Insurance expert urges Florida boaters to check coverage before Fourth of July weekend

SARASOTA, Fla. (WWSB) – As boaters prepare to head out for the Fourth of July weekend, an insurance expert is urging Floridians to make sure they have the right coverage before they leave the dock.

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

Friedlander said boating safety is important during the busy holiday weekend, but so is financial protection.

Storm damage is one of the biggest factors affecting boat insurance costs in Florida, according to Friedlander. During Hurricane Ian in 2022, more than 7,000 boats were destroyed in Florida, totaling more than $112 million in insured losses. Friedlander described it as the largest marine loss on record for a hurricane.

In Florida, comprehensive boat insurance averages about $600 to $1,200 annually, according to Friedlander. For high-value yachts and performance boats, costs can climb from $3,000 to more than $10,000 a year. Premiums often run between 1% and 5% of a boat’s replacement cost value, he said.

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Several factors can affect the price. Boating 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, according to Friedlander.

Comprehensive coverage is more expensive, but Friedlander said it is strongly recommended for protection against hurricane damage, fire, theft and crashes. Rates may be lower for boaters who commit to a hurricane haul-out plan during storm season or use secure dry stack storage in a hurricane-resistant facility, according to Friedlander.

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

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