Do you need boat insurance in addition to homeowners and flood insurance? If you live in Florida, you know boating season can be interrupted by severe weather that can put your property, including your boat, at risk. Getting a boat insurance policy is the smart thing to do.
No matter what kind of boat you have, from a runabout to a yacht, boat insurance can cover:
- Damage to your boat, motor or trailer
- Damage your boat causes to other’s property
- Injuries to your passengers
- Injuries your property causes to other individuals
- Pollution
Floridians should know that boat insurance does not cover your home's dock. However, in Florida, flood insurance and home insurance will likely cover the cost of repairing or replacing a dock if it's damaged during a bad storm.
What is Hurricane Haul-Out Coverage? Do I Need It?
In Florida, where boat owners face the risk of hurricane damage on an annual basis, Hurricane Haul-Out coverage can be a lifesaver. In general, it provides for reimbursement of some or all of the expense of hauling your vessel from the water to safe storage when a named storm is predicted to hit your area.
Make sure this coverage is included in your boating policy or added to it.
If I Have Flood Insurance and Homeowner's Insurance, Do I Need Boat Insurance?
If a vessel is damaged while stored at home, it is not likely that a typical homeowner's policy will fully cover the damage.
Some homeowner's policies do offer a limited amount of coverage for boats kept at home. However, depending on the type of watercraft, the amount of coverage is likely negligible—especially in comparison to the cost of storm damage. Boat insurance can provide additional coverage to repair water or flood damage after a tropical storm or hurricane.
Does it Pay to Have Boat Insurance in Addition to Florida Flood and Homeowners Insurance?
Homeowners' plans usually offer very limited coverage for boating activities that could cause damage to persons or vessels. Another reason to get boat insurance is the extra coverage it provides in the case of an accident.
The state’s 2021 Boating Accidents Statistical Report indicates there were 751 reportable boating accidents and 60 boating related fatalities in 2021.
Boat accidents don't always involve other vessels. Underwater hazards can also cause severe damage to a boat and leave people on board at risk. Underwater hazards can cause damage requiring boat or motor repairs. Insurance can minimize your out-of-pocket costs.
Get in Touch to Discuss Your Boat Insurance Needs
Florida boat insurance premiums are determined by weighing a variety of factors. These include the type of boat, its value, where you keep it, how frequently you use it, how far you take it, and more. Decide on the right coverage for your vessel by talking to the pros at Family Insurance Services. They'll also tell you about ways to save money on your policy.