Recreational and commercial boaters who require Florida boat insurance have unique considerations as they seek the best coverage.
First and foremost, Florida has extreme weather concerns that are potential hazards for anyone out on the water or with a boat docked at a marina. Each year, Florida’s coastal waters are rocked by severe storms, hurricanes, and wind storm damage.
If you are planning to use your boat in the Sunshine State, you need to ensure that you have adequate protection in the event you encounter a severe weather system. Comprehensive coverage should include not only repair or replacement costs, but arguably also salvage and towing, among other possible expenses after a storm.
When you are looking for the best Florida boat insurance, it is a good idea to work with a company that understands the unique needs and requirements of enthusiasts and commercial boaters. Typically, the bigger the vessel, the more complex the coverage requirements may be. An underwriter experienced in boats and yachts will understand better the valuation of each vessel, crew coverage, and the most prudent liability coverage.
While there are insurance companies that offer umbrella policies that extend to recreational boats, it pays to secure your Florida boat insurance from a company specializing in marine insurance. A lower rate for umbrella coverage might be enticing but could leave you with inadequate insurance in the event you do need to make a claim.
Another consideration for Florida boaters is to choose coverage with a deductible you can reasonably afford if you do meet with misfortune. Again, lower rates for higher deductibles may have some appeal, but you must ensure that you can afford to pay the deductible if you have to make an insurance claim. If you cannot afford a deductible, then the boat insurance is not adequate.
Most avid boaters work hard to maintain their vessels and often invest in upgrades. If you do add value to your marine investment, check with your Florida boat insurance company to ensure the new upgrades are covered.
Will you be boating in Florida this summer? Contact the marine insurance professionals at Global Marine Insurance to review your Florida boat insurance policies. Our friendly marine insurance specialists will review your policies to ensure you have adequate coverage for the next boating season.