Whether you keep a fishing boat in Bellingham Bay or a center console off Fort Lauderdale, your homeowners policy provides only token coverage for a boat — usually a few thousand dollars and little to no liability on the water. A dedicated boat or watercraft policy covers the hull, motor, trailer, your legal liability to other boaters, and the costly business of fuel-spill cleanup and wreck removal. Maru compares marine carriers so Washington and Florida boaters get the right structure at a fair price.
Agreed value vs. actual cash value
This one decision drives what you'll actually collect after a total loss, and it's where boaters most often get burned by a cheap quote.
| Agreed value | Actual cash value (ACV) | |
|---|---|---|
| Payout on total loss | The full agreed figure in your policy | Depreciated market value at time of loss |
| Premium | Higher | Lower |
| Best for | Newer boats, well-kept classics, financed vessels | Older boats where a low payout is acceptable |
| Depreciation applied | No | Yes — often steeply on engines |
What boat insurance includes
A complete watercraft policy goes well beyond the hull. The liability and cleanup pieces are what protect your savings if something goes wrong on a crowded summer waterway.
| Coverage | What it pays for |
|---|---|
| Hull & machinery | Physical damage to the boat, motor, and permanent equipment |
| Watercraft liability | Injury or damage you cause to other boaters, swimmers, or docks |
| Trailer coverage | Damage to the trailer on the road or at the ramp |
| Fuel-spill & wreck removal | Federally required cleanup and salvage costs after a sinking |
| Uninsured boater | Your injuries when an uninsured operator hits you |
| Personal effects & gear | Fishing tackle, electronics, safety equipment aboard |
Washington and Florida boating realities
In Washington, cold Puget Sound and Salish Sea water raises the stakes on liability and search-and-rescue, and lay-up credits over the off-season can cut premium. In Florida, named-storm haul-out requirements, hurricane deductibles, and the sheer density of boat traffic shape every quote — carriers reward a documented hurricane plan and a proper marina. We match you to insurers that understand your home waters instead of pricing you like an inland lake skiff.
Frequently asked questions
Do I need insurance to keep my boat at a marina?
What's the difference between agreed value and actual cash value?
Does a boat policy cover hurricanes in Florida?
Is my equipment and fishing gear covered?
Licensed independent insurance agent · WA & FL
Written and reviewed by a licensed Maru advisor. Maru Insurance is an independent agency (License #22261820) representing multiple A-rated carriers across Washington and Florida.
Ready for a quote that actually fits?
Talk to a licensed Maru advisor in Washington or Florida. No pressure, no call-center scripts — just clear options and honest pricing.