In Florida, many times homes and condos are sold with a boat dock deeded with the property purchase. Many times the boat dock is not directly connected to the “residence premises. In these cases, the owner should be concerned about the “property exposure” and the “liability insurance”.
Typically, docks are covered for property damage under Coverage B of the Homeowners and Condo Owners Policy. Coverage B is for “other structures on the residence premises”. When the dock is attached to the residence premises, it is covered under Coverage B. When the dock is not attached, it should be added by endorsement, Coverage B-Off premises or Specific Structures Away From the Premises. The dock will not be covered for Hurricane or Flood damage, but would be covered for Other Perils stated in policy for Coverage B-Other Premises Structures.
In any case, be careful of values for docks. Coverage B has a limit of 10% of the home insured value. In some cases, this may not be adequate.. For a home insured for $300,000. , the dock and other structures would be insured for $ 30,000. Discuss with your insurance agent.
Your Homeowner or Condo Owner Liability Coverage should extend to your deeded dock, however, in the case of the “off premises dock”, we recommend that you include the following wording in the declarations page of your policy. Wording such as “1234 Main Street, Anytown, Florida including boat dock deeded to insured” . Again discuss with your agent.
Be very careful if you rent your dock to others. There is no way to cover this liability exposure under the Homeowners or Condo Owners Policy, it becomes a Commercial insurance exposure that is very difficult to insure. You will probably be self insuring the exposure…Not a good idea.
Questions…Call SWFL Insurance Agency, Inc., “Your Insurance Answer People”