Homeowners/Renters Insurance and Rafts/Kayaks
so i recently filed a claim on my renters insurance for a stolen bike, and upon receipt of the claim check was reviewing some of the "fine print" about limits. my policy stated an aggregate limit (this limit is more restrictive than an item limit) on "watercraft" of $1000, so i called my agent to ask if whitewater rafts and kayaks would meet their definition of "watercraft". much to my surprise, all rafts and kayaks do meet their definition of watercraft and are not classified as personal property. in order to protect all my boats, the agent told me i would need to purchase an additional rider policy for just those items. i have a lot of "watercraft" in the garage with numerous kayaks and rafts, so if i had a major loss like a fire and all my rafts and kayaks were gone i would currently only get $1000 for the aggregate combined loss of them.
i find it surprising that the insurance company could lump rafts and kayaks together with other boats as "watercraft". hard hull boats with motors require registration with the state, while rafts and kayaks do not - doesn't that come into play with the definition? when discussing the rider policy, my agent also said it would include additional liability coverage "in case i caused an accident" with my raft or kayak - that sounds more like an issue for power boats than for rafts and kayaks. and the watercraft rider was expensive, like $100 a year vs. less than $50 for my current renters policy that has an insured value limit of over 6 times the value of just the boats, WTF??
just wondering if anyone here is an insurance agent and could shed some light on this. also, what is everyone else who owns rafts doing with this - did you buy an additional rider? i noticed there was a similar post on this topic a few years ago, anyone spurred into action by that with advice on how to handle rafts for a "reasonable" premium price? thanks in advance.