In most cases, yes. When a boating vessel is financed it must be insured. When an individual has full ownership, however, insurance is not always a requirement. Whether it’s fully owned or financed, it is always better to go boating while being insured to cover yourself and your wallet!
There are a few stipulations to consider. For example, if you take out a loan using your boat as collateral, your lender may require you to get insurance to cover any damages to the boat. Furthermore, many Florida marinas require proof of boat insurance before you can dock.
Even aside from these concerns, boat insurance is needed to protect yourself financially from accidents, inclement weather, and other unforeseen occurrences. A great boat insurance policy will cover, but not be limited to:
Liability coverage in the event your boat is damaged by others; e.g. your watercraft is damaged during a boating accident in Miami
Damages to either the vessel or your personal property (though these are always subject to deductibles)
Medical payments or liability coverage if you or a guest are injured
Coverage in case your boat is damaged by an uninsured water vessel
Towing coverage in case you become stranded and have to be brought to a port