boat insurance miami florida

Boat Insurance

How to save money on boat insurance

In addition to using a variety of insurance companies to obtain the lowest possible premium for your boat insurance, we will review with you all of the available discounts and coverages. The value of boats can decrease over time and we will review with you what should be the proper limit of insurance for your boat.



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What is boat insurance?

Boat insurance is a type of property insurance that protects you from financial loss due to damage to you boat. It covers most watercraft with motors, such as yachts, fishing boats, etc. It does not normally cover canoes, kayaks or personal watercrafts (PWC). If you have a small watercraft you may automatically have limited coverage under your home insurance policy or you will have to purchase a separate endorsement to have coverage.

What does boat insurance cover?

Your boat insurance policy might include the following:

Collision Damage: Coverage to help you repair or replace you boat

Comprehensive: coverage for vandalism, theft or damage from something other than collision

Property Damage Liability: Coverage for damage to other people’s property

Bodily Injury Liability: Coverage for injuries to others while using your boat

(Includes medical bills, lost income, pain and suffering and legal expenses)

Additional coverage options include medical payments, fishing equipment, personal property, oil spills and roadside assistance as well as damage and injuries that occur from other boaters who are either uninsured or underinsured.

Whenever you file a claim, the amount of money you receive will depend on things such as your policy limits, your deductibles and whether your insurance policy covers the replacement cost of your boat (cost of a new boat), its actual cash value (current selling price) or a specific value that was agreed upon before issuing the policy (Agreed Value).

Does home insurance cover flood damage?

Flood insurance is a type of catastrophe insurance. It works differently than home insurance, which excludes water damage due to flooding, which is why you need to purchase a flood insurance policy. Homeowners insurance policies only have what is called “basic hazard insurance coverage” which only covers interior water damage due to something that breaks in your home; possibly from a storm, tornado etc. But if that damage is caused by water coming from outside your house, then your home insurance will not cover it and you will only be covered if you have flood insurance.

How does boat insurance work?

Boat insurance works just like home insurance and auto insurance. You talk to your agent and ask for a quote for an insurance policy to cover your boat. That quote is going to be based on the coverage needed for the boat, the deductible you have to pay and the types of coverages that are needed. If you like the quote for your desired coverages, you purchase the policy.

If you have an accident or someone steals your boat or any covered personal property in your boat, you can file a claim and receive a payment for the loss.

It depends on state laws and the insurance coverage you and possibly another boater might have, but just like auto insurance, if you get in an accident with another boat and there is damage to either boat, one of the following is most likely to happen:

You are at fault and your liability insurance will cover the damage up to the policy limits.

The other boater is at fault and their coverage pays for you damage up to their limits.

The other boater is at fault and doesn’t have insurance or enough insurance to cover your expenses and therefore uninsured/underinsured coverage what cover the damage if you purchased that coverage.

How much does boat insurance cost?

The cost of your boat insurance depends on your state, the type, size and age of your boat, the size and type of your motor, whether your boat is for inland waters or open seas and whether you choose options to have additional coverage.

Boat insurance can typically cost anywhere from about $200 to about $500 per year.

There are various discounts that are offered from insurance companies for certain situations. For instance, you can get a discount if you don’t use your boat year-round or if you only use your boat in fresh water and not salt water. You might also qualify for extra discounts if you take a boating safety course or have a good boating record. The discounts will vary between different companies so you will need to contact an independent insurance agent such as a Filer Insurance, Inc. agent to compare quotes and find the best price for your insurance.

Is boat insurance required in Florida?

No, boat insurance is not required in the state of Florida. However, you might be required by a mortgage lender to have boat insurance in order to take out a loan for a boat as collateral. Also, if you store your boat in a marina in Florida, they will probably require you to have boat insurance before you store it there. But even if you are not required to have boat insurance, given your situation, if you own a motorized boat in Florida that costs over $1,000 we highly recommend that you purchase boat insurance as it might not be covered in your homeowners insurance policy.

Please contact Filer Insurance, Inc. at 305-270-2100 to find out if you need to have insurance on the boat that you own.

How much boat insurance do I need?

This depends on factors such as your boat’s value, its motor size, how fast it goes, the age of the boat and how you use it. If it’s a high performance speed boat will need more bodily injury and property damage coverage and if it’s a boat used just for pleasure.

We recommend you buy at least $1,000,000 in liability insurance. Though if your boat is designed to go really fast with a higher risk to cause more damage then you will need to buy even more coverage.

Unisured/underinsured motorist coverage is normally at least $10,000. However you need to purchase the amount of coverage for injuries and damage that you would need to cover if you or someone in your boat is seriously injured or if you boat is damage.

Any other amount of coverage such as collision and comprehensive should be based on your boat’s value.

Where can I get boat insurance?

Right here at Filer Insurance, Inc. We offer boat insurance through multiple insurance companies. So call us at 305-270-2100 and will give you the best possible quote to insure your boat.

Does boat insurance cover passengers?

Boat insurance covers you and anyone in your boat under the boat’s liability coverage. However you are pulling anyone behind you boat such as water skies, tubing, parasailing, you may not have coverage for that. So make sure you work with an agent if you wish to have coverage for that.

Good reasons to carry insurance on your boat or personal watercraft

Miami is a great place to own a boat and you'll enjoy the water ever more when you're not worried about the safety of yourself, your passengers or your investment. Here are a few things to consider:

  • If you're in an accident or your watercraft is stolen, it costs money, often a lot of money, to fix or replace it.
  • If you or any passengers are injured in an accident, medical costs can be extremely expensive.
  • If your watercraft is responsible for damage or injury to others, you may be sued for much more than you're worth.
  • Your watercraft also needs protection when it's on land. Accidents can happen while towing a watercraft.

Home and auto insurance policies may provide limited coverage for personal watercraft. Talk to your insurance representative about coverage limits. You may want to consider purchasing a personal watercraft policy to protect yourself and your water vehicle in the event of an accident.

Liability coverage

Covers injuries and property damage to others resulting from a covered accident if you are found to be legally liable. This includes pollution liability coverage at no additional cost. It also also includes wreckage removal at no additional cost when physical damage coverage (Comprehensive and Collision) is purchased.

Comprehensive and Collision Coverage

boat insuranceComprehensive covers damage to your boat, motor, trolling motor, trailer, permanent and portable boating equipment for losses resulting from things other than collision (such as damage from fire, theft, for storms) and is subject to a deductible. Collision covers damage to your boat, motor, trolling motor, trailer, permanent and portable boating equipment in the event of an covered accident, subject to a deductible.

Uninsured or underinsured boater coverage

Covers damages due to bodily injury that you, relatives, and anyone on your covered boat have if injured in an accident with an uninsured/underinsured boater or hit-and-run boater.

Medical payments

Covers medical bills for the treatment of injuries that are incurred by you or others while operating or occupying your boat.

On-water towing and labor

Covers towing expenses and other emergency services up to selected limits in the event your boat becomes disabled while on the water.

Fishing Equipment

Covers damage to fishing equipment, up to selected limits, while on board an insured boat, or while being carried onto, or off of, an insured boat.

Personal Effects

Pays replacement cost for physical loss or damage to your personal property, up to selected limits, while on board an insured boat, or while being carried onto, or off of, an insured boat.