Check the policy on your homeowners insurance - the boat may already be covered. If not, you could probably get the lowest rate from the same company with a discount for having homeowners with them. My boat costs me about a hundred a year in premiums.
That's usually a very limited coverage (the homeowner policy coverage extension). Boats under 16 feet only, they can't be registered, and the coverage territory is very small. I don't think they cover racing, either.
Still, it may be better than nothing...
