Re: fuel seperator question for 2002 f115
Yes, you can unscrew it with channel-locks. Protect it with cloth. You should see a red float that normally rests on the bottom of the separator. If there is water in the separator the red float will rise with the level of the water. The separator is full of gasoline. At the top of the separator is the the filter cartridge, which is replaceable. They are expensive as well.
It is now recommended to install an additional fuel/water separator upstream of the motor. Yamaha markets one that is easy to install and sells for under $50: 10 micron fuel water separator filter - (Mini 10) Part# MAR-MINIF-LT-AS
Check it out. There are many threads relating to this topic on this forum.