Setting sail in the sunshine state is a favorite activity among many Florida residents. However, it’s important to remember that your boat is not the only watercraft in motion, and coastal waterways can quickly become subject to accidents that can be covered by boat insurance. 

Boat insurance is essential to have in the event of an accident, as the costs of repairs or medical bills can be very expensive. It also helps protect you from liability if you are found to be at fault in an accident. The only problem is that many boat owners do not understand what is and is not included in their policy, which can lead to unexpected and costly surprises in the event of an accident. 

Regarding boat insurance, the most misunderstood concept is whether or not your equipment is covered. Therefore, we have written this article to share what you need to know about boat insurance and gear protection.

Before we answer the question of equipment coverage, let’s review the technical terms that are often heard when we talk about insurance policies and what they specifically mean for boat coverage. 

Types of Boat Insurance Coverage

Boat insurance is similar to car insurance policies in many ways. One of these ways is what it covers. If you are an auto owner and have a car insurance policy, you are most likely aware of the terms liability, collision, and comprehensive. These components make up a full-coverage auto policy and encompass a full-coverage boat insurance policy in Florida. Let’s take a deeper look at what each of these terms means when it comes to protecting your precious vessel. 

Liability Insurance

Regarding the most basic needs of any boater, liability insurance should be at the top of your list. This is because any damage to another boat, yacht, personal watercraft, sailboat, or dock caused by your negligence is covered by liability loss coverage. This coverage can help protect you in case of a lawsuit or medical bills due to an accident caused by your negligence. It can also help cover the cost of any repairs or replacement of the other boat, yacht, personal watercraft, sailboat, or dock that was damaged in the accident.

Collision Insurance

Insurance policies that cover collision or sinking damage are especially beneficial to protecting your boat (and your wallet). This policy covers collision or sinking damage or loss to your boat, something that liability does not provide. Collision is a common feature of boat insurance, and while it is optional, it is HIGHLY recommended to protect your boat from costly repairs.

Comprehensive Insurance

It is also possible for your boat to be stolen or vandalized, which is one of a few reasons that comprehensive insurance is important. Comprehensive coverage includes protection from theft, vandalism, fire, wind, hail, and other incidents that can cause damage to your boat. This type of coverage can help protect you from financial losses due to these kinds of incidents.

Physical Damage Insurance

A boat insurance policy that includes physical damage coverage will cover any physical damage your vessel develops to its hull, sails, machinery, furnishings, and more. This may be included already in your policy, however, sometimes, it is only available as an add-on. Speaking directly to your insurance agent can help you determine what is and is not included in your boat insurance policy. 

What Equipment is Covered Under Boat Insurance?

Insurance for boats typically covers items permanently attached to the boat, such as:

• Motors 

• Fuel tanks

• Life jackets 

• Anchors

• Oars

• And more

Adding additional coverage may be necessary for expensive fishing gear, water sports equipment, and electronic equipment like GPS devices. Personal effects coverage may be limited in some policies, while certain types of equipment may be excluded in others.

To protect your boat investment, make sure you have adequate coverage if you have a lot of expensive equipment on board. If you want to ensure that all of your equipment is covered, speak with your insurance provider, as you may need to purchase additional coverage.

How to Insure Your Equipment

When first purchasing a boat insurance policy in Florida, your insurance agency will likely ask you what items you would like to insure. We have created an easy-to-follow comprehensive guide on how to properly insure all the equipment on your boat so that you are fully protected if an accident ever occurs. 

Follow the steps below to stay covered:

Assess your equipment needs: Make a list of everything you have on your boat, including electronics, fishing gear, and water sports gear. You can then choose which items you want to insure based on the total value of the equipment. If you need help determining the worth of your equipment, you can always have an insurance agent audit and complete a formal estimate for you. 

Review your current policy: Be sure to check your boat insurance policy to see what equipment is covered and what exclusions or limitations apply. Consider adding a rider or endorsement to your existing policy if you need additional coverage for your equipment. 

You may need additional coverage: Depending on the value of your equipment, you may need to obtain additional coverage beyond what is offered in a standard boat insurance policy. To ensure you are fully covered in the case of an unexpected incident, your insurance agent is the ideal resource for finding the perfect policy for your boat and its contents.

Understand policy limits and deductibles: You should understand the policy limits and deductibles along with any additional coverage you may have to ensure your policy limits cover your equipment’s value.

Keep detailed records: Keep receipts and appraisals as proof of the value of your equipment, as this will be highly important if you ever need to file a claim. 

Update your policy: As you purchase new items for your boat, be sure to notify your insurance provider of any changes to your equipment or its value so that your boat insurance policy remains current.

Let’s Talk Claims

In the event of equipment damage or loss, the claim process may vary depending on your insurance company. In order to file a claim, you will need to provide documentation of the damage or loss. Your insurance provider will then determine the coverage and settlement process. 

Depending on the coverage, you may be able to receive compensation for the cost of replacing the damaged or lost items. Additionally, you may need to provide additional evidence, such as repair estimates, receipts for the item, or witness testimony, to receive the maximum amount of coverage.

It is important to note that you will only receive payment from your insurance provider after you have paid your deductible (this can range from $500 to $2000 or more). For this reason, opting for an affordable deductible is important when choosing your boat insurance policy.

How Del Toro Insurance Can Help

You don’t need to feel left in the dark when it comes to properly insuring your vessel in Florida. If you have questions about boat insurance coverage and want to protect your boat and its equipment, Del Toro Insurance is here to help. 

We understand that it can be confusing to know exactly what coverage you need and we are here to provide the support and guidance that you need. Our team of experienced insurance professionals can provide guidance on selecting the right policy options to meet your specific needs, and we can also assist you with obtaining additional coverage for your boat’s equipment. 

With a focus on customer service and satisfaction, Del Toro Insurance is dedicated to providing you with the best insurance experience possible. Contact us today to learn more about how we can help protect your boat and ensure that you have the coverage you need.