UNDERSTANDING BOAT INSURANCE
Coverage for Your Boat, Passengers and More.
A boat insurance policy can provide financial protection for your boat, liability exposures, and other important coverages while you're on the water. Available coverages vary by carrier, vessel type, and how the boat is used.
Physical Damage Coverage
Helps cover damage to your boat from covered events, such as collision, fire, theft, and certain weather-related losses. Coverage is subject to your policy terms, limits, and deductibles.
Liability Protection
May provide coverage if you're found legally responsible for injury to others or damage to their property while operating your boat. Limits and coverage options vary by policy.
Additional Coverage Options
​Many policies offer optional coverages such as trailer coverage, marine equipment, towing and assistance, personal effects, and more. Availability varies by carrier.
NOT ALL BOAT POLICIES ARE THE SAME
Agreed Value vs. Actual Cash Value
​How your boat is valued can make a big difference in the event of a total loss. Here's a quick look at the two most common valuation methods:
The value is set at the time the policy is written.
In the event of a total loss, the agreed amount is typically paid, subject to policy terms.Â
Partial losses, trailers, equipment, and deductibles may be handled differently.
Available for many newer and well-maintained boats, subject to carrier guidelines.
Agreed Value
The boat is valued at the time of the loss, minus depreciation.
Payouts may be less than the original purchase price due to depreciation.
Coverage for equipment and trailers is also subject to depreciation.
May be more common for older boats or certain vessel types, depending on the carrier.
Actual Cash Value
Named Storms and Hurricane Coverage
​Coverage for named storms varies by carrier. Some policies may require haul-out, have hurricane deductibles, or have specific wind coverage provisions.
Important Factors to Keep in Mind.
Boating in Florida offers incredible opportunities, but it also comes with unique risks. Here are a few important factors to consider when choosing a policy:
Navigation Territories
​Your policy will have defined navigation limits, which may be based on distance from shore and U.S. waters. It's important to select a policy that fits where you boat.
FLORIDA BOATING CONSIDERATIONS
Boat Trailers and Marine Equipment
Coverage for trailers, motors, electronics, and other equipment may be included or available as an option. Limits and deductibles can vary by carrier and policy form.
Towing and Emergency Assistance
Many policies offer on-water towing and assistance, which can be valuable if you experience a breakdown. Coverage details, limits, and service areas vary by carrier.
Powerboats
Center console, deck boats, cuddy cabins, and more.Â
Coverage for All Your On-Water Adventures
We can help you explore insurance options for a variety of watercraft, including:
Fishing Boats
Inshore and offshore fishing vessels.
WHAT TYPES OF WATERCRAFT CAN BE INSURED?
Sailboats
Day sailors to larger cruising sailboats.
Personal Watercraft
Jet skis and other recreational watercraft.
Boat & Watercraft Insurance FAQs
COMMON QUESTIONS
​Florida generally does not require recreational boat owners to carry boat insurance. However, lenders may require physical damage coverage on financed boats, and certain marinas or storage facilities may require liability insurance. Even when coverage isn't required, boat insurance can help protect you financially against covered damage, theft, accidents, and liability claims.
​Boat insurance may provide coverage for physical damage to your vessel, liability for certain injuries or property damage involving others, and additional protections depending on your policy. Optional coverages may include towing assistance, personal effects, marine electronics, and boat trailers. Coverage varies by insurance carrier, vessel type, selected options, and policy terms.
​An agreed value boat policy establishes an insured value for your vessel when the policy is issued. If the boat is declared a covered total loss, the insurer generally pays the agreed value, subject to the policy's terms and any applicable deductions. Partial losses, trailers, motors, electronics, and other equipment may be settled differently. It's important to review how each part of your boat and equipment is insured.
​Many boat insurance policies offer coverage for damage caused by hurricanes and named storms, but coverage varies by carrier. Some policies have separate hurricane deductibles, navigation restrictions, or requirements for securing or relocating your boat before a storm. Certain policies may also offer hurricane haul-out reimbursement. Reviewing your policy's storm provisions is especially important for Florida boat owners.
​Boat trailers, motors, marine electronics, and other equipment may be covered under your boat insurance policy, but the extent of coverage depends on the insurer and policy form. Some policies include these items within the vessel's overall insured value, while others provide separate limits or require additional coverage. Deductibles and claim settlement methods may also differ, so it's important to understand how your equipment is insured.
