With Fourth of July weekend approaching, an insurance expert is calling on Florida boaters to confirm they have adequate coverage before heading out on the water.

Mark Friedlander, senior director of media relations for the Insurance Information Institute, noted that Florida is the boating capital of the U.S., with more than 1.2 million registered and documented recreational boats statewide. He estimates close to another 1 million unregistered or non-documented boats are actively used on Florida waterways.

Friedlander said financial protection deserves as much attention as boating safety during the busy holiday weekend.

Storm Damage and Costs

Storm damage ranks among the biggest factors affecting boat insurance costs in Florida. During Hurricane Ian in 2022, more than 7,000 boats were destroyed in the state, resulting in more than $112 million in insured losses. Friedlander called it the largest marine loss on record for a hurricane.

Comprehensive boat insurance in Florida averages between $600 and $1,200 annually. For high-value yachts and performance boats, costs can range from $3,000 to more than $10,000 per year. Premiums typically run between 1% and 5% of a boat’s replacement cost value.

Factors That Affect Premiums

Several variables influence what boaters pay. Keeping and storing a vessel in coastal areas can drive up rates. High-performance vessels and boats with three or more engines are also among the most expensive to insure.

Comprehensive coverage costs more but provides protection against hurricane damage, fire, theft, and crashes. Boaters may qualify for lower rates by committing to a hurricane haul-out plan during storm season or by using secure dry stack storage in a hurricane-resistant facility.

Coverage Recommendations

Friedlander recommends that boaters contact an insurance professional, compare multiple quotes, and ask about bundling discounts. He also suggests checking whether the same insurer that provides home, renters, or auto coverage also offers boat insurance.

More information on boat insurance and safety is available through the Insurance Information Institute at iii.org.

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