Searching for the right Florida boat insurance coverage for your vessel can seem overwhelming. There’s hull coverage, bodily injury, collision, and comprehensive coverage, and that’s just the beginning of the list. What insurance should you choose? What do you actually need? Many hybrid Florida boat insurance policies are available, whether you’re the captain of a paddle boat or a yacht. Review the different types of boat or yacht insurance you may need, and then call a Florida marine insurance adviser to streamline your search even further.
Intended use variables in Florida boat insurance
Small boat coverage does usually vary from large, but intended use is going to matter just as much or more. That means size matters – but only to a point.
For example, if a small performance boat designed to be operated at mid to high speed is implicated in significant bodily injury or death, size is not a variable. It doesn’t matter what type of boat caused the loss. Having high liability limits and preferably an umbrella in place will help protect the vessel owner from financial loss – including future earnings. This holds true regardless of the type and size of the vessel.
Check your policy if you plan to water ski.
If your idea of a great boating day involves skis, wakeboards and/or tubing, it’s important to check with your insurance agent on coverage. Though a liability policy does protect the passengers of your vessel, it does not necessarily cover those you pull behind it.
Comprehensive coverage may not be what you think.
Just because a policy is dubbed “comprehensive,” in reality it most likely doesn’t cover everything.
Florida boat insurance seekers usually remember to insure their craft against the obvious threat of total loss. However, coverage often protects the entire vessel as a whole. What if personal possessions are stolen off the boat? The coverage may kick in – or it may not. Boat owners can request an insurance rider to an existing policy for total peace of mind.
Protect your biggest boat-related investments by insuring them at a higher rate. If your boat is small but the engines are stellar, it makes sense to properly insure them at a higher rate than the large boat moored nearby that has average engines.
Boat engine protection is not a given. Ask your insurance adviser about included or additional coverage if that is important to you.
Determine the intended use of your vessel and which additional types of coverage you may need. Then, enlist an expert marine insurance adviser to help you purchase the right policy unique for you and your craft.