Boats launch into the Manatee River on Saturday mornings, RVs roll out toward the state parks for summer getaways, and jet skis run off Anna Maria Island half the year. That’s what most people love about our Florida lifestyle.
Between trips, the boat sits on a trailer in the driveway, and the camper gets parked beside the garage. Since they live at the house, it’s easy to assume the homeowners’ policy covers them, but that policy was written to protect the house, and carriers keep the language tight for a reason.
Your boat, RV, jet ski, or ATV needs its own policy. The gaps below are the ones we see most often.
Agreed Value vs. Actual Cash Value
The first thing to sort out is how a policy pays when a toy is totaled, because two boats of identical value can produce very different checks.
Actual Cash Value, or ACV, pays out the depreciated value of your boat or RV at the time of the loss.
Salt air and constant sun decrease value fast, so an ACV payout on a five-year-old boat can land well below what you’d need to replace it.
Agreed Value, on the other hand, is when you and your insurer lock in a number when the policy’s written.
If a tropical storm totals your boat, the agreed-upon amount is the check you receive and depreciation never enters the conversation.
Only standalone marine and RV policies let you pick between the two.
The Hurricane Haul-Out Clause
Many specialized marine policies will reimburse a portion of the professional labor cost to pull your boat out of the water and secure it inland when a named storm is tracking toward the Gulf Coast. Carriers call it a Haul-Out Endorsement, and many cover up to half the cost, subject to a cap.
Where the Gaps Show Up
Boats and personal watercraft. Most Florida homeowners policies cap boat coverage at around $1,000 to $1,500. Once the boat leaves your property, liability drops off entirely, so a collision out on the water is yours to carry alone.
RVs and motorhomes. Homeowners’ policies treat RVs as vehicles, and vehicles are excluded. A motorized RV needs its own policy with auto-style liability just to drive on Florida roads. Travel trailers have a gap of their own. For example, if you park one at a state campground for the weekend, and a guest trips over the camper step, the claim falls under Vacation Liability, which is found in a dedicated RV policy.
Jet skis. Even the watercraft endorsement on a home policy almost always excludes them. Insurers look at speed and injury statistics and write them out, which leaves a jet ski owner needing a PWC policy designed for marine liability and towing.
ATVs and UTVs. Home liability may respond while the machine stays on your residential premises. If you cross a public road, or have the accident happen anywhere else, the homeowners’ policy stops responding. A separate motorsports policy follows the vehicle instead of the address.
A Policy Review Beats a Surprise
As your Bradenton neighbors, we know what this coastal lifestyle involves because we live it too. And as an independent agency working with multiple carriers, we have room to find the right standalone policy for your boat, RV, or ATV at a competitive rate.
Contact us today to learn more.
Frequently Asked Questions
Does homeowners insurance cover my boat in Florida?
Only in a very limited way. Most Florida homeowners policies cap boat coverage at a small dollar amount and exclude liability once the boat leaves your property. A standalone boat policy covers physical damage, liability, salvage, and fuel spill cleanup.
What is a hurricane haul-out clause?
It’s an endorsement on marine policies that reimburses a portion of the professional cost to haul your boat out of the water and secure it when a named storm approaches. Homeowners policies don’t include this benefit.
What’s the difference between Agreed Value and Actual Cash Value?
Actual Cash Value pays the depreciated value of your boat or RV at the time of the loss. Agreed Value pays a fixed amount you and the insurer settle on when the policy is written, with no depreciation deducted.
Do I need insurance for a jet ski in Florida?
A dedicated PWC policy is the only reliable way to cover jet ski as they’re almost always excluded from homeowners watercraft endorsements. So, without a standalone policy, you’d be uninsured for both damage and liability.
