Florida Boat Insurance
Florida offers a wide variety of waters to explore by boat – from lakes and rivers, to the Gulf of Mexico and the Atlantic Ocean – and, of course, the Intracoastal Waterway. You bought your boat to enjoy the sense of freedom it offers – not worry about insuring it. Strassman Insurance Group can provide a policy tailored to any type of boat and boat owner to keep your recreational investment on an even keel.
Is Boat Insurance Necessary in Florida?
The state of Florida does not require you to carry boat insurance. However, if you finance your boat, your bank will require proof of insurance that covers its full value in the event of a loss. Marinas and boatyards also require liability insurance. There are two types of boat insurance policies.
1- Actual cash value – pays for replacement costs minus depreciation. In the event of a total loss, used boat pricing guides and other sources are used to determine the vessel’s approximate market value. Partial losses are determined by taking the total cost of the repair less a percentage for depreciation.
2- Replacement cost – an agreement between you and the insurer on the value of your boat. In the event of a total loss, you will be paid that amount, regardless of its current market value at the time of the loss. This type of policy also will also replace old items for new in the event of a partial loss, without any deduction for depreciation.
What a Boat Insurance Policy Covers
Property damage – Helps pay for repairs from damage due to an accident – such as collision with another boat, a pier, dock, etc. – as well as fire, lightning or vandalism. Property insurance will also replace your boat if stolen. This coverage protects a boat whether it’s on water or land at the time of the loss.
Liability – Covers the medical (and certain other) expenses of anyone injured as the result of an accident in which you were at fault. An umbrella insurance policy can provide additional protection to your financial assets should you be found liable in a lawsuit. Your Strassman Insurance Group agent will be glad to discuss this type of coverage with you.
Medical payments – Helps pay medical expenses if you or anyone on your boat is injured in an accident.
Uninsured watercraft coverage – Helps cover expenses if an uninsured boater collides with your boat, resulting in injury to you and/or your passengers.
Repair cost option – Will cover the actual cost to repair or replace the covered property with materials of like kind and quality, wit no deduction for depreciation. This provision applies to partial losses.
Emergency service coverage – Will pay for the reasonable expenses for breakdown, towing, delivery of fuel, battery or change of tire.
Tell Us About Your Boat Insurance Needs
We can write a policy that will give you the peace of mind to fully appreciate your boat as a recreational vehicle for relaxation and adventure.