With warmer weather right around the corner, the water is Southwest Florida is getting itself ready for the many boat lovers that set sail on the open waters. In response, boat and watercraft owners should be prepared as well by purchasing insurance. Whether it be a commercial fishing boat, yacht, canoe, etc., it’s of the utmost importance to protect these valuable assets with an adequate insurance policy.

When compared to home and auto insurance, boat and watercraft policies are very similar. All coverage plans are meant to financially protect the policyholders in the event that something bad should happen. Let’s take a close look.

Why Boat Insurance is Important

•For boats that are moored at a port, it’s not only smart to have boat insurance, IT IS THE LAW.
•If a boat becomes engulfed in flames, this can lead to costly repairs and replacement expenses. In addition, there will be cleanup costs. Boat insurance can provide coverage for fire damage and cleanup costs.
•When a boat becomes submerged in the water, it has to be removed. Insurance can pay for the cost of having the wreckage removed.
•Boats that sink in the water often leak pollutants; these pollutants have to be removed. Insurance, once again, can cover the associated removal expenses.

Factors that Affect Boat Insurance Premiums

•Accessories installed on the boat may or may not affect premium rates

Types of Coverage Plans

•Liability: Many times, when a boat becomes involved in an accident, then another boat or watercraft is involved. Liability insurance will pay for damage to the other person’s boat/watercraft. It will also cover many other types of property damage, such as damage that occurs to a dock.
•Physical Damage: The boat itself needs coverage, and this is the advantage of having physical damage coverage. In addition, this part of a policy usually provides coverage for the motor of the boat and the trailer.
•Medical Payments: If someone is injured during a boating accident, the medical payment portion of the insurance policy will pay for part, or in some instances all, of the associated medical expenses.
•Theft: This part of a policy is self explanatory. If the boat or watercraft is stolen, coverage will be provided.

Many times, boat and watercraft owners can qualify for discounts on their insurance policies, such as by combining their auto and boat insurance policies. To find out what discounts can be qualified for, it’s best to speak with a professional boat insurance specialist.

Herndon Carr
10501 Six Mile Cypress Pky #101
Fort Myers, FL 33966