The state of Florida doesn't require you to have insurance on your boats to operate them. However, if you are purchasing a boat with a loan, the lender will require that you carry boat/watercraft insurance to protect their assets. Many marinas require you to have boat insurance to dock at their facilities. You should carry insurance with Morgan Insurance Services even after your boat is paid off. You take the chance of substantial loss if your boat is damaged in an accident.
Your homeowner's policy carries minimal insurance for a boat or watercraft. It usually will only pay you damages up to a specific amount and only in certain instances of damages. If you cause bodily injury or property damages to others, your homeowner's policy may offer some assistance, but restrictions are dependent on the type of boat you have. Your homeowner's policy may cover your personal belongings when you take them on your craft with you. It won't cover the theft of attached items, such as the motor.
A boat insurance policy with Morgan Insurance Services in FL will provide coverage for damages to your boat or your personal property after you meet the deductible. This coverage extends to when your boat is being transported on a trailer, and also on the water. Your boating policy will also cover liability in the case that you cause damages of any sort to another person or their property. You will also have coverage for medical payments for you or your passengers on the boat in case someone is hurt. Uninsured boat owner's coverage would cover damages to your boat or injuries to you if the other boat owner did not have insurance. You can also get towing in case you are stranded and need to be towed to a port or dock.
It's highly recommended to secure a hurricane plan because of the high risk in Florida, which will provide you with wind coverage in your policy. Many residents of the state also include a named storm deductible due to the high risk of tropical storms and hurricanes in the area. Contact our offices in FL to discuss the additional options and learn how you can get a quote.