FRIDAY, OCTOBER 16, 2020
Is Boat Insurance Required in Florida?
Florida is a gorgeous state with plenty of beaches ready for boaters to take off across the water. During spring break and in the summer, vacationers flock to Florida’s beaches, setting out on boats until the sea is crowded with bobbing boats. Driving a boat with so many other vehicles on the water can be dangerous, and it’s important to have enough insurance to cover a possible accident. It may come as a surprise, then, that Florida doesn’t require boat insurance.
Though not legally required, boat insurance is incredibly important to protect yourself, your passengers and other boaters.
What Does Boat Insurance Cover?
Boat insurance provides compensation if your boat is damaged or lost due to certain covered incidents. It covers:
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Physical loss or damage of the hull, machinery, permanently attached equipment and the rest of the actual boat. This includes theft.
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Liability for property damage or bodily injury. This may also cover legal fees if the victim decides to sue.
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Guest passenger liability covers legal expenses if a passenger operating your insured boat causes damage or bodily injury.
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Medical payments cover medical expenses if you and your passengers are injured on the boat.
It’s not just other boaters that pose a danger to your boat, either. Florida is known for its intense and often unpredictable storms. If your boat is swept away by a hurricane or damaged by hail and you don’t have insurance, you would be looking to pay for those damages out of pocket.
Items on your boat may not be covered, but trailer and boat accessories will be. Speak with your insurance agent about the coverage your boat insurance policy provides. If you keep equipment such as fishing gear on the boat, it’s important to know whether or not they’re covered. You may also choose to add an umbrella liability policy, which steps in when your boat insurance’s liability coverage reaches its limit. This could be useful if you cause an accident with a particularly expensive boat or cause a lot of damage.
Does My Homeowners Insurance Cover My Boat?
A homeowners policy generally does cover some of your boat, though the coverage is limited and only goes up to $1,000. It also depends on the size and speed of the boat. If you have a large, expensive or fast boat, you should invest in boat insurance to protect your assets.
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