How Much Is Boat Insurance in Florida?

How Much Is Boat Insurance in Florida
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Florida, called the Sunshine State, is also known for its water. According to WorldAtlas, the state has the second-longest coastline of any state, at 8,436 miles. 


According to the Orlando Sentinel, the state has at least 30,000 lakes, and the University of Florida has estimated nearly 1,700 rivers and streams. 

Furthermore, it also has the largest subtropical wetlands in the United States. So if you own a boat, Florida is where to take it out. Boats, however, are expensive investments, and you’ll want to make the most of yours. 

That includes the ability to repair or replace it if an accident occurs. But boat insurance can assist you in doing so.

This leaves most locals wondering how much is boat insurance in Florida? 

Is Boat Insurance Required in Florida?

Although Florida boaters must get special training and register their vessels, the state doesn’t quite compel them to purchase boat insurance.

However, going without coverage is never a good idea. Boat insurance is intended to assist you in covering the costs of damage, injuries, and other losses resulting from accidents or other catastrophes involving your vessel.

It is a vital asset that you can use to safeguard your personal and financial security if difficulties happen on the boat.

Here are the reasons why you need boat insurance;

  • A boat is already an expensive piece of machinery because it is a motor vehicle. It may sustain costly damage due to a wreck or other unavoidable hazard, and insurance can assist in covering the costs of the damage.
  • A boater who makes errors could endanger the lives of others. If you have the proper insurance, you may be able to reimburse them for the damage if the accident was your responsibility.
  • Certain marinas will require paying coverage before renting dock space.

It is usually preferable to have insurance than to deal with such concerns afterward. Then, you won’t have to spend your hard-earned money trying to fix the damage you didn’t expect.

You may receive numerous forms of coverage with your boat insurance policy, such as;

  • Liability insurance pays for the damage or injuries you cause others during a wreck. For example, it might cover third-party boat repairs and medical expenses. It may also offer coverage to assist you in paying for environmental cleaning and salvage removal after a sinking.
  • Guest Passenger Insurance: When you allow a friend to pilot your boat, this policy assures that liability limitations protect them the same way you are.
  • Uninsured Insurance: Another boater may collide with yours, and they may be held accountable for the damage. However, if you do not have liability insurance, your policy will protect you.
  • Physical Loss Insurance: If your boat is destroyed in a wreck or hazard such as weather or fire, this coverage will pay to repair and maintain the vessel and any damaged accessories.
  • Medical Payments: If your passengers are injured, coverage might assist you in paying your medical bills.
  • Insurance for Personal Effects and Equipment: If you lose your fishing equipment, cell phone, or other personal belongings in an accident, this policy might help you recoup some costs.
  • Towing: This coverage may pay if you need to be hauled to port after a breakdown.
  • Roadside Towing Assistance: If your boat breaks down while pulling the boat on its trailer, this coverage can assist you in towing the boat.

The elements that may influence this include your boat’s value, location, and insurance claims record.

According to Betterboat, the cost of boat insurance is approximately 1.5 percent of the boat’s value. So, if you have a $25,000 boat, you’ll have to pay around $375 each year.

So if you’re asking how much is boat insurance in Florida, the average annual rate is $611.

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