Florida Boat Insurance Requirements: What to Know about Boat Insurance

What should you know about boat insurance in Florida?

Even the most responsible boat owners in the world need to understand that boating accidents will sometimes occur despite multiple safety measures being put into place. This is why it’s paramount your boat be insured against potential damage to the vessel and injuries to those on board.

Let’s take a quick look at what you should know about Florida boat insurance requirements so you can be prepared whenever you head out onto the water.

Boat insurance Isn’t Required by Florida Law

Many boat owners are surprised to learn that there is no state law that requires boat insurance. However, even though Floridians aren’t legally required to insure their boat for damage or injury, a lienholder may make this a requirement. You should also keep in mind that an uninsured boater can be liable for thousands of dollars in claims from other parties if an accident occurs.

What Florida Boat Insurance Will Cover

Florida boat insurance policies can vary, but coverage commonly includes damage to your vessel or personal property, liability coverage for damage to others, medical payments due to injuries, uninsured boat owners’ coverage, and towing costs. You can negotiate the deductibles and covered amounts with an insurance agent.

Homeowners Insurance Offers Limited Coverage

Although you shouldn’t rely on it, homeowners’ insurance may offer a small amount of coverage for boats and personal watercraft. Damage coverage is limited to approximately $1,000 and only for certain types of damage. It may also cover injury or personal property damage, but there are restrictions.

How “Perils” Will Determine What’s Covered

Florida boat insurance policies will cover either “named perils” or “all perils.” As you can probably assume by the name, covering all perils is much more comprehensive, though there may be certain types that are specifically excluded. Depending on your level of coverage, there’s often a requirement to show evidence of risk mitigation measures such as a “hurricane plan” if you’d like to cover wind damage.

Personal Watercraft Require Separate Insurance

Many boat owners are under the false impression that anything they’re towing or using with their vessel is also covered by their insurance policy. Although a boat’s dinghy is typically included in such a policy, personal watercraft such as jet skis and WaveRunners are not. If you want these to be insured, which you absolutely should, you’ll need to purchase a separate policy.

How Costs of Florida Boat Insurance Is Determined

As with all types of insurance, boat insurance in Florida runs the gamut in terms of premiums. The amount that you pay for your insurance policy will vary greatly depending on these common factors:

• Type of vessel
• Value of the boat
• Amount of deductible
• Location of storage
• Navigational territory
• Size of the boat
• Frequency of use
• Purposes of use

Taking a Safety Course Will Help Prevent Claims

If you’re going to be sitting in the captain’s seat of a boat or as a quasi-crew member, you should take a safety course at least once every few years. This will help you stay abreast of changes to the law, the best safety techniques, and the most effective safety equipment available to you. Doing so will help reduce the chance you’ll need to file an insurance claim due to an accident.

Contact Colman Insurance Agency for More Info on Florida Boat Insurance Requirements

Coleman Insurance Agency can help ensure you’re always up to speed on Florida boat insurance requirements and potential needs. Give our insurance agents a call at (727) 441-9911 for help with boat insurance, homeowners insurance, auto insurance, life insurance, and all other coverage for personal and business use and to schedule a free consultation.