When it comes to purchasing a new boat insurance policy, there are certain restrictions that you should be aware of. Many homeowner policies provide coverage for smaller boats and engines, usually limited to between 25 and 100 horsepower. However, these policies typically only apply to use on inland waterways, lakes, and rivers. If you plan to sail outside of a coastal cove or along the beach, you will need an experienced marine insurer.
In addition to the type of water you plan to sail in, there are other factors that will lead you to a qualified marine insurer. If you are financing the boat, a lender may require boat insurance. Many marinas also require protection if you are going to dock there. Furthermore, it generally costs less to have insurance for fresh water than for salt water, so be sure to talk to your agent about where you are going to sail. A homeowners insurance policy typically offers property coverage for a small boat, motor and trailer, but it excludes liability insurance.
If your boat damages someone else's property or injures someone during an accident, your liability insurance pays for the damage. The amount of boat insurance you may need depends on several factors, such as the value of the boat, the size of the engine and its age. You can add boat liability coverage to your home insurance policy for an additional fee. While boat insurance may not be required in your state, it is still a primary consideration. The amount of boat insurance you need depends on several factors, such as the age, engine size and value of your boat, lender requirements, marina requirements, state requirements and intended use.
In Florida, boat insurance policies can be for nominal risks or for all hazards. When shopping for boat insurance, it is important to research and compare prices in order to find the right quote for you. A good approximation for your annual premiums is 1.5% of the current market value of your boat. Protecting your boat with the best boat insurance is essential in order to preserve the memories you keep in the water.