Boat insurance is somewhere between car insurance and homeowners insurance. If you own a boat, you might believe that your homeowners insurance will cover the boat, but in most cases it will not. Your homeowners insurance might cover a small boat without an engine like a sailboat. Insurance specifically for your boat will cover collisions, bodily injury, medical pay, uninsured boater and comprehensive. Some policies will offer additional coverage's that you would not normally get with car or homeowners insurance.