Florida’s Boat Insurance Puzzle: Best Boat Insurance Companies In Florida 2024

Florida’s Boat Insurance Puzzle: Best Boat Insurance Companies In Florida 2024

Boating is a wonderful lifestyle enjoyed by many, with the United States offering vast waterways for all boaters to enjoy.

Whether you’re out for a leisurely cruise on the rivers, fishing in Florida, or sailing in the Pacific, it’s a great way to escape from the world’s worries.

An image of the best boat in Florida/photo courtesy:freepik

Did you know that Florida is also one of the priciest places for Boat insurance?

United Marine Underwriters specializes in protecting this lifestyle, providing insurance specifically designed for boat owners and their activities.

To get the best boat insurance rate, you can request a quote online. You can then customize your quote using our editing and shopping options, or compare insurance quickly for additional boats.

As fellow boaters, we understand your needs. We’ll work with you to compare coverage options side by side and find the most affordable insurance for you and your boat.

Our insurance companies are A+ rated, offering secure coverage, broad protection, and competitive prices.

United Marine Underwriters has been providing quality and competitive insurance services to boat owners and insurance agents for over 30 years.

Ready to roll? Let’s dive in!

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How much is boat insurance?

The average boat insurance premium is approximately 1.5% of the boat’s insured value, according to Bankrate.

However, several other factors can affect the amount you pay, such as your credit score, location, and the length of the boating season in your area.

Why United Marine Underwriters

I am  Randy Troutman, the founder and president of United Marine Underwriters. Raised in a family passionate about boating and insurance, I established United Marine Underwriters in 1990.

Since then, I have dedicated myself to building the best boat insurance agency possible.

I can assure you that we are the most knowledgeable, efficient, and dedicated team you will find.

Complete Coverage of Boat insurance in Florida

As a top Florida boat insurance provider, SkiSafe offers a range of options to insure your boat or personal watercraft:

  1. All-Risk Coverage: SkiSafe’s policy covers your boat, trailer, and other insured property for almost all physical damage, including fire, theft, collision, glass damage, storm damage, and auto accidents. Unlike other insurers, SkiSafe’s coverage extends to risks that even the safest boater might encounter.
  2. Replacement Cost Coverage: If your new boat is declared a total loss within 36 months of purchase, SkiSafe’s replacement cost coverage will provide you with a new version of the same boat, including all options, features, and equipment you had at the time of the loss. SkiSafe covers the full cost of replacement, even if it exceeds what you originally paid.
  3. Agreed Value Coverage: With agreed value coverage from SkiSafe, you’ll receive the total agreed value of your boat in the event of a total loss. SkiSafe does not attempt to offer you less than the agreed value or depreciate your watercraft, unlike other insurance providers.

Clear Advantages Boat insurance in Florida

SkiSafe is highly regarded as one of the top providers of boat insurance in Florida, and with good reason.

In addition to covering damages to your boat or personal watercraft, we offer the following protections:

  1. Towing and Roadside Assistance: Accidents involving boats don’t always occur on the water. Since auto insurance typically doesn’t cover towing your boat, SkiSafe provides towing and roadside assistance. Simply provide your SkiSafe claims adjuster with the towing company bill, and we’ll reimburse you up to the policy limit.
  2. Bodily Injury and Property Damage Liability: SkiSafe policies protect you against liability for bodily injury or property damage resulting from your boat ownership. We also cover legal expenses in your defense, without reducing the liability available under your policy.
  3. Medical Payments: SkiSafe covers no-fault medical payments for injuries up to $25,000 because boater safety is our top priority.

We specialize in boat insurance and understand how important your boat is to you.

That is why SkiSafe offers the best available discounts and tailors your insurance to meet your specific needs.

Additionally, SkiSafe may offer even greater discounts based on your driving record, boating experience, and completion of safety courses.

What does most boat insurance cover?

Boat insurance typically includes the following coverage:

  1. Liability Coverage: This pays for damages you’re found responsible for, such as property damage or injuries to others.
  2. Uninsured/Underinsured Boaters: Covers you if you’re in an accident caused by someone who doesn’t have insurance or enough insurance.
  3. Medical Payments: Covers medical expenses for you and your passengers in case of an accident.
  4. Specialty Equipment or Personal Property: Provides coverage for specialized equipment or personal items on your boat, like fishing gear or electronics.

However, each policy is unique, so it’s important to review yours to understand exactly what is and is not covered.

What are the three main types of boat insurance?

There are three main types of boat insurance:

  1. Actual Cash Value Insurance: This type of policy pays for the replacement cost of your boat minus depreciation if you have a claim. It’s usually the most affordable option.
  2. Agreed Value Insurance: With this policy, you and your insurer agree upon a specific amount that you will receive if your boat is considered a total loss. This amount does not take depreciation into account.
  3. Total Replacement Value Insurance: This policy replaces damages with new items without considering depreciation.

Is it worth getting boat insurance?

Boat insurance is designed to repair or replace a boat, making it a valuable asset for owners of larger, powered boats.
While smaller boats like canoes or kayaks may be covered under a homeowners insurance policy, a separate boat insurance policy is recommended for larger and more expensive vessels.
This type of insurance ensures that your finances are protected if you’re found liable for damages.

How much boat insurance do I need?

The amount of boat insurance you need depends on the value of your vessel.

For instance, if your boat is worth $40,000, you should have at least $40,000 worth of coverage.

Additionally, the amount of insurance needed can be influenced by where you dock, moor, or store your boat.

Some marinas may require at least $300,000 in liability protection, but it can be as high as $1,000,000.

Best Boat Insurance FAQs

How much does boat insurance cost?

The cost of boat insurance typically ranges from $200 to $500 per year.

Insurers determine your exact premium based on factors such as the type of boat you own, your boating history, completion of safety courses, and whether you mainly use your boat inland or in coastal regions.

The cost of your premium can also increase based on the additional coverage options you choose, such as wreck removal or fuel spill cleanup.

What does boat insurance cover?

The coverage provided by your boat insurance policy depends on the specific policy you choose.

It may include physical damage to the boat due to a collision, damage to personal property, bodily injury, towing, liability protection, and more.

Do I need boat insurance?

While boat insurance is not legally required in most states (except for Arkansas, Utah, and Hawaii), marinas and ports typically require insurance if you want to dock or moor your boat at their facilities.

Lenders may also require insurance if you lease or finance your boat.

How We Chose the Best Boat Insurance

Here are the key factors we considered when selecting the best boat insurance companies:

  • Coverage Options and Discounts: We looked for companies that offer a wide range of insurance packages, coverage add-ons, and policy discounts to meet the diverse needs of boat owners.
  • Customer Satisfaction: Our research focused on companies with mostly positive feedback on online review sites like the Better Business Bureau (BBB) and customer satisfaction studies conducted by J.D. Power.
  • Financial Strength: We assessed the financial strength of each company by reviewing their rating from A.M. Best, a credit rating agency that specializes in evaluating the creditworthiness of insurance companies. All our picks received ratings between A and A++.
  • Complaint Index: We evaluated each insurer’s complaint trend report from the National Association of Insurance Commissioners (NAIC) to ensure they have a low complaint index, indicating a high level of customer satisfaction and service quality.

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