Is Florida Boat Insurance Required?

You have dreamed of this day since you started working.  You have saved every penny and now it’s time to enjoy your retirement.  You live in a state near the water and you’ve always dreamed of one day sailing the open blue seas.  So you take the plunge and buy your first boat.  Depending on what you can afford, it is either the size of a canoe or your dream yacht.  Whatever size boat you choose, you should buy boat insurance. Boats are not covered under homeowners insurance so you need a separate policy.

Why Do You Need Florida Boat Insurance?

You just spent a large amount of money to buy your boat, so you definitely want it to be protected. Boat insurance is like other types of insurance in that if someone is injured on your boat, you are protected against liability.  If something happens to your boat, an insurance company will let you choose between the cost of replacement or the difference in cash.

According to, boat insurance will cover any bodily injury that your boat might have (like if it crashes into another boat) any damage to your boat from your docking station and damage to your boat if it hits something or gets stuck. Most Florida boat insurance companies will also offer protection against fire and/or theft.  You can add more options to your insurance like if you want to cover your fishing gear.  What if you are towing your boat to the dock and you break down?  You can get coverage for towing as well.

How Much Does Boat Insurance Cost?

While this is an easy question to ask, it is not an easy one to answer. Boat insurance prices depend on a number of factors such as location, the age of your boat, and the size of your boat. Your insurance company will want to know where your boat is docked. For example, is your boat going to be used on lakes or in the ocean? That makes a difference because saltwater will erode a boat quicker than lake water. Also, do you live in a state that experiences winter climate?  You can’t keep your boat docked year-round because the water will freeze.

The size of your boat is very important. A small boat will obviously cost less to insure than a yacht.  Some insurance companies classify boats into separate categories such as houseboats, yachts, motorboats, etc.  These all are determining factors in deciding the cost of your boat insurance.  Small boats can cost about $75 a year for insurance.  Bigger boats can cost as high as $500 a year to insure.  Boat insurance in Florida works the same as auto insurance.  The more accidents you have, the higher the cost.

You can purchase boat insurance through the same company that provides your homeowners insurance.  If you want to use a separate company, most well known insurance companies such as State Farm and Progressive provide boat insurance.  To find out how much you might have to pay a year, simply go to the website and ask for a quote.  Then you will be on your way to sailing the open water!