The Basics Of Boat Insurance

No one can say Florida is not a nautical state and living there offers numerous aquatic sporting opportunities. Thousands of Floridians are boat owners. And whether you own a simple sailboat or a top-of-the-line yacht, your vehicle is going to represent as much value to you as any automobile, RV, motorcycle or airplane. To safeguard both your property and its value, you need the protection provided by quality boat insurance coverage.

Boat insurance looks a lot like other forms of motor vehicle insurance. However, it is of course designed specifically to apply to the liabilities present on a marine vessel. It’s in your best interest to get as comprehensive a policy as possible, and you can do that with the help of your SWFL Insurance agent.

Below, we’ve outlined the essential coverage provided by most boat insurance policies, and with our help you’ll be able to start your search for coverage knowing what to look for.

Primary Insurance for Boaters—Physical Damage & Liability Insurance

When you buy boat insurance, you are protecting your vessel, passengers, equipment and other financial liabilities in the event of a significant, unexpected accident involving the vessel. If you were to have an accident, if the boat gets stolen or damaged by fire, or if you cause an accident that causes harm to others, then you will be able to use your boat insurance to cover the recovery costs.

There are three core benefits within most boat insurance policies:

  • Physical Damage Insurance: This coverage insures your hull, motor, boat trailer, boat equipment (anchors, oars, fuel tanks, life jackets, dinghies, tools, etc.) and other personal property against theft, accidental loss or collision damages.
  • Marine Liability Insurance: Liability insurance will pay when you are at-fault for an accident that causes harm to others. It will provide payment for the legal obligations imposed upon you due to an accident resulting from the ownership, maintenance, or use of your watercraft. Usually, it will cover third-party bodily injuries and property damage. It will cover your own legal defense arising from these challenges.
  • Medical Payments: If you are injured in a boating accident, then this coverage will pay for your own medical bills. It can also cover your passengers’ injuries, as well.

Expanding Upon Your Boatowners Insurance Benefits

It’s up to you to select the coverage limits, deductibles and other benefits within your boat insurance to help you receive as much coverage as possible if you ever file a claim. Often, this will mean expanding upon your core benefits to achieve more substantial protection.

Additional coverage that can work to your advantage includes:

  • Guest Passenger Liability Insurance: If you ever let someone command your boat (either with you aboard or alone) then this coverage will extend your liability benefits to those operators.
  • Emergency Service Insurance: This pays for reasonable costs that you incur resulting from specified emergency service to your boat, motor or boat trailer.
  • Wreck Removal Coverage: This pays the reasonable expenses you incur for any attempted or actual raising, removal or destruction of the wreck of your watercraft.
  • Umbrella Liability Coverage: This provides additional liability coverage across the board for home, auto and watercraft insurance policies. Therefore, if you were to face a liability claim that exceeds the limits of your primary watercraft liability insurance, you will be able to turn to this coverage for additional assistance.

All in all, you must create your boat insurance policy based on what coverage you need, not based on the coverage held by the owner of the boat across the street. It’s your insurance agent at SWFL Insurance who will be your advocate in helping you determine precisely the coverage that will be of the greatest benefit to you. From start to finish, you can trust us to build a comprehensive personal watercraft insurance policy that will always keep you and your vessel secure.

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