Boat Insurance

How Much Is Boat Insurance in Florida? (Costs)

Florida has a very friendly water culture. Your family might make several excursions into the water in a month, and boating or yachting may provide many benefits, both socially and financially. The average Florida boat insurance cost is around $652 a year. So the question is, do you need boat insurance? While you are not legally required to have boat insurance in the Sunshine State, you might still want to consider purchasing boat insurance so that in case of collision or other types of damages, you can claim adequate financial compensation. If the watercraft has been stolen or wrecked, all of the out-of-pocket expenses can be a pain.

How much does boat insurance cost in Florida?

Florida boat insurance costs $652 per year, on average, whereas medium-cost states have an annual policy cost of $344, on average. Low-cost states have an annual premium average of $263.

boat insurance cost in florida

What affects boat insurance cost? 

Your boat insurance cost is calculated based on many factors, including the type of watercraft you are operating, your boating history, as well as the particular boat insurance you might need.

Type of boat 

The type of boat you own or pilot may influence your coverage costs. Some types of boats may have a higher number of unique features that can raise your boat insurance premium. 

type of boat

For example, a fishing boat, a pontoon boat, and a sailboat may be operated differently or have unique parts that may affect how much repairs cost, resulting in various boat insurance rates. 

If you own a personal watercraft such as a jet ski, it may be a challenge to get affordable and proper boat insurance coverage.

Boat horsepower 

Boat horsepower 

The higher the horsepower rating of your boat engine, the higher your boat insurance cost may be. Powerboats often have more costly insurance premiums, for example. 

Age of the boat

age of the boat

If you own a newer boat, it may be more expensive to get a boat insurance policy than on an older boat. While newer boats may require less overall maintenance or may be more durable than an older boats, repair costs may be higher than those of older boat models. 

Your boating history

your boating history

If you are someone who has a long history of boating, you may be able to net a lower boat insurance rate than someone who does not have as much experience with watercraft.

Your state of residence

state of residence

States located along the coast tend to have more expensive boat insurance premiums. That is why living in Florida means having an average cost of $652 a year, whereas medium-cost states have an annual policy average of $344, and low-cost states have an annual premium average of $263. As you can see, the place you operate your personal watercraft may affect that place's boat insurance costs. 

What does a boat insurance policy cover?

Typically, boat insurance covers the common types of damages that a boat may sustain. This may include:

  • Damages to your boat caused by a collision. Which may include consequences of the collision whether you are at fault or not, as well as if the other party is uninsured or underinsured
  • Bodily harm that is caused by you to another party
  • Property damage that is caused by you to another boat 
  • Damaged or stolen equipment from your boat 
  • The towing of a disabled boat
  • Any damages that occur while the boat is in water, storage, or in transit 

Since all boat insurance policies do not cover the same kinds of damages or concerns, you may want to see the details of the particular insurance policy you have or are interested in. 

what does a boat insurance policy cover

A policy that covers liability losses can be critical to reducing your potential expenses from operating a watercraft, since causing damage to another party, whether they are physical injuries or property damages, can be devastating. 

Medical coverage for bodily injury or death may also be covered by your boat insurance. It is notable that this may usually cover any injury that occurs while aboard your boat, which may be helpful and grant you and your family peace of mind. 

Physical damage to your boat can include damages to your hull, sails, furnishings, and other machinery parts related to your boat. 

Unfortunately, boat collisions are not the only issue. There are other kinds of damages and losses that you may sustain and wish to have adequate coverage for.

A comprehensive coverage boat insurance policy will likely pay for your losses incurred from theft or vandalism. If you do not have indoor boat storage, these risks may be higher, so an insurance policy that covers these damages or losses may also be recommended. 

How to lower your boat insurance cost?

You can find better boat insurance for your boat with Worth Insurance. Our team can help you find an insurance company and policy that offers great coverage! We will help you insure your boat with the best coverage and with the best price.

lower boat insurance cost

If you need other kinds of specific insurance, such as home insurance, renters insurance, or flood insurance, our team at Worth Insurance has your back! We are the go-to agents for when you want insurance. Fast, simple, and easy! 

If you complete a certified boating safety course, you may be able to use this to lower your boat insurance cost. Some boats with high horsepower already require operators to successfully complete an approved boating safety course in order to get the associated license, but a hard-to-operate motorboat may result in varied insurance rates as well. 

Ways to protect your boat 

On top of having good insurance coverage, other ways may help you with protecting your boat. That way, you may be able to reduce the amount of repair or damage claims you need to file with your insurance company. 

Store your boat indoors

Indoor boat storage is typically optimal depending on your boat, though it tends to be the most expensive option as well. Indoor storage means reducing the risk of theft and vandalism, which may be of concern, especially if your boat has sentimental value or would have an expensive replacement cost 

While known for its lovely tropical climate and sunshine, Florida is, of course, also infamous for its hurricane season. Storms can cause severe damage to watercraft and waterfront properties. If you own a boat, you might want to consider getting a boat insurance policy that can help you with natural damage from the elements. 

Prepare for winter

prepare for winter

Boat storage in winter may be more important and necessitate more caution. That is because small maintenance issues can grow into larger problems after a boat has been left in storage all winter. In your winter boat preparations, you may wish to clean and check your boat thoroughly. 

Other considerations when getting boat insurance


If you and your family are considering getting or switching to a cheaper boat insurance policy, our professional agents at Worth Insurance are here to help you get a great boat insurance quote.

Everyone's boating situation is different. Depending on the type of boat you own, an insurance company may give you various rates to insure your boat. If you require insurance for multiple boats, you may be able to find quotes for that particular situation as well. 

If you would like to get insurance coverage for other parts of your life, such as home insurance, flood insurance, renters insurance and much more you can also consult with our agents. We will help you save money and get a great insurance policy.

Please note that the information in this article does not constitute legal or financial advice. 

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