As with many of the things we care about – our health, life, house and car; we protect them with insurance. It may not be the first thing you think about when you think about insurance, but don’t forget your boat…because we like them a lot too! Although boaters’ insurance is not required by law in Florida, it definitely has its advantages…
First and foremost, boat insurance can protect you and others from the financial burden which can occur as a result of injuries or damage during boating. Typically, aside from bodily injury and property damage, boat insurance covers damage to your boat as well as theft. You can also supplement your boaters’ insurance to cover things like your boat trailer, roadside assistance, towing, fuel spills, accident clean-up and personal property including your fishing equipment.
Many insurance companies also offer discounts on boat insurance if you have added safety features such as a depth finder or fire safety devices. Sometimes boat insurance discounts are also provided if your boat takes diesel fuel because it is less flammable than gas.
Certain marinas and yacht clubs actually require boat insurance and if you have a boat loan, your lender could require boat insurance too. Additionally, with recent hard times, some people just can’t afford boaters’ insurance, so uninsured or underinsured boat insurance coverage has also become popular.
Homeowners’ insurance usually covers damage and personal liability if anything happens with your boat at your home, but this is only a small amount and jet skis and other personal watercraft are excluded. Most insurance companies will cover most boats – from yachts and houseboats, to sailboats, speedboats, commercial boats, amphibious boats, personal watercraft and even canoes.