Boat insurance in Florida
Boat insurance in Florida isn’t a requirement. If you take out a loan, the lender will likely require that you have insurance to cover damages to the boat. Florida marinas usually have boat insurance requirements. A boat insurance policy may provide coverage for Damages to the vessel and your personal property,. Coverage can be put into place for when damage on the water or in a trailer.
Boat insurance policies may cover a dinghy as part of your boat, you might need to purchase a separate personal watercraft (PWC) or Jet Ski insurance policy if you’d want coverage. Every boat insurance policy is limited to a particular navigational territory, outside of that you would not be covered. If you take your boat from Florida to the Bahamas, your boat insurance policy may not provide coverage unless you had have an endorsement to extend your navigational limits.
Boat insurance policies in Florida can be for “named perils” or “all perils.” An all-perils policy is more comprehensive, as it provides coverage if your boat is damaged due to any cause, except for those explicitly excluded in the policy. And you may be required to provide evidence of risk mitigation measures if you want a broader set of perils included in your coverage. Florida is prone to hurricanes, you may need to provide your insurer with a “hurricane plan” before they’ll include wind coverage on your boat insurance policy.
Personal Use Boat & PWC
Florida boat insurance deductibles
Every policy with physical damage coverage has a physical damage deductible, which may be a percentage of your boat’s value or a certain dollar amount. There may also be a separate deductible depending the type of boat you have. Sailboat insurance, for example, often has a separate deductible for the boat’s mast.
As a boat owner in Florida, you’ll also want to note if your boat insurance policy contains a hurricane or named-storm deductible. Due to Florida’s hurricane and tropical storm risk, insurers often include a second named-storm deductible, which can be as high as 10% of your boat’s value.
Cost of boat insurance in Florida
The cost of boat insurance in Florida is typically higher. The quotes you’ll receive for boat insurance depend on a variety of factors, such as, Your boat’s value, where your boat is stored and its navigational territory. The size of your boat and what type of marine vessel it is also impacts your quote along with how often your boat is used and for what purpose. The cost of boat insurance in Florida is typically higher, many boat owners use their boats year-round, as opposed to just certain seasons in colder climates. Many boats are operated off the coast, as opposed to inland areas, which means boat insurance rates are higher. These areas are also more prone to hurricanes. Florida boat insurance carriers will typically see higher quotes or policies with larger deductibles.
Your boat insurance quote may also be impacted depending on if you are a full time resident of Florida or only spend a portion of the year in the state.
Theft is more common in certain regions, such as Southeast Florida, and owners that don’t regularly use or monitor their boats can be considered to be higher-risk. In event such as a hurricane or another cause of damage, boat insurance companies want to make sure you can move your vessel to a safer area or address the issue quickly.
In order to get cheaper boat insurance in Florida, there are a variety of methods you can consider to get the best quotes:
You may want to consider a higher deductible so long as it’s an amount you can afford, as this will lower your rates.
If you are thinking about buying a boat, you will want to consider a newer boat, as older boats may see higher boat insurance rates. You can often get a discount on the cost of boat insurance by taking a boating safety course. If you don’t intend to use your boat for several months of the year, letting your insurer know may mean cheaper boat insurance rates, as stored boats are often considered lower risk.
Seaman’s Insurance Group
Seaman’s Insurance Group, LLC is St Augustine’s premier, locally owned and operated All Lines Independent Surety Bond & Insurance Agency. We are proudly headquartered in St. Augustine Beach, FL just steps away from A1A. Our vast knowledge and experience is second to none. Seaman’s Insurance Group as St Augustine’s Premier Boutique Insurance Agency, proudly serves the First Coast (Jacksonville, Ponte Vedra, St Augustine, Palm Coast, Miami, Tampa and beyond!)
We are here to help you with all of your insurance needs including: Surety Bonds, Commercial Insurance, Auto, Motorcycle, Boat, Homeowner’s, Renter’s, Life, Long Term Care, Disability, General Liability, Workers Compensation, Commercial Auto, Bonds & Annuities, Specialty Collectibles and more!
