I was in an accident a few years ago and learned about boat insurance some. Only the items I had listed on the boat insurance when I took it out (boat, main motor, kicker, and electric motors) fell under the boat coverage. All the other items we paid under my homeowners. There were options for these items under the boat policy, but I didn't list them that way and they were paid out of my homeowners. As for the boat/motors, I found there were basically two types of policies. Stated value and depreciated based on new price. I have State Farm and theirs are stated value. My accident involved another party who was entirely responsible for the accident. And his insurance offered to pay for everything including my boat. However, in talking with my agent, I was told not to do that for the boat. Somewhat fortunately for me, my company had changed my agent as my prior one had retired a couple years before so I was kind of in limbo for awhile. This meant that my stated value policy never got lowered as the value of my boat depreciated. So, if State Farm paid for a totaled out boat, they'd have to pay the stated value (which was the cost new when I purchased it) and then the other party's insurance company would have to reimburse them. However, if I let the other insurance company pay directly, I'd only get the actual value at that time. There was about a $27,000 difference. Needless to say, I had State Farm pay me the larger amount and then get paid back from the other insurance carrier.
