The feeling you will have after you have finished buying the boat is very special. As well as building a new (or new for yourself) boat yourself, you will also have to deal with the financial burdens that the buying process can impose. Whether you are financing your boat or paying for it yourself, you will likely be making financial commitments upfront. While a severe financial recovery won't stop you, there are regular costs associated with owning and maintaining a ship.
Of course, this cost will vary depending on a number of factors - where you live, where your ship is kept, the type of ship you have, how new, and how well you want to maintain it, among others. Apart from maintenance fees, there are taxes, insurance, registration, and docking fees. Let's take a closer look at some of these costs.
Insurance, of course, is one of the costs that you cannot avoid. According to Progressive Insurance, the average insurance policy in Florida between 2019 and 2020 is $ 603. Since Florida is coastal and boating all year round, boat insurance is much more expensive here than in other parts of the state.
For ship maintenance, you can expect to pay about 10 percent of the ship's price per year. This will vary from year to year, but it's a good idea to save it to fund your ship.
Although Florida boat owners may not need winter storage due to the warm climate, consider a storage cost of around $ 1,500 to $ 2,000 per year when planning to store your boat.
Here's the price for registering your ship in Florida. This annual registration fee depends on your ship classification and can range from $ 5.50 to $ 189.75 for larger vessels.
If we look at these average costs without considering the equipment you might need to purchase to dock your ship, protect your passengers, or refuel your boat, you could spend between $ 2,000 and $ 2,500 per year on a boat in Florida. Of course, these prices can vary greatly depending on your situation, the type of boat, and a variety of other factors.
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