Boat insurance in South Florida

Florida law generally does not require insurance on a privately owned recreational boat, but it does require it for rental (livery) boats, and lenders and marinas often require proof of coverage. Check your loan agreement and slip contract for their terms. Without liability coverage, you are personally responsible for injuries or damage you cause, and a licensed agent can explain your options.

It depends mainly on the boat's size, type and value and the waters where you use it, plus the coverage you choose, so there is no single average. According to Triple-I, actual cash value and agreed value policies carry different premiums, and boating safety courses, claims-free years and bundling with other policies can earn discounts. A licensed agent can quote your boat.

Boat insurance typically covers physical damage to your boat, theft, and your liability if you injure someone or damage their property. Medical payments, towing, and coverage for trailers and accessories may be included or optional. Common exclusions include normal wear and tear, mold, and damage from insects or animals, so review the policy for what applies to your boat.

Only in a limited way. Most insurers give limited property coverage for small boats such as canoes, small sailboats and small powerboats, usually including the boat, motor and trailer combined, and liability is typically excluded unless added by endorsement. Larger, faster boats and jet skis generally need their own boat policy. Check your homeowners policy for its watercraft limits.

Agreed value pays the amount you and your insurer set in advance if the boat is a total loss, while actual cash value pays replacement cost minus depreciation at the time of the loss. On a partial loss, agreed value policies replace old items with new without a depreciation deduction. The two types have different premiums, so ask which your policy uses.

Only if your policy includes physical damage coverage for the boat. Florida's Department of Financial Services notes that a boat owner with liability-only coverage will not have a hurricane-sunk boat replaced. Some policies also add named-storm conditions, such as a separate deductible or requirements to move or haul out the boat, so read that section and ask your agent before storm season.