Boat insurance—it’s a type of insurance that most boat owners don’t realize they need. Boat insurance is a type of insurance that protects a boat and its owner against unexpected losses. This type of insurance applies to all types of motorized water-based vehicles, including fishing boats, yachts, jet skis and pontoon boats.
Boats like canoes, kayaks and paddle boats aren’t actually covered by most boat insurance policies, however, some homeowner’s policies may cover them. In states like Florida, where boating is relatively common, boat insurance is a necessity for any avid boat owner.
Boat insurance in Florida – coverage options
Many boat insurance policies have standard coverage for motorized boats, in addition to specialized coverage that handles ‘special’ aspects with covering the boat and its owner from losses. Most, if not, all boat insurance policies cover:
- Personal and/or property damages.
- Uninsured boaters and/or water vehicles.
- Medical pay.
- Comprehensive and/or collision needs.
Although these coverage options are generally applied to standard boat policies, some companies offer specialized options for boat insurance coverage. These options, nowadays, are available at most companies who provide boat insurance. Specialized coverage options can include:
- 24-hour roadside assistance – insures trailers and/or other tow vehicles.
- Emergency towing and/or labor – provides on-water towing services.
- Wreckage removal coverage – covers the removal, raising and/or wreckage of damaged insured boats.
- Replacement cost personal equipment – insured the policyholder’s personal possessions, including clothes, electronics and the like.
- Total loss replacement – replaces an insured boat with a similar one.
- Disappearing deductibles – reduces a deductible by 25 percent at each claim-free renewal.
- Replacement cost fishing equipment – insures up to $10,000 for fishing tackles, rods and steels.
The available coverage for most boat insurance policies are designed to protect the boat and the owner. Boat owners should talk with a boat insurance company and/or agent about the options that may befit their boat and lifestyle. Talking to an insurance agent about boat insurance policies can ensure that assigned policies don’t cost too much for extraneous features.
Boat insurance in Florida – why get Florida boat insurance?
People who own boats in the state of Florida need boat insurance. Many companies, including Allstate, Geico, The Hanover Insurance Group, State Farm and Travelers offer various forms of boat insurance for boat owners. The available range of policies out there already address people who need boat insurance, though, is there a reason why they need such policies?
The main reason why most boat owners need boat insurance relates to the fact that many homeowner’s insurance policies won’t cover boats. Boats that are valuated over $10,000, as an example, fail to meet the criteria for water vehicle coverage through a standard homeowner’s insurance policy.
Small boats with a small or lack of engine, however, are usually eligible for a small amount of coverage on a homeowner’s insurance policy. Thanks to this, most medium and large boats are eligible for their own ‘unique’ insurance policy. Boats are much like cars, in that respect, since they transport people from place to place.
Homeowners can, however, actually save money on their home, auto and boat insurance by bundling them together. These cost effective insurance policy options are usually applied at the time of purchasing said policies or based on criteria defining a home, car or boat.
Boat insurance in Florida – the difference between Florida boat insurance and other policies
Boat insurance has its own set of rules and criteria for policyholders. It does, however, hold some similarities with many home and auto insurance policies.
- In comparison to home insurance, boat policies cover the owner for liability if a passenger is injured on the vehicle. This coverage usually results in either a replacement cost or cash value for its total loss.
- In comparison to auto insurance, boat coverage covers bodily injuries caused by the boat, property damage caused by the boat and self-inflicted damage to the boat. Many policies also allow owners to purchase comprehensive coverage against theft, vandalism, fires and floods, in addition to personal property coverage.
When compared to both, however, there’s a distinct difference. Boat insurance policies may allow owners to suspend coverage for certain periods of time when they’re not using their boat.
This means that a boat owner could potentially suspend their Florida boat insurance coverage for winter months, reactivating it once the spring and summer months arrive. Many Florida boat insurance policies naturally make coverage available throughout most of the year.
Boat insurance in Florida – saving money on a policy
Most Florida boat insurance providers will cover water vessels and vehicles, such as personal water craft, small to mid-sized charter/pleasure boats, commercial boats/fishers boats, houseboats and yachts.
Thanks to this, Florida boat owners have several options when it comes to insurance. What about their options when saving money on a Florida boat insurance policy?
The best way to save for a Florida boat insurance policy is shopping around at different insurance policy providers. Besides shopping around, there are other factors that can affect how much a prospective boat insurance policy costs:
- Deductibles. Raising and/or lowering deductibles can affect an insurance premium. The higher a deductible gets, the lower the premium becomes. Always check with an agent to see if the savings are worth the out of pocket expenses.
- The type and/or condition of the boat. Older boats, as an example, get less viable insurance options, while newer boats are more prone to stronger coverage options. A downside to these ‘strong’ insurance options is that these boats will cost more to insure.
- Location. Florida naturally home to many waterfronts, so the insurance there naturally reflects that fact. Large cities and/or coastal communities naturally host more expensive insurance options than smaller cities. Naturally, residents can shop around in their area for the best coverage for their needs.
In closing, Florida boat insurance is just as important as securing a great auto or home insurance policy in the state. People with boats should always consider securing an insurance policy for their water-bound vehicles.