Protecting Your Unique Waterfront Lifestyle
Floating homes are an incredible way to live on the water, providing all the comforts of a traditional home while offering stunning views and easy access to the water. Whether you’re moored on Lake Cumberland in Kentucky or Norris Lake in Tennessee, floating homes offer a unique lifestyle that connects you directly with nature. But when it comes to protecting your floating home, standard homeowner’s or boat insurance simply won’t cut it. That’s where insurance for floating homes comes in, designed specifically for your unique living situation.
On The Water Marine Insurance can get your insurance squared away for your floating home, whether you use it as a primary residence, a secondary home, or rent it out for short term rentals, like Airbnb.
What Is a Floating Home?
A floating home is just what it sounds like—a house built on a floating structure, typically moored to a dock. Unlike houseboats, which are motorized and navigable, floating homes are stationary and built to function much like a traditional home. They often have full utilities, including water, electricity, and sewage, and can be used as a primary residence, a seasonal getaway, or even a short-term rental.
If you’re buying a floating home, you’re not just purchasing a boat—you’re investing in a waterfront property that happens to float. And like any home, it needs to be properly insured.
How Does Floating Home Insurance Work?
Floating home insurance is much closer to homeowners insurance than it is to boat insurance. That’s because floating homes are stationary and meant to be lived in long-term. You’ll need coverage for the same risks you’d insure with a traditional home, such as fire, theft, storm damage, and liability.
Here are the key coverages you should look for:
- Property Coverage: Protects the home itself, including fixtures and contents, from damages caused by storms, fire, theft, and other covered perils.
- Liability Coverage: Offers protection in case someone is injured while on your floating home or if you cause accidental damage to another person’s property.
- Additional Coverages: Depending on how you use the home, there may be additional coverage like Burglary and Vandalism that can be added to your policy.
Floating Homes as Primary Residences, Seasonal Getaways, or Rentals
One of the great things about floating homes is their versatility. Whether you’re looking to live on the water full-time, enjoy a seasonal retreat, or offer your floating home as a short-term rental, there are insurance options to suit your needs.
Primary Residence: If your floating home is your primary residence, it’s essential to have a comprehensive policy that covers personal property, structure, liability, and living expenses in case of displacement.
Seasonal Home: If you only live in your floating home part of the year, your insurance can be tailored to cover it while it’s unoccupied. Coverage for potential vandalism or theft during the off-season is something to consider.
Short-Term Rental: Renting out your floating home can be a great source of income, but it comes with added risks. You’ll need specific rental coverage to protect against damage or liability related to guests.
Floating Homes vs. Houseboats: What’s the Difference?
While the terms are sometimes used interchangeably, floating homes and houseboats are quite different. A floating home is a permanent structure that’s moored in place and cannot be moved under its own power. It functions as a house, with a full address and utilities. Floating homes are often part of a community and connected to docks or marinas.
Houseboats, on the other hand, are mobile watercraft with engines. They can move from one location to another, more like a boat than a home. Because they are considered vessels, houseboats require boat insurance rather than a specialized floating home policy.
Why Choose On The Water Marine Insurance for Your Floating Home?
At On The Water Marine Insurance, we understand the unique risks that come with owning a floating home, especially in areas like Lake Cumberland or Norris Lake. We work with specialized carriers, including American Modern Insurance Group, one of the few companies offering coverage for floating homes. Whether you’re living in your floating home year-round or renting it out, we can help you find the right policy to protect your investment.
Ready to learn more about insurance for floating homes? Contact us today to explore your options and get personalized coverage that suits your unique lifestyle.