Boat Insurance Basics: What Every First-Time Owner Should Know

First-time boat owners in Florida are in for plenty of adventure, but it also means planning ahead. Learning about boat insurance is a crucial step in handling potential risks and making the most of your time on the water.

What is Boat Insurance Coverage?

Boat insurance is designed to cover you, your passengers and your watercraft against a range of potential risks. Here are some standard coverage options to consider:

• Liability coverage may pay for damages or injuries you may cause to others while operating your boat.
• Physical damage coverage may provide coverage for your boat against damage from accidents, storms, theft or vandalism.
• Medical payments (MedPay) coverage can compensate for medical expenses for you and your passengers if injured in a boating accident.
• Uninsured/underinsured boater coverage may apply if you’re involved in an accident caused by someone who lacks adequate insurance.

Some policies may also include coverage for personal belongings, towing and emergency assistance.

What Are the Legal Requirements in Florida?

The state doesn’t require boat owners to carry insurance by law, but there are times when coverage becomes a must. If you’re financing your boat, your lender will likely ask for insurance. Marinas and storage facilities may also have their own requirements. Even when it’s not mandatory, having boat insurance can help you avoid significant out-of-pocket expenses if something goes wrong.

How Do You Choose the Coverage You Need?

Choosing the right coverage may depend on your boat’s type, size and how you use it. Regular maintenance can help prevent issues and may lower your insurance costs. Taking a certified boating safety course can improve your skills and may qualify you for discounts.

Our Team Can Help

First-time and seasoned boat owners have unique insurance needs. Contact Iron Rock Insurance to discover insurance solutions tailored to your goals.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.