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Whether you have a motor boat that you use to cruise along the intercostals or through the ocean with, or a yacht that you spend the summers on, insurance is an important factor. Both types of boats require coverage but there are different policies for each here in Florida.

If you own a motor boat then you will first need the Florida boat insurance basics, starting off with liability insurance. This will usually cover physical damage, personal effects, fuel spillage, towing, personal effects, uninsured boaters, theft and natural disaster damage. Water sports are especially popular on these kinds of boats. Activities such as wakeboarding, waterskiing, and tubing could all result in injury, especially at high speeds. Making sure you have the proper coverage for those on your boat, including the boat itself, will save you money in the case of an accident.

When it comes to yacht insurance you may think you need a ton of coverage. Basic yacht insurance covers the same as other boats: Theft, vandalism, and weather. If you own a yacht there is also the option to receive indemnity coverage which helps if a yacht owner is found to have caused damage to property or injury to a non-family member. It is available in increments of $100,000 at limits that exceed $1,000,000 (one million dollars). There is also hurricane protection which covers the cost of towing the yacht out of the water if a hurricane alarm is sounded and also pays for hauling the yacht back after the hurricane has ended. Most yacht insurance policies cover the trailer and equipment that comes along with transporting a yacht and can help pay if damages are made to those pieces as well.

Yacht insurances are generally accompanied by warranties, such as a navigational warranty, that limit yacht activity within a certain area. Under a lay-up warranty, a yacht is required to remain out of operation during certain periods in the year.

Disclaimer: The above description provides a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control.