Boat Insurance

Insurance for Boats

If you're a boat owner living in Florida, you know that you need to have boat insurance. But with all of the different options out there, it can be hard to figure out which company is the best for you.

A boat insurance policy provides boat owners with protection from both liability and property damage. If you are involved in an accident while boating, boat insurance can help to protect you financially. In addition, boat insurance can help to cover the costs associated with repairing or replacing your boat if it is damaged or stolen.

The best boat insurance companies today provide boat owners with a wide range of benefits and boat insurance discounts. Still, boat owners need to carry out thorough research on which boat insurance company provides them with the best service and coverage at a price that meets their budget needs.

Well, look no further! Ted Todd Insurance is here to help. We offer some of the best rates in the state, and our customer service is second to none. We'll take care of everything for you so that you can relax and enjoy your time on the water worry-free.

Looking for peace of mind and protection for your investment? Contact us today for a free quote and let us help you find the perfect policy.

What Is Boat Insurance?

Have you ever been out on the boat with good weather and had something go wrong? This could be anything from a boat engine failure to getting stranded in your boat.

Unfortunately, if you're not prepared for such an event, it can lead to serious issues financially.

Repairing or replacing a boat costs thousands of dollars and boat insurance coverage can help to protect you in such events.

Boat coverage provides protection from both liability and property damage. If you are involved in an accident while boating, insurance can help to protect you financially.

In addition, insurance can help cover the costs associated with repairing or replacing your boat if it is damaged. It can even cover common boat contents and boat trailers.

Components Of Boat Insurance

Boat Equipment

Boat insurance does not cover just the boat itself, but also, it can help protect important boat equipment. This includes items such as life jackets, anchors, navigation equipment, other boating accessories, and even aftermarket modifications to the boat.

Watercraft Liability

Personal watercraft liability coverage helps protect boat owners financially in the event of boat-related accidents. If involved in an accident, personal watercraft insurance can help you pay for damage to a dock or another boat, as well as medical coverage for an injured person.

Emergency Services

Boat insurance can also help to pay for boat expenses in case of an emergency or urgent situation. For example, your policy may cover the costs of towing. Speak with your agent about what other emergency-related services may be covered.

Physical Property Damage

Physical property damage coverage protects your boat, its motor, and its trailer when hauling, launching, or out on the water. It also protects these items if they are stolen or vandalized, as well as if they are damaged by wind, hail, lightning, fire, or explosion. It also covers $100 of emergency service, including wreck removal.

Personal Possessions

The right policy can protect you from loss of equipment not essential to boating as well, such as electronics or a depth scan fish finder. Speak with an agent about what all can be protected under your policy.

Uninsured Watercraft

Uninsured watercraft coverage protects you if another boater causes an accident but they don’t have enough coverage for your medical payments and expenses.

How Much Does Boat Insurance Cost?

The insurance premium of a boat policy varies by size and value (or actual cash value--ACV) of the boat as well as coverage limits you select. Need a quote? We offer free, no obligation quotes to all Florida residents.

What Does Boat Insurance Cover?

If you're a boat owner researching your boat insurance company choices for the first time, or even if you've had a policy for a while but are curious about what's possible, you may be wondering what all a boat insurance policy may cover. Let's take a look. 

Keep in mind that what follows varies depending on the insurance company and your policy selections, so consult with an experienced insurance agent about what kind of property and liability coverage you need.

Property and Loss We Cover

• Most boats, motors, boat equipment, and boat trailers 

• Your newly acquired watercraft 

• Physical loss to the property, except as limited or excluded in the policy

Necessary Repairs After A Loss 

We will pay the reasonable expense for necessary repairs to protect covered property from further loss following a loss we cover. This protection does not increase the amount of insurance that applies to the property being repaired.

Emergency Service

We will pay up to $100 for the reasonable expense you incur resulting from the following emergency service to your watercraft or boat trailer: 

• Mechanical labor at the place of its breakdown

• Towing to the nearest garage, marina, service station or other service point where necessary repairs can be made

• Towing it out if it is stuck

• Delivery of fuel, oil, battery, or change of tire (we do not pay for the cost of these items)

• No deductible applies to this coverage

Wreck Removal

We will pay the reasonable cost you incur for any attempted or actual raising, removal or destruction of the wreck of your watercraft, if: 

• The peril causing the loss is covered

• Removal or destruction of the wreck is required by law or governmental authority

What Does Boat Insurance Not Cover

So, you may be wondering what boat insurance policies do not cover. Let's take a look!

The following varies and may not apply, depending on your policy decisions and the insurance company you choose. Again, consult your agent.

Property and Losses We Do Not Cover

• Wear and tear; marring; scratching; gradual deterioration; blistering, osmosis or electrolysis; inherent vice; rust; corrosion; mold; wet or dry rot

• A latent or physical defect. This exclusion applies only to the item having the latent or physical defect

• Structural or electrical or mechanical breakdown, or overheating

Property and Losses We Do Cover

Any loss that follows is covered unless specifically excluded. 

• Ice or freezing

• Repairing, renovating, servicing or maintenance. Fire or explosion resulting from any of these is covered, but only for loss caused by the fire or explosion. 

• Infidelity of an insured person's employees

• Infidelity of any person to whom the property is entrusted or rented

• Intentional or criminal acts of an insured person, if the loss that occurs:

• May be reasonably expected to result from such acts

• Is in fact the intended result of such acts 

What Qualifications Do I Need for Boat Insurance?

The qualifications required for a boat owner and the boat itself may vary upon many factors. Speak to your agent for specifics pertaining to your unique situation, including what property or liability insurance you require. The following may or may not apply:

Driving Experience

• Must have a valid driver’s license

• No current license suspensions or revocations

Driving Record

• No major violations in the past 5 years

• # of incidents <= 2 per operator in past 3 years

• # of incidents <= 4 per household in past 3 years

Boat Qualifications

• Maximum age of all boats and personal watercrafts is 35 years old

• Maximum liability is $500,000

• Maximum Boat/PWC and Motor Value is $175,000 (except for Dade and Monroe where the maximum value is $100,000)

• Maximum outboard per motor value is $32,000

• If the length is less than or equal to 30 feet, then the rated horsepower cannot exceed 500

• If the length is greater than 30 feet, then the rate horsepower cannot exceed 900

NOTE: Boats not meeting the requirements might still qualify

Ineligible Boat Types

• Commercial boats, boats for hire, leased boats

• Boats/PWCs in the name of a business or corporation

• Boats/PWCs used for racing (except sailboats)

• Any Boat being used as a primary residence

• Houseboats that are non-cruising, live-aboard or converted from other boat types

• Surplus military

• Boats/PWCs in the process of renovations or reconditioning

• Inflatable/Collapsible boats (unless used as a dinghy/tender for larger boats which we insure)

• Hydroplanes and tunnel hulls (except sailboat catamarans)

• Hydrofoils

• Air boats

• High performance, cigarette hulls and muscle boats

• Homemade, kit or course-of-construction boats

• Unique/Custom boats or Experimental craft

• Swamp Buggies

• Boats/PWCs with white gas or gasoline appliances

• Submersibles, amphibious vehicles, and hovercraft

• Watercycles, wet bikes, and aquacycles 

• Shuttlecraft

• Glass bottom boats, ice boats and ferro cement boats

• Boats/PWCs with more than 2 owners

• Boats/PWCs on consignment

• Motor Only policies

• Multiple “Additional Insureds” on an item

• Motor-Driven Surf Boards (with fan propellers)

• Boats with 3 or more simultaneously running engines

• Motor-Driven Surf Boards (with fan propellers)

• Any water sport activity involving a device designed for flight (i.e. para-sailing, hang-gliding, kite-skiing, Flyboards and water-powered jet packs)

• Watercraft with non-marine converted engines or with after-market products that increase the boat’s baseline horsepower or speed

• Watercraft powered by surface piercing drives (such as Arneson Surface Drives) or turbine engines

• Boats with a hired captain/crew

• Boats that are currently not seaworthy, including former power boats where the engines have been permanently removed

• Boats with a Branded Title (such as Salvage, Junk, Total, Flood, etc.)

Boat Insurance FAQs (Frequently Asked Questions)

Related Boat Insurance Terms

• Boat liability insurance

• Comprehensive boat insurance policy

• Watercraft liability coverage

• Physical property damage

• Personal possessions

• Uninsured watercraft insurance

• Collision coverage

• Boat breakdown coverage

• Actual Cash Value (ACV)

• Medical payments

• Boat and yacht insurance