How Much Is Boat Insurance In Florida?

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Your weekend recreation shouldn’t leave you sunk.

How much is boat insurance in Florida?


With more than 1,000 miles of coastline—and countless inland rivers and lakes—it should come as no surprise that Florida is one of the top states in the country for boating.

More than 1 million recreational watercraft are registered throughout the state, from jet skis to yachts. And if you’re a boat owner, you’ve probably taken steps to keep you and your passengers safe on the water.

But have you given thought to protecting your wallet?

Boat insurance can provide you with peace of mind, so you (and your bank account) can stay afloat.


Is Boat Insurance Required In Florida?

Currently, there are no Florida laws that require boat owners to get boat insurance. However, if you’ve financed your boat, your lender may require that you have some form of coverage.

And while there’s a chance that your homeowner’s policy does provide some coverage for watercraft, it’s very limited. Most of the time, only losses that occurred outside of the water are covered, and coverage is limited to $1,000.

How Much Is Boat Insurance In Florida?

Florida is known as a “high cost” state when it comes to boat insurance, so if you recently moved from a state like Minnesota or Ohio, you should expect higher insurance premiums in the Sunshine State.

The average cost of boat insurance in Florida is roughly $700 a year, but this depends on several factors. What you pay for boat insurance may differ from what your neighbor pays.


Factors That Affect Boat Insurance Rates

It’s not just your insurance company that determines your rates. Several factors help determine how much you should expect to pay for boat insurance.

Location – States with a coastline and longer boating season (like Florida!) typically come with higher rates, while inland states tend to have cheaper boat insurance.
Type of Watercraft – In most cases, the bigger and more expensive the boat, the more you should expect to pay for insurance.
Age of Watercraft – Because newer boats cost more to replace and repair, they are often more expensive to insure than older boats.
Horsepower – You feel a need for speed, you may also need to pay more for insurance.
Boating History – More experienced boaters are less likely to get into an accident, which can result in lower rates.
Safety Measures – Much like car insurance, boat insurance is often cheaper if your watercraft has certain safety equipment.

Types of Boat Insurance

The good news? There’s a boat insurance policy for just about any type of risk you can conceivably encounter while on the water.

Property Damage Liability Insurance – Protects against damage to a third-party
Bodily Injury Liability Coverage – Protects against injury to a third-party
Medical Payments – Protects against injury to you or a passenger
Collision and Comprehensive – Protects against damage to your boat
Mechanical Breakdown Coverage – Protects against damage to your motor or other mechanical systems
On-Water Towing – Reimburses you for on-water towing costs after an accident or breakdown
Uninsured Watercraft Coverage – Protects you and your passengers against injury caused by a boater with inadequate (or no) coverage
Water Sports Coverage – Protects against injury caused by water sports, such as water-skiing, wakeboarding, and tubing
Umbrella Insurance – Increases the policy limits and/or coverage on existing policies


How To Reduce Your Boat Insurance Costs

While boat insurance is significantly more affordable than home or auto insurance, there are ways to reduce your premiums so you can get the best coverage for your budget.

Most importantly, take safety precautions when outfitting your boat and attend an approved boat safety course. Go above and beyond the legal requirements, too.

It may sound counterintuitive, but purchasing as much coverage as you can is actually the best way to save money on any policy. In fact, insurance companies tend to save their best rates for those they see as the most responsible.

If possible, store your boat indoors when not in use. The more exposure it has, the more opportunities for losses like theft, damage, and vandalism.

If you already own a home or auto policy, ask your insurance provider about bundling your policies. And for those who own multiple watercraft, multi-boat discounts can significantly reduce your premiums.

Need a Boat Insurance Quote?

Finding the right boat insurance policy is crucial to protect you where you’re most vulnerable. Whether you’re an avid saltwater enthusiast or an inland angler, boat insurance can cover the risks you may encounter on the water.

And the best way to get a solid boat insurance policy is by working with an independent insurance agent.

At HLI, we’ve been one of Orlando’s top independent agents for more than 30 years. Because we’re not tied to a specific carrier, we’re able to bring you more choice when it comes to your boat insurance policy.

Whatever the size of your watercraft, we’ll guide you toward the policies that protect so you aren’t left high and dry.

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