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How Florida Boat Insurance Coverage Helps You.

You may think your home insurance policy will cover your boat, too. However, that is not usually the case. It is often in your best interest to have a separate boat insurance policy. Purchasing boat insurance is your best solution to financially cushion you from the many devastating damages (salvage work, wreck removal, environmental and pollution damage) that can potentially ensue after you purchase your boat. Insurers are risk managers and take several factors into consideration when determining whether to insure your boat and what policy makes sense for both parties, including:

  • Your boat’s age and value
  • Its speed and horsepower
  • The condition it is in
  • Type of vessel
  • Where it will operate (lakes, oceans, etc.)

Understanding Boat Insurance Coverage

Like most insurance policies, coverage varies from basic to comprehensive. Boat insurance coverage is dependent on how and where you will be boating. You should keep in mind, however, that just because you have an “all risk” boat insurance policy, it does not necessarily mean that every type of loss will be covered and will typically exclude wear and tear, denting, and manufacturer/design defects. However, you may be able to purchase additional coverage for medical payments, towing and assistance, and personal effects.

How Boat Insurance Coverage Helps You

Boat repairs can be quite costly, but having the right insurance policy can help mitigate the financial burden that you may encounter. Your needs are different from other boaters' needs, and your boat insurance coverage policy will likely be different, too. However, there are a few common coverages found in most boat insurance policies.

Property Damage Liability

This coverage helps cover the cost of damages to another person’s property that resulted from an accident you caused.

Bodily Injury Liability

This part of your coverage pays for any associated costs of injury caused by a boating accident you may be found responsible for.

Hull Coverage

This type of insurance generally covers physical boat damages, oftentimes including trailers, equipment, motors, and accessories. While basic coverage is better than no coverage, you may find it worthwhile to purchase additional coverage, such as:
  • Specialized coverage
  • Salvage coverage
  • Consequential damage coverage
  • Towing coverage
  • Cruising extension coverage

Get The Best Boat Insurance Coverage for Your Vessel

While boat insurance may not be required to own or operate a boat in Florida, it is in your best financial interest to purchase coverage. Contact GWK today to help you find the best boat insurance coverage for your specific needs and budget.

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