What kind of insurance do I need for my boat dock at Grand Lake, Tenkiller, Keystone, Texoma, Eufaula, Lake Murray, or Broken Bow?
It’s finally here. LAKE SEASON HAS STARTED! Ignore the fact that an overkill of spring rain storms has the whole state and their boat docks under water…so many people are wondering if they have the right kind of insurance coverage as their boats docks have been damaged by flood water, tornadoes, hail or all of the above.
With the weather damage and the increased traffic your dock will be experiencing with the warm temperatures now is the time to make sure your summer doesn’t take an unexpected turn.
THINK FOOT TRAFFIC… Being a frequent lake goer in the summer I know that every single person is always super careful and would never horse around on the dock, right? Whether you own a lake house or just a dock it’s important to make sure that your liability coverage will extend from your homeowners or the lake house’s policy. What many people don’t know is that even if someone is just walking and trips, you can be held responsible for hospital bills. With summer just beginning this is the perfect time to double check you’re covered. Make sure your insurance agent is aware that you have a dock on the premises so they will properly cover your exposure.
DOCKS ARE EXPENSIVE…What may look like just be a simple frame dock can actually be a heft chunk of change. It is likely that you have some money invested in your boat dock so it makes sense that most people would want it replaced if it were damaged. You would probably like to insure your dock against wind, fire, or damage caused by collapse. So often, this can typically extend from your homeowners or fire insurance policy under your coverage for other structures or outbuildings. Coverage for other structures aka outbuildings is typically automatically included on your homeowner’s policy- usually somewhere between 10%-20% of what your home limit is. If your automatic coverage is not enough to cover the full amount don’t worry! Most insurance companies will allow you to increase the limit to what you need for a minimal premium. Just remember to include the value of your lift and any other attached items when advising your agent of your docks value. You might also want to confirm that your personal property on the dock (i.e. life jackets, rafts, fishing poles, etc) will be covered on your home or boat insurance policy.
Collapse coverage on boat docks is typically a question we get in the winter, but it’s good to know with high water and waves right now. Some companies automatically provide coverage for the collapse of your dock caused by the weight of ice and snow while others specifically exclude it. There are also some insurance companies that will provide “all peril” dock coverage with an additional endorsement for extra premium. When available, this endorsement can cover your dock for damage caused by weight of ice, snow, shifting of ice, and even wave wash.
The best approach to having adequate boat dock insurance coverage is just to always communicate and make sure your insurance agent is aware. Coverage varies from company to company, so be sure to have everything in the open and documented so you can enjoy your summer on the dock and not worry about the risks involved.
If you need a quote for your Oklahoma lake boat dock give us a text or call us at 405-373-2977 or start a quote for homeowners insurance.