Boat Insurance Florida

Florida Boat Insurance

For the outdoors type, there's nothing quite like boating for giving you the freedom to travel on top of the water - be it fresh, salty, warm or cold, where there's open water, there's bound to be a boat or two. Whether you enjoy kicking back and letting the sail do the work for you or you handle twin outboards like a pro, you'll want to make sure you and your boat are protected in the event of an accident. With a variety of different options available, it can get overwhelming fast. Take some time to read a little about some of the more common characteristics of florida boat insurance and make an informed decision if and when you decide to purchase.

boat insurance florida - florida boat insurance - BIA & Company

What It Covers
Florida boat insurance, also called "hull insurance", provides protection from damage or loss to your boat, machinery and equipment. Boat insurance is broad, covering not only the vessel, but in some cases, sails, outboard motors, pollution, dinghies, fenders and even furniture. However, it is intended protection for pleasure crafts only. If you use your boat in Florida as a charter or collect money for services, more than likely you will be in violation of your South Miami boat insurance policy.

Most Florida boat insurance policies cover fuel spills. Nevertheless, most companies will not pay the fines and fees resulting from a spill. Hurricane haul outs are commonplace in warmer tropical areas, making it likely if you have Orlando boat insurance, you'll want to double check your policy to see if you'll be reimbursed. Some companies charge an increased premium, others do not. Additionally, some policies contain allowable salvage charges, while others do not.

Understanding Exclusions
Most Florida boat insurance policies are written as "all risk". This means all damage sustained to the boat is covered unless otherwise stated. In this case, the "exclusions" clause becomes very important and should be reviewed carefully. Common exclusions include normal wear and tear, weathering, mold, animal damage and osmosis or blistering. In some cases, machinery damage is excluded. Damage from user error- like forgetting to put oil in your engine- would most likely not be covered.

Personal Effects
For folks spending a lot of leisure time on their boats, it's possible to have an expensive collection of personal effects. From fishing rods and reels to scuba diving equipment, boat insurance typically gives you the option to include coverage for these types of items. Florida boat insurance may be different from California boat insurance, so be sure to read the policy thoroughly for personal effects coverage. Remember, electronics and safety gear is considered part of the boat and machinery and would not be considered personal effects, although there may be electronics deductible.

Motor Coverage
Different insurance providers have their own take on motor insurance. In some cases, it's possible to insure your engine for depreciated value or replacement cost.

Types of boat Insurance Policies
For most Florida boat insurance, there are three types of available policies- actual cash value, agreed value and replacement cost.

Actual Cash Value is the value of the boat at the time of the loss. Most boat insurance pays the insured value or the actual value- whichever is lower.

Agreed Value is a bit different and is simply the amount you and the insurance company decided on before the loss occurred. Regardless of the actual value of the boat, if you have an agreed value policy, the insurance company must pay the agreed upon amount.

Replacement Cost policies replace your boat with a new boat. However, you can only purchase a replacement cost policy on a new boat and this coverage is only available for three years after purchase. After three years, all replacement cost policies change to either actual cash value or agreed value.

How Florida Boat Insurance Works
Basically, when you sustain damage to your boat, you decide if it is declared a "partial loss" or a "total loss". How you get paid depends on which claim you file. With a partial loss, the insurance company can take one of two actions- replace the damaged items with new ones or depreciate damaged items. Depreciated value is simply what it costs to replace an item, taking into consideration depreciation. Boat insurance companies use different formulas to determine depreciated value for replacement purposes.

Most insurance providers have different ideas as to what coverage should be included, so make certain you read your policy carefully to ensure it fits your unique needs. Remember, Florida boat insurance is not the same as Texas or Alabama boat insurance. Take the time to review your policy carefully and happy boating!

If you're looking for Yacht Insurance, Boat Insurance Florida or Boat insurance in Miami, Ft Lauderdale, Homestead, The Florida Keys, Key Largo, Coral Springs, Jupiter, St. Augustine, Kendall, South Miami, Coral Gables, West Palm Beach, Hollywood FL, Naples, Ft. Myers, Fort Pierce, Sarasota, St. Pete, Clearwater, Tampa, Cocoa Beach, Jacksonville, Orlando, Daytona Beach or Palm Coast, then contact BIA & Company for a free Yacht Insurance or Boat Insurance quote today! BIA & Company offers the best rates on Boat Insurance and Yacht Insurance in Miami, Ft Lauderdale, Homestead, The Florida Keys, Key Largo, Coral Springs, Jupiter, St. Augustine, Kendall, South Miami, Coral Gables, West Palm Beach, Hollywood FL, Naples, Ft. Myers, Fort Pierce, Sarasota, St. Pete, Clearwater, Tampa, Cocoa Beach, Jacksonville, Orlando, Daytona Beach and Palm Coast.

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