Everything Laws of Boat Insurance in Florida Covers – Know Before Applying

Please download to get full document.

View again

All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
 3
 
  The cost of boat insurance in Florida is typically higher, as many boat owners use their boats year-round, as opposed to just certain seasons in colder climates. In addition, many boats are operated off the coat, as opposed to inland areas, which means boat insurance rates are higher. These areas are also more prone to hurricanes, so Florida insurers will typically offer higher quotes or policies with larger deductibles given the increased risk of storm damages.https://www.bluewaterins.com/
Share
Transcript
  • 1.  Florida boat owners don’t require buying any insurance or obtaining licenses to operate their boats on the beaches.  However, it is mandatory to obtain a boating safety identification card, register, and title your boat with the state of Florida, and carry certain safety equipment onboard your vessel.  Though boat insurance in Florida is not mandated, you may still be required to purchase a boat insurance policy if you have a lien against the boat.  At Blue Water Yacht Insurance, we also recommend you consider boat insurance coverage, given Florida’s busy waterways, the state’s hurricane and storm risk, and the high potential cost of damages.
  • 2. Boat Insurance in Florida – A Viable Option for Boat Owners  Though Boat insurance in Florida isn’t mandatory, meaning it’s not required by law to own or operate a vessel.  However, if you took out a loan using your boat as collateral, the lender will typically require that you have insurance to cover damages to the boat.  And Florida marinas often have boat insurance requirements, so you’ll need to provide proof of liability coverage in case of injury or damages to others.
  • 3. Even when it’s not required, if you own a motorized boat in Florida, or one that costs over $1000, we recommend you consider boat insurance. Many homeowners insurance policies offer limited coverage for boats and watercraft; however, boat insurance in Florida covers:  Damages to the vessel or your personal property, which are subject to a deductible  Coverage is in place whether damage was sustained on the water or in a trailer  Liability coverage in case of damages to others  Medical payments coverage in case you, or a guest, sustain any injuries  Uninsured boat owners coverage, in case you’re injured or your boat is damaged by another vessel that is not insured  Towing coverage in case you are stranded and need to be towed to a port
  • 4.  While boat insurance policies will often cover a dinghy as part of your boat, you would need to purchase a separate personal watercraft or Jet Ski insurance policy if you’d like coverage for one of these. In addition, boat insurance in Florida is limited to a particular navigational territory, outside of which you would not be covered.  For example let’s say you took your yacht from Florida to the Bahamas, your yacht insurance policy may not provide coverage unless you had already obtained an endorsement to extend your navigational territory.  Keep in mind that the boat insurance policies in Florida can either be for named perils or all perils.  An all-perils policy is more comprehensive, as it provides coverage if your boat is damaged due to any cause, except for those explicitly excluded in the policy.  And you may be required to provide evidence of risk mitigation measures if you want a broader set of perils included in your coverage.  Since Florida is prone to hurricanes, you may need to provide your insurer with a hurricane plan before they’ll include wind coverage in your boat insurance policy.
  • 5. Cost of Boat Insurance in Florida The quote you’ll receive for boat insurance in Florida depends on manifold factors such as:  Your boat’s value  Where your boat is stored and its navigational territory  The size of your boat and what type of marine vessel it is  How often your boat is used and for what purposes The cost of boat insurance in Florida is typically higher, as many boat owners use their boats year-round, as opposed to just certain seasons in colder climates. In addition, many boats are operated off the coat, as opposed to inland areas, which means boat insurance rates are higher. These areas are also more prone to hurricanes, so Florida insurers will typically offer higher quotes or policies with larger deductibles given the increased risk of storm damages.
  • 6.  How much you pay for boat insurance may also be impacted by whether you’re full- time resident of Florida or only spend a portion of the year in the state.  Theft is more common in certain regions, such as South Florida, and owners that don’t regularly use or monitor their boats can be considered to be higher-risk.  And if there is an event, such as a hurricane or other cause of damage, boat insurance companies want to make sure you’re available to move your vessel to a safer area or address the issue quickly.
  • 7. In order to get affordable boat insurance in Florida, there are a variety of methods you can consider to get the best quotes:  You may want to consider a higher hull deductible, so long as it’s an amount you can afford, as this will lower your rates  Adding an auxiliary motor to your sailboat for emergencies can often get you a discount on your boat insurance in Florida  If you’re in the process of buying a boat, you may want to consider a newer vessel, as older boats often come with higher boat insurance rates  You can often get a discount on the cost of boat insurance by taking a boating safety course  If you don’t intend to use your boat for several months of the year, letting your insurer know may mean cheaper boat insurance rates, as stored boats are often considered lower risk.
  • 8.  You may also see the option to get cost-effective boat insurance quotes in Florida by purchasing an actual cash value policy, as opposed to an agreed value policy, but we recommend you exercise caution before choosing this coverage.  Actual cash value boat insurance in Florida offers some of the best boat insurance rates, but you’ll receive a smaller payout in the event of a claim because there’s a deduction for depreciation.  Do you need a boating insurance in Florida? Get in touch with Blue Water Yacht Insurance Blue Water Yacht Insurance Inc 50 South US Highway One, Suite 310 Jupiter, FL, USA 33477 Tel: 800-866-8906 Website: www.bluewaterins.com
  • Related Search
    Similar documents
    View more
    We Need Your Support
    Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

    Thanks to everyone for your continued support.

    No, Thanks
    SAVE OUR EARTH

    We need your sign to support Project to invent "SMART AND CONTROLLABLE REFLECTIVE BALLOONS" to cover the Sun and Save Our Earth.

    More details...

    Sign Now!

    We are very appreciated for your Prompt Action!

    x