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The importance of Boat and Watercraft Insurance

Boats are expensive and even a small watercraft can cost several thousand dollars. It just makes good financial sense to insure any boat or watercraft to protect the investment. If a loan is used to purchase the vessel, the lending institution will require insurance. Even for those that can purchase a watercraft outright, they should protect it with an insurance policy.

High Risk Investment

The state doesn’t require owners to carry insurance on their vessel. However, boats and watercraft of all types are in high demand, particularly in South Florida, making them the target of theft. According to the National Insurance Crime Bureau, the state has the highest number of boat thefts in the nation. Only 35 percent of vessels are ever recovered. Even though the number of thefts related to personal watercrafts are down, they’re still at significant risk.

Potential for Damage

The sheer number of boats and watercraft, both large and small, can make navigation difficult. If another craft collides with yours, an insurance policy will protect you from paying out-of-pocket for costly repairs. The policy will also cover damages to other types of personal property, such as docks or boathouses. Insurance may also pay for damage from wind and hail, depending on the policy. Comprehensive coverage will be needed in the event of a hurricane.

Adrift in the Water

Boat owners never expect themselves to be caught powerless or experience a mechanical breakdown, but it does happen. Towing insurance for boats is optional, but it covers multiple types of emergency services if the boat is disabled on the water, up to the coverage limit selected by the owner. Coverage may also extend to transporting a boat and trailer to an on-site repair facility. mandatory clean up for a fuel spill, and wreckage removal.

Choose Wisely

Not all boat insurance policies cover the exact same circumstances. Many services that owners consider necessary, insurers only offer as options, which will cost more. Select the coverage amount for your boat or watercraft carefully. It’s also important to know that it may not make financial sense to cover a kayak or other type of craft that is only worth a few hundred dollars. The decision is entirely up to the owner and their personal risk assessment.

For more information about how The Sena Group can help you with any

of your insurance needs, please contact us at 561-391-4661.

We can be found on Social Media at the following links.


The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487