Boat or Watercraft Insurance: What does it cover? | Harbour Insurance

There is no denying that owning and operating a boat is extremely fun and exhilarating, particularly here in Florida. However, things do happen ? often when least expected. Sinking, heavy storms, fire, theft, and collisions are just a few of the constant hazards you face as a boat owner.

Most states require a minimum amount of?liability insurance?on your boat, and if you have a boat loan, your lender will likely require you to carry?insurance?until the boat is paid off in full. Owners in Florida may also find that some marinas and yacht clubs will not allow uninsured boats to dock. Regardless of requirements, it is always a good idea to protect your investment.

Coverage for Your Boat or Watercraft:

Similar to?auto insurance, boat or watercraft insurance policy coverage and limits vary from company to company. However, the main types of coverage for boat insurance are liability and property damage.

Here is a rundown of what to expect out of your Florida boat insurance policy:

• Property Damage Liability??? ?This insurance coverage?will pay costs from damage to other property from any accident deemed your fault. This can be damage to another boat, dock, other structure or vessel.
• Bodily Injury Liability? ? ?This coverage will pay for expenses to an injury to others from an accident in which you are found to be at fault. Medical bills, pain and suffering, defense costs and lost wages may all be covered.
• Physical Damage? ?? This covers damage to your own boat and its trailer. If you hit a dock or other structure and your boat is damaged, the cost of repair will be covered by your insurer.

Some other optional and popular solutions for your Florida boat or watercraft include:

• Uninsured Boaters??? Covers you in the event of an accident with an uninsured boater.
• Medical Payments??? Medical expenses for you or your passengers will be paid up to the policy limits.
• Personal Property??? Pays for damage to personal property on the boat or when it?s being transferred on or off the vessel.
• Roadside Assistance??? Covers the boat during towing and most often the towing vehicle.
• Accident Aftermath??? Covers debris removal from an accident.

There are exclusions when it comes to Florida boat or watercraft coverage and like your home or auto insurance,?it?s always important to check with your provider to determine what policy is best for you.

Source: https://www.hrm.us/blog/boat-insurance-coverage.html/

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