When is boat insurance required in Florida?

In the Oviedo, FL area, there continues to be a lot of demand to own a boat. Those that live here will be able to enjoy their boat for much of the year, which could make it a great investment. When you are shopping for your boat, you should also spend time considering your insurance requirements. There are several situations when boat insurance will be required for you. 

Insurance is Needed When Taking Out a Loan

One situation when you will need boat insurance is when you are going to take out a loan. A boat insurance policy will always be required if you take out a boat loan. When you do take out a loan, the lender will have a security interest in your boat and will want to ensure it is properly covered at all times. 

Insurance is Needed to Use Boat in Certain Areas

Additionally, you will need to have boat insurance if you intend to use your boat in certain areas. Depending on where you use the boat, a local marina could require that you carry a full insurance policy. This helps to ensure that you could pay for any damages that you cause, which protects all other boat owners in the area. 

There are a lot of times when it would be a good idea for you to carry boat insurance. It is important that you carefully assess your needs and make sure that you always have the appropriate coverage that meets your needs. As you are shopping for this insurance in the Oviedo, FL area, you should call The Wurzel Agency. The team at The Wurzel Agency knows how important this form of insurance is. They can then help you understand your requirements and help you build a quality policy. 

Think Renter’s Insurance Is Only for Your Stuff? Think Again!

Clients often think they don’t need renter’s insurance — “Nothing I have is worth that much,” they’ll say, or “I don’t have a lot of stuff.”

That’s how most people think of renter’s coverage: protection for stuff, and nothing more. After all, it’s inexpensive, and it doesn’t even cover the structure itself. So how important can it be, especially if you don’t think you have anything valuable to protect?

Plenty important, because you have more to protect than you realize. Here are three key financial protections a renter’s policy provides:

Loss of use coverage. What would you do if a fire or other issue forced you out of your home? You’d have to find a temporary place to stay, maybe even for months — which might cost you more than your normal rent. “Loss of use” coverage helps pay for that and other additional expenses.

Personal liability protection. If someone trips and injures themselves in your unit, they could sue you. If your dog bites one of your guests, they might file suit, too. Yes, lawsuits happen — even among friends. Renters insurance can help cover legal expenses and even judgments against you. (Some dog breeds may disqualify you from coverage, so be sure to inform your agent of all dogs in the household.)

Personal property coverage. Wait, doesn’t this mean your stuff? Well, yes. But really, this coverage protects your finances. Even if you don’t think you have anything valuable, take a minute and mentally add up everything you own (note that if you do have any high-value items, such as jewelry or heirlooms, you may need additional coverage). Now imagine how much it would cost to replace it all. It’s probably a higher number than you thought — and that’s why renters insurance is so important.

Reposted with permission from the original author, Safeco Insurance®.