Like any vehicle, boats may be subject to many risks and exposures that could lead to significant losses. Furthermore, a boat represents a sizable financial investment that requires protection. With this in mind, boat owners should consider their insurance options and ensure that they maintain adequate coverage. 

What Is Boat Insurance? 
Boat insurance functions similarly to auto insurance you might carry for your car or truck. These policies can cast a wide safety net across many perils and incidents that may befall your vessel. Although details and limitations may vary, it’s generally advisable for a boat insurance policy to include the following coverages:  

• Liability—If you are responsible for incidents that cause third-party losses, your insurance can help pay for resulting medical bills or to repair or replace damaged property. 
• Collision—This coverage can provide financial assistance if your boat is damaged due to a collision with vessels or objects, such as docks or buildings. 
• Comprehensive—If your vehicle is damaged by an incident not included in collision coverage, such as fire, theft, vandalism and weather damage, this coverage can help pay for losses. 
• Medical payments—If you or your passengers are injured in an accident while on your boat, this coverage can help pay for your health care costs. 
• Personal effects—This coverage financially protects property carried or stored on your boat. 
• Uninsured/underinsured watercraft—If another party is at fault for your losses but lacks sufficient insurance to compensate you, this coverage can make up for the difference. 
• Emergency assistance and towing—This coverage can help pay for towing if your vessel breaks down while in use. 

Do You Need Boat Insurance in Florida? 
Although boat insurance is not required by law in Florida, you should consider acquiring this type of coverage as a boat owner. Your vessel may not only be a substantial financial investment, it could also be an integral part of your lifestyle. Without adequate insurance, you may have to pay immense costs out of pocket to maintain your boat or lack the means to do so. Furthermore, incidents for which you are liable could have devastating consequences for your finances. Finally, while state laws may not require boat insurance, if you finance your vessel, your lender likely will. 

How Much Does Boat Insurance Cost? 
The cost of suitable boat insurance may vary significantly among policyholders. Even those who own similar vessels may observe sizable differences in their premiums. This is because insurance companies must consider several factors before providing you with an accurate quote for coverage. In general, this process may include an analysis of the following: 

• Location 
• Type of watercraft 
• Vessel details (e.g., size, age, make, number of engines, etc.) 
• Use habits (e.g., recreational, commercial, racing, etc.) 
• Storage 
• Boating experience 
• Claims history 

Get the Right Coverage 
At B.I.A. & Company, our insurance agents have the knowledge and experience to help boaters protect their property and finances with optimal coverage solutions. We will work with you to assess your insurance needs, explain available options and craft ideal policies. Visit our website or call 877-597-6371 to get started today. 

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.