RedactedNarrative: V1 operated by O1 was traveling south from the Dump Island area on Lake Sharpe.  V1 collided with submerged object and created damage to the starboard rear hull area.  Damage consisted of a 12” X 6” hole in rear starboard hull of PWC. Damage also occurred to the engine when engine compartment was flooded.  O1 was unable to identify what he collided with in the water but he stated it was submerged.  O1 was wearing a PFD.