Florida is known for its many beautiful beaches, but the state has plenty of other waterfront areas that are worth exploring. The Sunshine State has more than 1,200 miles of coastline on the Atlantic Ocean and the Gulf of Mexico, as well as countless lakes, rivers, and streams.
While Florida is a boater’s paradise there are some things that need to be considered before hitting the open water. One of the most important is making sure you have insurance in case something happens.
According to the National Association of Insurance Commissioners, Florida is one of 12 states in the US that doesn’t require boat owners to have insurance. This means that if something goes wrong while out on the water, boat owners might not be covered.
In 2012, there were more than 3,600 boating accidents in the US and more than 4,000 injuries (all numbers are approximate). While many of these accidents could have been prevented if the boat owner had insurance, they will likely have to pay out-of-pocket for damages if they don’t have coverage.
It’s important for boaters to research their options and find an insurance policy that will fit their needs. There are many types of watercraft:
- Speed boats
- Sail Boats
- Fishing Boats
- Jon Boats
- Yacht’s
- Etc
Just keep in mind the need for insurance varies.
When most people think about boat insurance, they think about coverage for accidents on the open water. But what if your boat is damaged while it’s docked at the marina? Your homeowner’s policy may not cover that type of damage. Homeowner’s insurance sometimes offers very limited watercraft coverage usually for nonmotorized. Be sure to read your home policy to check if it even covers watercraft.
Boat insurance can provide coverage for a craft that is docked or moored, as well as vessels that are in transit. There are several types of ship insurance policies available, so it’s important to compare rates and coverage before you purchase a policy.
No one ever plans on something going wrong while they are out on the water, but accidents can and do happen. That is why boat coverage is so important for Florida boaters. Boat insurance can help protect you financially in the event of an accident or other incident while you are out on the water.
There are a variety of different boat insurance policies available, so it is important to find one that fits your needs. Some policies may cover damages to your boat, while others may cover medical expenses if you are injured. It is also important to make sure that you have liability coverage in case someone else is injured or their property is damaged as a result of your boat.
If you are a Florida boater, it is essential to have boat insurance.
Types of boat insurance: There are three main categories of boat insurance, each with its own benefits and costs.
When it comes to boat coverage, there are three major policy coverages: liability, comprehensive, and collision.
Liability insurance is the most basic type of policy. It covers you in case you injure someone or damage their property while boating. However, it does not cover your boat or its contents.
When you buy comprehensive insurance, your policy will cover you for any damage to your boat that is not caused by a collision. This can include damage from fire, theft, wind, hail, and other natural disasters. comprehensive coverage can also help protect you if someone else damages your boat.
Collision insurance covers damage to your boat caused by an accident from colliding with an object. Be it another boat or dock.
How to choose the right policy: There are a few things you need to consider when choosing a boat insurance policy.
When it comes to boat policies, there are a few things that you need to take into account. One of the most important factors is the value of your boat. You want to make sure that your policy covers the full value of your boat in case of an accident or theft.
Another thing to consider is whether or not you want collision and comprehensive coverage. This type of coverage will help pay for damages to your watercraft if it is involved in an accident, even if you are at fault. It will also help cover damages caused by weather conditions, vandalism, or theft.
Finally, you need to decide on the amount of liability coverage you want. This will protect you financially if someone is injured or their property is damaged while on your boat.
What does boat insurance cover? Boat policies cover a variety of risks, both on and off the water.
When most people think of watercraft insurance, they think of coverage for damage that occurs while the vessel is in use. However, boat policies also provide protection for a wide variety of risks both on and off the water. For example, many policies include coverage for personal belongings that are lost or damaged while the boat is in use. In addition, most policies provide liability coverage in the event that someone is injured or their property is damaged as a result of using the boat. And, finally, many policies also include coverage for accidents that occur while the boat is docked or moored. So, whether you’re using your boat for fishing, swimming, sailing, or just cruising around on a sunny day, make sure to have adequate insurance protection in place.
How much does boat insurance cost? The cost of a boat policy varies depending on the level of coverage, the horsepower of the engine, inboard or outboard motor, size of the craft, and value of your boat. There are additional coverages that you should consider as well due to the nature of the boat which usually is only a slight premium increase.
Other coverages to consider when buying boat insurance in Florida:
Uninsured and Underinsured
In Florida, there are a large number of boat owners who do not have insurance. This is a problem because if their boat damages yours, they will have to pay for the repairs out of their own pocket. If they were too cheap to pay for coverage you can imagine how well that might go. That is the reason Uninsured and Underinsured is a very important coverage when buying boat insurance in the state of Florida.
Physical Damage – Hull/Motor
In the event of a collision, the physical damage to your vessel may come from hull and motor damage. Hull damage is caused by contact with another object, such as another boat, object in water, or a dock. Motor damage can be caused by a number of factors, including being struck by a floating object or submerged object.
Unattached Equipment
When you buy a watercraft, you want to make sure that it is properly insured. This means that you need to have the right type of coverage for your boat. One of the most important types of coverage is unattached equipment boat insurance. This type of coverage will protect your boat and its accessories in the event that something happens to them. There are a few things that you need to know about unattached equipment before you decide if it is right for you. The first thing is that this type of coverage is not mandatory in most states including Florida. However, it is still a good idea to have it because it can help protect your investment. Additionally, unattached equipment is typically less expensive than other types of coverage, such as hull coverage. One more important detail is that unattached equipment boat insurance does not cover the actual vessel.
Personal Effects
In order to properly insure your boat, you need to provide information about your personal effects like fishing equipment. It is important to decide how much value these items are and give your total to the insurance agent.
Roadside Assitance
When you are towing your boat and the trailer breaks down, you may need to call a tow truck to take your boat and trailer to the nearest service station. If you have a roadside assistance plan, the tow truck driver will tow your boat to the nearest service center. Or if you need to change a flat tire on your trailer roadside assistance will come in handy. But what if you don’t have a roadside assistance plan? Do you know how much it would cost to have your boat towed?
Emergency Assistance boat insurance
Many people who own boats and watercraft do not have coverage in case of an emergency. This can be a costly mistake if something happens and you need to call for help. Emergency assistance can provide you with the coverage you need so that you are not left footing the bill yourself. One of the best things about emergency assistance is that it can often be added to your current policy for a very low price. This means that you do not have to go out and get a whole new policy just for your boat or watercraft.
When choosing a policy, it is important to make sure that you are getting the coverage that you need. Some policies only offer coverage for certain types of emergencies, so be sure to ask about this before signing up.
What happens if my boat sinks?
You will be liable for the costly cleanup. Think about fuel spillage and wreckage removal. Many policies will cover the choices included for cleaning up oil spills and towing a capsized or sunken ship, depending on the policy limits.
Coastline coverage
Your ship policy may include restrictions on open ocean boating, such as only covering occurrences within 75 miles of both the U.S. and Canadian coasts. Protection won’t be provided by the policy whatsoever if an event occurs outside this area. Many policies don’t include this as most boaters are on lakes and rivers. Make sure to double-check with your insurance agent before taking your vessel out on the open ocean.
Medical Coverage for your Vessel
Since the early days of boat ownership, there has been a need for medical coverage. Injuries can occur on the water, whether it’s from a fall, collision, or other incidents. And even if you’re not the one who is injured, you could find yourself responsible for helping someone else who is injured and needs medical care. That’s where medical coverage for ship policies comes in.
Medical coverage can help pay for the cost of treating injuries that occur on your boat. It can also help cover the cost of transporting someone to a hospital or other medical facility. Medical coverage is an important part of any boat policy and it’s something that you should consider when shopping for coverage.
Medical coverage can be added to most boat insurance policies and it’s typically fairly affordable.
A common injury needing medical attention is if a swimmer is in the water and the captain doesn’t notice the person and starts the motor. The boat propeller can cause major injuries.
Yacht insurance Florida
The Sunshine State is a top destination for luxury yachts, and with good reason: the weather is ideal for boating year-round, and there are hundreds of miles of coastline to explore. Whether you’re a seasoned sailor or just getting started, it’s important to have the right insurance in place before setting out on the open waters. Here are a few tips to help you get started.
Second, be sure to read the fine print.
Three Big mistakes people make when purchasing boat coverage:
First Big Mistake: They call an 800 number because they heard the insurance is cheap! This is very bad and could be a costly mistake. Do you realize who most likely is sitting in those cubicles taking those calls? Do you think they are a boat owner?
Second Mistake: Most people are worried about if their boat is covered. Yes, I would want to make sure my boat is covered but what about liability? Let’s go back to a swimmer still being in the water and you turn the key and the prop starts spinning. The damage you could cause that swimmer could be life-altering permanent damage. But instead of worrying that you have great liability protection, you made sure you have low comprehensive and collision deductibles on your speed boat. I have seen it way too many times.
Third Mistake: They try to buy it online by themselves. It amazes me the number of people who try to do this and they have no clue what they are doing. They just see that it’s cheap. What they don’t realize is cheap insurance usually means you are not covered correctly.
Does boat insurance cover accidents on the road?
No one ever expects to get into an accident, but they do happen. When they do, it’s important to know what kind of coverage you have. Many people assume that their boat policy will also cover them if they are in an accident while towing their boat down the road. However, this is not always the case. Boat policies often do include coverage for accidents that occur while the boat is being towed. For liability, that would normally fall under the insurance of the towing vehicle and umbrella policy. It is important to read your policy closely to make sure you are fully protected in the event of an accident. If you are not covered for accidents that occur while driving your boat on land, you may need to purchase a separate policy specifically for that purpose.
Makes sure you get your insurance quote from a licensed agent who has experience with watercraft. Once you receive the quote research the company especially claims experience online.
It is important to make sure you are protected. One thing about the Earn Save Retire blog is making sure you have the right coverage. If you don’t your plan for financial independence can be ruined in one accident. Make sure to talk to your agent about an Umbrella Policy. All readers of this sight probably need one and it is very inexpensive protection for liability reasons to protect your assets.
In conclusion, boat insurance in Florida is important for a number of reasons. Not only is it required by law, but it also provides coverage for you and your boat in the event of an accident or loss. With so many options available, it can be difficult to decide which policy is right for you. That’s why it’s important to consult with an experienced insurance agent who can help you find the right policy at the best price.
***********ALWAYS CONSULT WITH A LICENSED AGENT********