Boat insurance is something every boat-owner needs, even on dry land. Being on the water in your boat, jet ski, or other watercraft is exhilarating, but remember that Florida leads the nation in boating accidents! Whether you only use your boat on the lakes around Lutz or venture into the Gulf, it’s important to be safe and have adequate insurance covered.
What Does Boat Insurance Cover?
Many people think their homeowner’s insurance covers their boat; however, that may only be true when the boat is parked on your property. Homeowners insurance may cover against liability (damage) in the event of an accident; however, there are restrictions based on boat size, horsepower, and damage covered.
Basically, if you don’t carry a specific boat insurance policy, you are probably underinsured for damage, loss, and an accident. Besides the boat, typical boat insurance includes:
- Collision damage that includes repair or replacement of the boat.
- Property damage liability that covers damage you might cause to someone else’s property.
- Bodily injury liability that covers injury you might cause someone while using your boat, including medical bills, lost income, pain and suffering, and legal expenses.
- Comprehensive coverage that provides compensation if your boat is vandalized, stolen, or damaged in an incident other than a collision.
- Additional coverage options that can include medical payments, fishing equipment, oil spills, personal property, and roadside assistance, in addition to damages and injuries from accidents caused by boaters who are uninsured or underinsured.
Why Do You Need Boat Insurance?
Florida law does not require boat owners to have insurance or have a license to own or operate a boat. However, if there is a lien against the boat, the lender generally requires that you carry insurance to cover damages to the boat. Additionally, Florida marinas often require you to provide proof of liability coverage in case of injury or damages to others.
Though not mandated by Florida law, it’s a good idea to have insurance because of the busy waterways in Florida in addition to the state’s hurricane and storm risks. There are unique perils to boating besides a collision with another boat or a fixed object:
- Grounding. Sandbars and underwater land masses can cause your boat to become stuck or damaged. Grounding is the fourth most common type of boating accident.
- Fuel spills. If your boat is the cause of a spill, you could be responsible for the cleanup costs.
What Should You Know About Boat Insurance in Lutz, Florida?
There are several unique factors about boat insurance. The rate will be impacted by whether you’re a full-time resident of Florida or only spend a portion of the year in the state. Boat insurance is typically higher in Florida since many people use their boats year-round.
Other things to know about boat insurance include:
- Boat insurance policies are limited to a particular navigational territory, outside of which you would not be covered. (A yacht trip from Florida to the Bahamas may not be covered unless you have an endorsement to extend your navigational territory.)
- Policies for boats operated off the coast, as opposed to inland areas, will have higher rates and larger deductibles because off-coast areas are more prone to hurricanes and have an increased risk of storm damage.
- Policies in Florida and other hurricane-prone states often have a separate Named Storm Deductible which is higher than the Comprehensive deductible and it applies to all losses due to a weather system designated as a tropical storm or hurricane by the National Weather Service.
What Else Should You Know About Boat Insurance?
All watercraft should be properly insured. The ABC Dennis Insurance agency provides insurance for boats, including:
- Runabout.
- Mini jet boat.
- Sailboat.
- Pontoon.
- House boat.
- Cabin cruiser.
- Small fishing boat.
- Bass boat.
- Many others.
Boat insurance can provide coverage for:
- Damages to the vessel or your personal property, which are subject to a deductible whether the damage was sustained on the water or while on the trailer.
- Liability coverage for damages to others.
- Medical payments coverage in case you, or a guest, sustain an injury.
- Uninsured boat owner coverage, in case you’re injured or your boat is damaged by an uninsured vessel.
- Towing coverage should you become stranded and need towing to a port.
ABC Dennis Insurance Agency
ABC Dennis Insurance is an independent insurance agency established in 1997 that provides boat insurance for individuals, families, and businesses.
As an independent agency, we find the best coverage with the most competitive rates among multiple insurance companies. This is important because no insurance company can meet every insurance need. So, we shop multiple insurance carriers to find the coverage that best fits our customers’ every need.