Florida Inland Marine Insurance

Your Guide to Florida Inland Marine Insurance

When you need a local independent agent

Florida Inland Marine Insurance

In 2019, Florida had $36,870,506,000 in commercial claims paid alone. The right policy is necessary to avoid financial ruin. If you own business property, inland marine insurance can help. 

An independent insurance agent has access to several markets and premiums. They work on your behalf at zero cost to you. Connect with a local expert to get tailored quotes.

What Is Inland Marine Insurance?

In Florida, you may own pieces of property that will fall under an inland marine policy. These items usually can't be insured under your standard property insurance because of varying factors. Property that is in transit or shipped are among them. 

Inland marine insurance will replace or repair your property in the event of a covered loss. Typically these items travel, such as contractors tools or equipment that is shipped. Heavy machinery can fall under this policy as well. 

What Does Inland Marine Insurance Cover?

Inland marine insurance can be used for business and personal property. It is used for specific items that are of higher value or in transit. For contractors, this could be from tools to excavators. The following are risks that may be covered by inland marine insurance.

Some miscellaneous coverages that your policy may protect against

  • Mysterious disappearance: This pays for missing property when the cause of loss can't be discovered.
  • Accidental damage: This pays for the replacement or repair when an item is dropped. This can be in transit or when loading or unloading.

Items that you may want to insure under an inland marine policy

  • Contractors tools
  • Contractors equipment
  • Computer systems
  • Sales equipment
  • Heavy machinery

How Much Does Inland Marine Insurance Cost?

The cost of any personal or business insurance policy will depend on numerous factors. Insurance companies use various items to rate your inland marine policy. Take a look at what carriers use when determining price.

  • Value of item
  • Prior claims
  • Coverage limits
  • Risk mitigation measures
  • State claims records

There are approximately 2,500,000 small business owners in Florida. Every policy will be rated differently than the rest. To get exact pricing for your inland marine and other insurances, you'll need to obtain multiple quotes. 

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Does Inland Marine Insurance Cover Theft?

In your Florida inland marine policy, theft is a crucial coverage. Another one is a mysterious disappearance. When a piece of equipment is stolen or goes missing, it could halt your operation.

To maintain function and more, you'll need a policy that will insure against all odds. Most inland marine policies will cover theft, and some may insure for mysterious disappearance. All will depend on the carrier selected and what they offer. 

Personal Inland Marine Insurance

Your Florida personal property can fall under two coverages. One is the personal property on your homeowners policy. The other is through an inland marine or personal articles floater that is usually attached to your home policy. Both insure in different ways.

An inland marine policy will schedule your items that are of higher value. Personal property coverage will give a blanket amount for all property. When you schedule your more expensive items, a deductible will not apply, and you will get the appraised value if a loss occurs. 

Property that can be included on an inland marine policy

  • Furs
  • Guns
  • Artwork
  • Jewelry
  • Jewels
  • Golf clubs
  • Musical instruments

How to Find a Florida Independent Agent

In Florida, your property insurance matters. Not all policies are the same and need to be carefully reviewed. While some items may fit under a blanket property coverage, others will require an inland marine policy.

An independent insurance agent has access to several carriers, giving you options on coverage and premium. Since they work on your behalf, you'll get the best deal in town. Get connected with a local expert on TrustedChoice.com for quotes. 

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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