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The Complete Guide to Boat Insurance in Florida

By September 26, 2021September 30th, 2021Home

All of your work has finally paid off: you were able to purchase the boat of your dreams. Now the fun has begun! Well…sort of. While boat insurance is not mandated in the state of Florida, it would be extremely wise for boat owners to get a boat insurance policy in order to protect their brand new investment.


Boat insurance in Florida

Even if the state of Florida does not make boat insurance mandatory, you should still consider getting coverage for your motorized boats. Florida has one of the busiest waterways year-round, and it is a state that is known for storms and hurricanes, and the cost of damages are potentially quite high.

Florida Private Watercraft Coverage (PWC) insurance can include coverage for the following:

  • Damage to the vessel or your personal property, either of which is subject to a deductible.
  • Coverage whether the damage was suffered on the water or in a trailer.
  • Liability coverage for damages to others.
  • Medical payments coverage in case you, or a guest, sustain injuries.
  • Uninsured boat owners coverage, which covers you if you’re injured or your boat is damaged by another vessel that isn’t insured.
  • Towing coverage if you’re stranded and need to be towed to a port.

You should know that every boat insurance policy is limited to a specific navigational territory. When you travel outside of it, you won’t be covered. That means that if you took your boat from Florida to The Bahamas, your insurance policy might not provide coverage unless you had already obtained an endorsement that extended your navigational territory

Obtaining a Boat Insurance Quote in Florida

Boat insurance policies in Florida can either be for “named perils” or “all perils.” An all-perils policy is more comprehensive and more expensive since it provides coverage for damages from all causes unless they are explicitly excluded in the policy.


Manage the Deductibles

Every policy will have a physical damage deductible, which could either be a percentage of the boat’s value or a specific dollar value, such as $500. There could also be a separate deductible depending on the type of boat. Sailboat insurance, which is one of the least expensive coverages in Florida, might have a separate deductible for the mast.

Boat owners can lower their rates by considering a higher hull deductible. Just be sure you can afford the amount you choose.


Factors That Go Into a Boat Insurance Quote in Florida

The quotes you’ll receive will depend on several factors:

  • The value of the boat
  • Where it’s stored
  • Its navigational territory
  • The size and type of boat
  • How often and for what purposes the boat is used


The cost of boat insurance is typically higher in Florida since it’s one of the states in which boats are used year-round. Also, boats are often operated off the coast, instead of inland areas, which makes insurance rates higher. Florida is susceptible to hurricanes, so expect higher rate quotes or larger deductibles because of the increased possibility of storm damages.

It may be difficult and expensive to find coverage for certain types of boats—recreational airboats, for instance. They often have mega-horsepower engines and can reach speeds of over 100 mph if they have been modified. In contrast, commercial airboats typically move at speeds that don’t exceed 35 miles per hour.


Boat Insurance when taking on a loan

Anyone purchasing a boat with a mortgage and uses the boat as collateral, will probably be required by the lender to purchase boat insurance coverage in case anything happens to your vessel.


Boat insurance in Homeowners Liability Policy

Homeowners insurance policies often provide limited coverage for boats: damage coverage is typically limited to around $1,000 and only applies to certain causes. A homeowners liability policy might also offer some help if you caused bodily injury or property damage to others. Keep in mind, however, that there may be restrictions, depending on the type of boat. Any personal property that’s brought on to the boat could be covered if it’s lost or damaged, but it likely won’t be covered if it’s used exclusively on the boat.


Call us With Additional Questions About Boat Insurance in Florida

The insurance professionals at White Cloud Insurance are here to help you protect your boat, no matter what type it is. We represent the finest and most reputable insurance companies in the country, and we will work with you to find the coverage that is right for you. We are an independent insurance agency in Miami, Florida, so call or visit us for all your insurance needs.