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Florida Yacht Insurance

If you are lucky enough to live in Florida and have a large boat, you need to educate yourself on how to protect your investment. Buying Florida yacht insurance is not like buying car insurance. While there are some similarities, there are some differences that you should be aware of when seeking out coverage.


One of the main things you need to establish upfront is the value of your yacht. This is an important point because in the event something happens to your vessel, you want to make sure that you will be receiving the correct replacement value.


When the underwriter determines the value of your yacht they take many things into consideration: the age of the yacht, the condition of the boat, the size, and the extras that are included. Make sure that you agree with the value that is established or you may find yourself unable to replace your yacht in the event of any future damages.


The coverage that you will need include bodily injury in case a person becomes injured while on your yacht or because of any actions caused by riding on it. You also will want property damage in case your yacht damages anyone else’s property inadvertently or due to an accident.  Physical damage is the coverage that needs to be in place in order to repair or replace your yacht due to an accident. Make sure you know exactly what the repairs and replacement options will cover.


Liability is a major concern and it covers bodily injury to others as well as the loss of life to anyone who was injured or died as a result of being on your yacht. Check to see if your coverage includes legal fees which could result in a major financial burden.


You should also consider comprehensive coverage for a large investment such as a yacht to protect you from vandalism, fire, theft, and flood. You should always clarify any scenarios that you may not be sure of to see if you have coverage. You should also try to include coverage on your yacht while it is on land and not in the water.


When you are purchasing your yacht, make sure that you include as many safety extras as you can. The safer your yacht is the better rate you will receive from your underwriter. Unlike the set standards often set by automobile insurers, there is no set precedence when insuring boats and yachts. Safety precautions that can possibly prevent any problems on your yacht will be considered and help to bring your premium down.


You should also take a boating course to make sure you are aware of all of the rules and regulations while you are boating. Operating a yacht on the water is much different that the rules of the road while driving a motor vehicle.


Do your homework before you set sail and you and your guests will enjoy a safe and fun time while you explore exciting adventures in your new yacht.

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