How Much Does It Cost For Insurance on a Boat in Florida
Florida has a very friendly water culture. Your family might make several excursions into the water in a month, and boating or yachting may provide many benefits, Cost For Insurance on a Boat in Florida. The average Florida boat insurance cost is around $652 a year. So the question is, do you need boat insurance? While you are not legally required to have boat insurance in the Sunshine State, you might still want to consider purchasing boat insurance so that in case of collision or other types of damages, you can claim adequate financial compensation. If the watercraft has been stolen or wrecked, all of the out-of-pocket expenses can be a pain.
Florida, called the Sunshine State, is also known for its water. According to Kayak Boat Insurance in Australia, the state has the second-longest coastline of any state, at 8,436 miles. According to the Orlando Sentinel, the state has at least 30,000 lakes, and the University of Florida has estimated nearly 1,700 rivers and streams.
Furthermore, it also has the largest subtropical wetlands in the United States. So if you own a boat, Florida is where to take it out. Boats, however, are expensive investments, and you’ll want to make the most of yours.
Florida boat owners aren’t required to buy Cost For Insurance on a Boat in Florida in order to operate their boats. However, you will typically be required to obtain a boating safety identification card, register and title your boat with the state of Florida, and carry certain safety equipment onboard your vessel.
Boat insurance in Florida
Boat insurance isn’t mandatory in Florida, meaning it’s not required by law to own or operate a vessel. However, if you took out a loan using your boat as collateral, the lender will typically require that you have insurance to cover damages to the boat. And Florida marinas often have boat insurance requirements, so you’ll need to provide proof of liability coverage in case of injury or damages to others.
Even when it’s not required, if you own a motorized Cost For Insurance on a Boat in Florida or one that costs over $1,000, we recommend you consider boat insurance. Many homeowners insurance policies offer limited coverage for boats and watercraft:
- Coverage for damages to the vessel is generally limited to around $1,000 and only applies to certain causes of damage.
- Your homeowners liability insurance may offer some assistance if you caused bodily injury or property damage to others, but there are often restrictions depending on the type of boat.
- Personal property that you bring on the boat may be covered if it’s lost or damaged, but not if its use is exclusive to the boat.
A boat insurance policy can provide coverage for:
- Damages to the vessel or your personal property, which are subject to a deductible. Coverage is in place whether damage was sustained on the water or in a trailer.
- Liability coverage in case of damages to others.
- Medical payments coverage in case you, or a guest, sustain any injuries.
- Uninsured boat owners coverage, in case you’re injured or your boat is damaged by another vessel that is not insured.
- Towing coverage in case you’re stranded and need to be towed to a port.
Cost of boat insurance in Florida
The quotes you’ll receive for Cost For Insurance on a Boat in Florida 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
- How often your boat is used and for what purposes
The cost of boat insurance in Florida is typically higher, as many boat owners use their boats year-round, as opposed to just certain seasons in colder climates. In addition, 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, so Florida insurers will typically offer higher quotes or policies with larger deductibles given the increased risk of storm damages.
Florida boating laws and requirements
While insurance isn’t required for boat owners in Florida, state law does include regulations with regard to operating and registering a vessel. If you intend to dock and use your boat in Florida, we recommend that you familiarize yourself with the state’s rules, as you will not only avoid fines but also comply with a number of requirements that improve your boat’s safety.
You don’t need a boating license to operate a Cost For Insurance on a Boat in Florida. But the state law does require anyone born after 1988 to complete an approved boating safety course and have a boating safety education identification card if they want to operate a boat with 10 or more horsepower. The boating safety ID card can be obtained from the Florida Fish and Wildlife Conservation Commission (FWC) and is valid for life, so you won’t need to get recertified.
What does a boat insurance policy cover?
Typically, boat insurance covers the common types of damages that a boat may sustain. This may include:
- Damages to your boat caused by a collision. Which may include consequences of the collision whether you are at fault or not, as well as if the other party is uninsured or underinsured
- Bodily harm that is caused by you to another party
- Property damage that is caused by you to another boat
- Damaged or stolen equipment from your boat
- The towing of a disabled boat
- Any damages that occur while the boat is in water, storage, or in transit
Since all boat insurance policies do not cover the same Cost For Insurance on a Boat in Florida, you may want to see the details of the particular insurance policy you have or are interested in.
Florida has a very friendly water culture. Your family might make several excursions into the water in a month, and boating or yachting may provide many benefits, Cost For Insurance on a Boat in Florida. The average Florida boat insurance cost is around $652 a year. So the question is, do you need boat insurance?…