How much is boat insurance in Florida?

The cost of boat insurance in Florida can vary from a few hundred to more than a thousand dollars a year. Many factors influence the cost of premium, one of which is the choice of insurer. The type of boat you own, the personal profile of the insured, the intended purpose of the boat or expected use, the nature of coverage including the possible deductibles and exemptions, your history as a sailor or the captain who will be steering the vessel and many such elements will influence the actual cost of boat insurance in Florida.

Conventional wisdom is a modest boat, small in size and intended for short sailing trips will cost much less to insure compared to a speed boat. A fishing boat is a different story, so is a luxury yacht. The most effective factors are type and size of boat, features and amenities including safety equipment, the intended use, the personal record or history of sailing and interestingly credit score. Gender and age also matter. The history of claims will have a substantial influence on the cost of boat insurance in Florida according to .

Boats are vulnerable to damage caused by flood, storm and inclement weather. Not all insurance companies operating in the state have policies for boats. Those who have relevant policies will offer varying premiums from one zip code to another. The current value of the boat, the manner in which you store the boat and how you navigate it, where you may likely sail to and from, the size and specifications of the marine vessel along with frequency of use will determine the annual cost of insurance.

You should know that boat insurance in Florida is costlier than the policies in other states according to , especially in colder regions of the country. Boats in the sunshine state are used almost throughout the year. The frequency of use naturally increases the chances of damage. The likelihood of claiming the insurance increases almost exponentially so insurers are compelled to charge more per policy, even if the coverage is the same as a much affordable policy up north. Like other types of insurance, policies for boats also have scope for deductibles. The cost also varies from one region in Florida to another depending on how vulnerable the area is to hurricanes and other weather extremes. These unavoidable factors will be considered by every insurance company and the annual or monthly cost will vary significantly.