As with many types of insurance, your rates, coverage, and restrictions will vary greatly depending on the location your insured item is being used in. It doesn’t matter if it’s your home, car, motor-home, motorcycle, laptop, sailboat, powerboat, or jet ski. With boating and marine vessels this is especially true.
Weather is the single most influencing factor when it comes to impacting boating insurance in the state of Florida. The effects of a hurricane is known to anyone that’s ever seen news coverage of the aftermath of any of Floridas many hurricanes. I always cringe when I see shots of boats that have been picked up and dumped by hurricanes. For some reason, those are the favored pictures of most news photographers. While Florida is not the only state with salt water coast lines, it certainly has more than most. For anyone whose ever owned or looked into owning a boat, you should be well versed in the damage that salt has on a boat and it’s myriad of parts.
With those few items in mind, let’s consider a few important points when purchasing boating insurance in Florida. Given the quick depreciation of boats in this economy, and the number of disastrous hurricanes in Florida, make sure your insurance has replacement coverage. Meaning, make sure your insurance policy will give you enough money to replace your boat with something equivalent in the event of an untimely disaster.
As with insuring a car or a home, make sure you have adequate coverage for any contents that are within your vessel. I know first hand, just how expensive boating gear can be, and for some people it would be extremely expensive to replace the contents of your vessel. When I think of all the extra electronics, safety, mechanical, and electrical gear I’ve added as upgrades, things get pretty expensive. This should include any tenders and outboard engines you have with your mother ship as well.
Don’t be afraid to ask questions of brokers, when your shopping around for insurance. There may be certain restrictions such as coverage for when the boat is in the water or on the hard (on a cradle, jackstands or layed up). Insurance companies do offer discounts for having certain safety equipment on board, or if you’ve completed certain boating certification courses. Your broker may not mention these items up fron, so it’s always good to ask. Following these few simple tips, should be sure you enjoy boating in Florida with the peace of mind that your covered for any real disasters.