Boating Insurance Requirements in Florida

Florida Boat Insurance Requirements

Boat insurance isn’t legally required in Florida, but coverage will go a long way toward protecting your investment – and your family. If you’ve typed Florida boat insurance requirements into an online search, it’s likely you have already secured a watercraft. Is it resplendent in your backyard, snug on its shiny lift, and awaiting that first voyage? Perhaps you’ve been searching for the right boat for months and have done meticulous research. You’re aware of the size, type of craft, and accessories that will soon make this purchase your literal dream boat.

Whatever your situation, it makes sense to understand Florida boat regulations and to deduce if Florida boat insurance is right for you. Though you are not legally required to do so, carrying boat insurance in the Sunshine State is a solid idea. Boat owners should seriously consider protecting the price and value of watercraft and arm themselves against the financial shockwaves that can arise in worst-case accident scenarios.

Here is a comprehensive look at Florida boat insurance truisms.

There is no insurance requirement for Florida boats.

Yes, you read that statement correctly. If you are a Florida boat owner, you are not required to carry insurance covering your craft. One reason why the requirement doesn’t exist is the sheer number of boats found on the waterways. In fact, only three states require a boat owner to carry boat insurance: Arkansas, Utah and Hawaii. Additionally, boat licenses are only required within the states of Alabama, Delaware, Georgia and Mississippi.

For rule followers, learning that boat insurance is not required can seem like the answer to their question. If something isn’t required, why would you elect to pay for it? This is the intuitive answer, yes. However, in almost all cases, boat insurance is a promising idea.

You should still consider insuring your boat in Florida.

If you already own the watercraft in question, take a good long look at it. See how the paint shines! The hull is unmarked by underwater detritus; the captain’s chair ready for you to steer it toward adventure. Whether your Florida boat is used or not, it likely is of value to you. How much value is personal to each situation, of course, but boats tend to be pricey.

Now, imagine your ideal day out on the water: You and your passengers have packed a solid picnic basket and you’re anchored somewhere in the Gulf, alternating between eating snacks and watching the dolphins swim by. All is idyllic until another boat races around the pylons and strikes your treasured watercraft.

This happens all too often. The number of boating accidents in Florida is staggering. And no matter how much you read about captaining your craft, you cannot control the actions of other people. If an oncoming captain does not have control of their vessel, you may suffer the consequences. And that means damage to your boat and possibly worse.

According to the Florida Fish and Wildlife Commission, there were 836 Florida boating accidents in 2020. That translated to 79 deaths and 534 reported injuries. The liability that comes with these high numbers is shocking.

As the boat owner, you could be sued by passengers on either boat for recompense for their injuries. Carry no boat insurance in Florida, or elect the bare minimum, and you could be looking at not only out of pocket replacement boat costs, but legal actions as well.

Let’s also consider the fact that your boat could be docked at a marina during a massive storm and incur damage from an Act of God. Floridians understand the wrath of hurricanes all too well; it’s easy to imagine a boat becoming damaged in this situation.

Sure, you could save a few dollars each month and not elect Florida boat insurance. This decision, however, is akin to gambling that your actions, and the actions of other boat drivers, are completely safe. It also ignores the wrath of Mother Nature. There is no solid argument to not insure your boat.

It’s so much easier to enjoy life out on the water when you know you’re insured for what’s possible.

All damage is not considered equal.

That’s why different coverages exist. Whether you have a pontoon boat, a sportfish yacht, a charter business or even a yacht or a commercial vessel, these are solid elections — and many providers, such as W3, offer policies custom-tailored specifically to those kinds of craft and uses. Talk with your marine insurance professional to deduce whether you should select this coverage a la carte-style, or if it makes more sense to say ‘yes’ to all of it. Here is some basic coverages:

Hull Coverage

Hull coverage is a main component of watercraft insurance that covers the owner against covered losses resulting from damage to the watercraft.

Watercraft Liability (sometimes listed as Protection & Indemnity) is 3rd party Bodily Injury (BI) and Property Damage (PD) liability coverage that comes into play when the insured vessel is involved in a boating accident during which a covered operator is at fault.

BI coverage pays for medical costs incurred from bodily injury, lost wages, sickness, or death related to the accident. This coverage also pays for legal fees and recompense for pain and suffering that may result from the accident. BI responds if you’re found negligent for bodily injury to others.

PD coverage pays for damage to other boats, property and structures. PD responds if you’re found negligent for damage to property of others.

Uninsured Boaters

Uninsured boater coverage is bodily injury coverage for a covered person if your covered vessel is struck by an uninsured boater.

Medical Payments

This covers certain medical and funeral expenses resulting from a watercraft accident and protects anyone occupying (or water-skiing off of) your watercraft. These benefits are payable without regard to fault.

So, should you buy that Florida boat insurance? Most likely, YES.

Most marinas will not even let you dock at their location without it. A bank that gives you a loan without requiring boat insurance is not the mainstay. If you have a boat that packs a strong power punch, expect to need more liability insurance; for a high value boat, an insurance policy with deeper reach is likely to be recommended.

Truly the answer to the question Should you buy Florida boat insurance? Isn’t so much YES as it YES – but how much? That’s where professional help comes to the rescue.

Types of Boat Insurance Offered By Wallace Welch & Willingham

Boat Insurance – W3 provides boat insurance for almost every type of boat or personal watercraft. Not all boat insurance policies are alike and there may be important coverage questions that need to be addressed before choosing the correct policy.
Yacht Insurance – At W3, we provide the yachting community with the highest degree of experience in the industry for those seeking insurance for their motor yacht, cruiser, or sport fishing yacht. An experienced yacht insurance agent is waiting to assist you with any questions or concerns you may have regarding your investment.
Charter Insurance – The coverage needs of Charter boat owners vary greatly and, as such, W3 is ready to provide you with the right Charter Boat Insurance policy for your unique needs. As Florida’s largest marine insurance agency, we strive to provide you with superior service so you can focus on your charter business.
Commercial Marine – With Florida having one of the largest commercial marine industries in the U.S., there is a high demand for protection from situations that arise with marine based businesses. As specialists in marine insurance, W3 is prepared to offer you the proper coverage to keep your business afloat.

The W3 maritime difference

How much Florida marine insurance do you need? The experienced Florida marine insurance advisors of W3 Insurance can help you decide. W3’s marine professionals have experience crafting insurance programs that are personalized for each individual boat owner. Whether you’re a commercial fisherman, a yacht owner, a ‘weekend recreational boater’ or any other iteration, contact W3 for all your marine insurance needs.