This study focuses on wave diffraction loads influenced by heave plates at deep and shallow submerged depths. An extensive experimental campaign is conducted on a fixed vertical and free-surface piercing circular cylinder with five different circular plates, including a perforated plate. The horizontal and vertical wave forces are studied in monochromatic and bichromatic waves. The results show that the heave plate significantly influences the forces varying in time and representative harmonics, including sum- and difference-frequency components. The study found that wave steepness and submerged depth of the plate contribute to the nonlinearity of the loads and that the porous plate reduces the loads compared to the solid plate. Corresponding results from a boundary element method (BEM) solver, HydroStar, provide a reasonable prediction of the harmonics. However, the first harmonic of the vertical force is underpredicted at low frequencies, specifically where the BEM results indicate the cancellation of the forces. Dedicated computational fluid dynamics (CFD) simulations are carried out to investigate the discrepancy, and it is observed that flow separation occurs around the edge of the plate. A simplified approach based on Morison’s equation is employed to model the flow separation effects using a quadratic drag force calculated with a constant drag coefficient. The approach shows that viscous drag is the dominant contributor to vertical wave forces on the heave plate in the low-frequency regime.