Well we haven't actually left on our voyage yet, we are budgeting for $2500 a month, not that I want to spend that, we are hoping to get by on $1000-$1500 for the 2 of us. But I also don't want to have the stress of needing something and not being able to afford it.
We also have an emergency
kitty which will be separate from our other investments just in case. Too many times in my life I have had financial stresses. Our cruise has been many years in planning to avoid this from happening. We don't plan on using many marinas
along the way. Food we will try to eat fish
and get local food where possible. Repairs
when able I will do myself. We are not big drinkers so booze will be an occasional treat, coffee on the other hand in a weakness, however I have moved myself from double cream and sugar to black and quite enjoy it.
Insurance well I work as a broker here in Canada
. Insurance has to be looked at as security
. When you don't use it, it can be considered a waste of money
, but when you need it it in invaluable. My grandmother lost
her house a few years, back. She had lived there for over 60 years, it cost almost $750,000 to rebuild
. Money she didn't have as a pensioner. Had it not been for insurance she would have been homeless.
I currently have full coverage on my boat, but navigation
limits keep me in the great lakes
. Off shore and global coverage is considerably more to insure.
Read your policy, look at the history
of the company, in North american all insurance companies have to report their financial status to their governing body. They receive a rating much like a credit score. D Very Bad, AAA Very good. This shows the companies ability to pay a claim, remember you aren't the only one they insure. You might have a $100k claim, but if they also insured a large corporation that had a loss the day before yours and had to pay out $100 million, they that could bankrupt an insurance company and you are left holding your policy in your hands nothing more.
As a consumer be aware of what you buy. I don't have any of my clients with a company less than a BB rating, if your don't know ask your broker, if he doesn't know, get another broker.
Also be aware of the exclusions and limitations of your policy. Claims adjusters (I was one for 10 years) are paid very well to look for ways to get out of a claim, if they can prove you violated your policy conditions, they will decline. If they decline you fight it, you have rights under the policy know them.
I deal with people every day that have no idea what they are or aren't insured for. Knowing this before you need to make a claim goes a long way towards your peace of mind.