floating properties can qualify for one of two types of coverage: broad coverage and basic coverage. Broad coverage is the recommended coverage, but only floating homes that are less than 30 years old and meet other requirements qualify for broad coverage. If a floating home is more than 30 years old, but has recent renovations and meets the other requirements, it may be eligible for broad coverage. Basic coverage can be written for floating homes that do not qualify for broad coverage, as well as basic perils. To navigate which coverage you qualify for and how to keep your aquatic property best protected, please speak with your independent insurance agent. 

Some things to keep in mind when shopping for a floating home policy: 

  • Floating home policies should include “perils of the sea” coverage or similar protection for flooding/sinking risks or hazards when property is on a body of water.
  • Floating home coverage is different than a comprehensive home insurance policy, make sure you read and understand your policy completely. Do not assume all floating home policies are the same. Talk with your independent insurance agent if you have questions. 
  • Flotation type matters and may vary. Similar to how site-built homes have different types of foundations, you must know what keeps your home afloat. Extra flotation aside from logs are necessary – encapsulated foam can be wrapped in plastic, HDPE or concrete. Exclusions from coverage include flotation and failure except if a fire is the cause of loss.  
  • Some marinas have additional requirements and mandates. Make sure you speak with the marina’s office to fully understand the regulations before finalizing your insurance coverage to make sure you have a proper policy in place. 
  • Pollution coverage may be a concern. This coverage is generally intended for fuel spills in the marine world; however, floating properties typically do not store fuel like a yacht.  This coverage is available on a case-by-case basis at an additional premium.
  • Check your policy for replacement cost coverage on contents. If the floating home is a secondary home, content coverage will be excluded for theft. 
  • If you plan to rent out the floating home, make sure you discuss this with your independent insurance agent. Floating properties are not typically covered like a traditional rental property. 
  • A floating property may need a marine survey if it is over 30 years old. 

Insurance for floating homes can be difficult to come by, as few carriers want to take on the risk associated with a floating home. However, as independent agents, we have the ability to shop between the carriers that will provide coverage for floating homes, which allows us to tailor policies to your specific needs. Few independent insurance agencies specialize in floating homes, but Davidson & Associates is proud to have an agent on board that specializes in all types of marina coverages. Whether you are looking to shop insurance for your floating home or are perusing the market to purchase a floating home, we are happy to guide you through the insurance coverage. 

Fill out the quote form and we'll get back to you shortly with a cost-effective option that takes the guesswork out of your life on the water.