What Does Boat Insurance Cover in Florida?

Florida is a gorgeous state with beautiful coastlines, abundant waterways, and sunny waterways. It is the best place for lovers of boating but while boating can be a fun and relaxing way to spend the weekend, it also comes with its own share of risks. For this reason, boat insurance is a must for all boat owners.

In this article, we will discuss the basics of boat insurance including reasons to consider purchasing it for your boat, the factors that drive insurance costs, and what it covers. Were you recently involved in a boating accident that caused damage to your boat? Read on to learn about how you can get that damage covered by your boat insurance. 

Boat Insurance Policies Cover the Following in Florida

Boat insurance policies can be comprehensive, varying in the degree of coverage and their premium costs. When you’re shopping around for a policy, make sure that your boat coverage includes these foundational coverages

Physical Damage

When you are in any kind of boating accident, you will need coverage to restore the damage and pay the other boat owner when you’re the one at-fault. These costs can be very expensive to fork out on your own, so we encourage you to make sure that physical damage is included in your policy. Typically there are two separate types of coverage: 

Collision Coverage

If you find yourself in a boating accident, collision coverage will help protect you against any sustained damage to your boat. When choosing the scope of your collision coverage, it is important to consider how much coverage you want. Some boat owners opt only for protection in the event that they cause damage to other boats. Sometimes boat owners choose the coverage that will cover collisions regardless of who is at fault. 

Comprehensive Coverage

Depending on where you store your boat and how often you use it, you may benefit from comprehensive coverage. This coverage will provide protection for damage that is caused by anything in addition to a collision such as a fire, vandalism, or weather-related damage. This type of coverage includes coverage for uninsured boaters, ensuring that you get compensated even if the person causing damage to your boat is not insured. Be sure to consult your insurance provider to understand the full scope of coverage, exclusions, and limitations so that you are not surprised during those tough, stressful times.

Personal Property Damage Liability

If you crash into someone’s boat or property, you will be held liable for the damage. Those fees are often exorbitant but with insurance in your hands, you can settle almost any problem. Accidents happen all the time and it is financially smart to be prepared for them. 

Under this coverage, the policy will normally protect your items like fishing equipment or electronics that are accidentally lost or damaged. They do not cover damage that is caused by natural wear and tear. The dollar amount that is covered for personal property will vary from policy to policy and should be reviewed carefully. 

Bodily Injury

You or the people involved in a potential boating accident may sustain bodily injuries. These injuries will require medical care, time away from work, and other necessary costs. Allowing your insurance company to take that financial burden off your shoulders will help you greatly in staying financially afloat. 

Additional Coverage Options

Many insurance companies also offer optional, add-on coverage to their policies for things such as wreckage removal and fishing equipment.

Wreckage Removal Coverage

If you happen to be in an accident that causes your boat to get stranded, sink, or release debris or pollutants into the waters, you will have to pay for the cleaning and disposal process. This process is very expensive due to the equipment and hours of labor that goes into it. Sometimes this type of coverage is automatically included in a boat insurance policy, while at other times people would have to opt for this coverage as an additional fee to their premium. 

As with all insurance coverages, Wreckage Removal will have a specified limit and it is important to review it at the time you purchase the policy. 

Fishing Equipment Coverage

If you incur damage or loss of your fishing equipment, your boat insurance may cover it if you have it in your policy. This type of coverage normally protects equipment like rods, reels, lures, and tackle boxes. 

It is important to review the policy to know exactly what type of loss or damage will be covered. For example, some insurance policies will cover lost, stolen, or damaged equipment. While others will only cover damaged or stolen items. Also, beware of the policy limits so that you know exactly what equipment is covered on your boat. 

To understand these options better, make sure to go over them in great detail with your insurance provider. 

Understanding Your Policy

The key to getting a good settlement on your claim is in understanding your policy. Below, we will provide the definitions of policy declarations, exclusions, and limits to help you understand what they mean for your claim. 

Policy Declarations

Declarations are like a summary of the coverage that the insurance policy will provide. Typically, it included information such as the insured’s name and address, the boat’s make and model, the policy period, and the coverage amounts and deductibles. On the declarations page, you will also find the specific types of coverage included in your policy, such as liability coverage, physical damage coverage, and uninsured boater coverage. The limits of coverage are normally listed on this page as well. When you review your policy, it is important to ensure that the coverages and their amounts are listed accurately and meet your needs. 

Policy Exclusions

The page that lists policy exclusions is specific conditions and circumstances that are not covered by an insurance policy. Exclusions can vary depending on the type of policy and your individual circumstances. Be sure to read this section carefully to have a full understanding of what is covered and what is not. 

Policy Limits

Another key part of your policy is the policy limits where you will see the maximum amount that an insurance policy will pay out for a covered claim. These limits are put in place when the policy is purchased, and you will see a specific dollar amount for each type of coverage in the document. 

Policy limits can vary from one policy to another, depending on the insurance company and the needs of the insured. Some boat owners opt for just liability insurance that covers damages caused by them. Other owners will choose to go for dual coverage, which covers damages regardless of who caused the damage. 

Why Hire a Public Adjuster for Your Boat Insurance Claim

Clearly, we can see that understanding any insurance policy, including boat insurance policies, takes considerable effort and expertise. When you find yourself in a boat collision, we encourage you to seek professional help instead of navigating the process on your own. Here is how a public adjuster will benefit you: 

Knowledge and Expertise

Public insurance adjusters are professionals who are licensed and trained in the field of insurance claims. They have extensive knowledge and expertise in the insurance claims process, including the intricacies of boat insurance claims.

Experience with Insurance Companies

When you hire a public adjuster, you hire someone who will work on your behalf. They have increased visibility and experience working with many insurance companies. This provides them with the knowledge of the tactics insurance companies use to minimize the claims they pay out. 

Maximizing Settlement

Public insurance adjusters work in your best interest because they are not employed by any insurance company. Thus, they are able to work diligently to maximize the settlement amount for you, the policyholder. They are also good for negotiating the best possible settlement that would benefit you and not the insurance company. 

Contingency Fee 

A contingency fee means that the public adjuster will only get paid if you reach a settlement with the insurance company. Thus, anything they do will be with your best financial interest in mind because their pay is dependent on it. As a result, you will have someone working extra hard to defend your claim. 

Contact Us to Submit a Claim to Your Boat Insurance in Florida

Has your boat been in a kind of accident that requires compensation? Contact On Target Claims to get in touch with one of our adjusters who will provide you with a FREE claim review. They will walk you through every step of the process to make sure that you get the insurance settlement that you are entitled to receive. Call us today at (954) 329-0687 or visit our website for more information. 

Related Content: How Commercial Insurance Works in Florida

Request a Free Claim Review

Find out how we assist you to recover the
maximum on your insurance claim