Florida Resident Boat Insurance

[chuckr]

We used Bill Hodgens of Yachtinsure very successful for quite a while and he did a great job for us
good luck with it

[avb3]

Do your own risk assessment. I have neither my condo nor my boat in Florida insured (liability is another issue and am covered for that).

In the condo's case, the exterior is covered by the HOA insurance. If nothing catastrophic happens in 11.5 years, I am able to complete all interior replacements with the saving in insurance. Past 11.5 years, I win.

In my boat's case, I have done a similar assessment, and am willing to take the risk not to be insured, other than liability.

Of course, YMMV. I have other property that is fully insured, so there is no clear answer.

[colemj]

Originally Posted by zboss

I also have Jackline and when I compare their coverages vs. everyone else, its much more comprehensive and at 1/2 the cost of a boat us policy (that doesn't cover everything the jackline policiy covers).

That is interesting. We have just got new insurance. It is the third time we have shopped for insurance over the past 11yrs. Every single time the IMIS Jackline policy was the worse policy we were offered. The terms are terrible and the cost the highest of all.

I guess it very much relates to individual circumstances, because others really like the Jackline policy. For us, it isn't even in the ballpark of being considerable for our needs.

BoatUS has always refused to insure me through 3 boats over 28yrs. I have never been given a reason - only that my boat "does not meet their requirements" (a 26' weekend sailed on a lake, a 40' coastal sailed in CT and a 40' catamaran out cruising).

This time we have gone with Pantenieus. Not the least expensive, but the best mix of terms, conditions and price for us and our cruising grounds.

Commandeur was the best insurance we ever had. The best price, the best terms and they paid fully and quickly on the one claim we had (lightning strike). Unfortunately, they exited the marine business this year - thus our shopping around again.

Mark

[Boatguy30]

It appears geico marine insurance is basically the same underwriter as Boat US and ultimately all underwritten by Uncle Warren.

I did a online quote a few nights ago and seemed like a good rate for liability and it certainly does suggest they will cover salvage. Hudson Force mentioned his policy only covers salvage fees to the CASH value of the vessel at the time of incident. So this in theory could really leave you underinsured if you wreck in a tricky to salvage location.

Or someone steals your boat and wrecks it on a protected reef I suppose you as the owners are still liable?

[zboss]

Originally Posted by colemj

That is interesting. We have just got new insurance. It is the third time we have shopped for insurance over the past 11yrs. Every single time the IMIS Jackline policy was the worse policy we were offered. The terms are terrible and the cost the highest of all.

I guess it very much relates to individual circumstances, because others really like the Jackline policy. For us, it isn't even in the ballpark of being considerable for our needs.

Mark

I got a quote from BoatUS last week and they wanted more than 2x for the same coverage I pay for right now. I can't imagine what they would charge for hurricane coverage.

Of course, your boat is probably worth 4x as much as ours so maybe that has something to do with it. I will never understand insurance underwriting! I have a friend who is an actuary and HE doesn't understand it!

[zengirl]

Originally Posted by Hudson Force

All these insurance options depend upon what risk you accept, what protection you expect to be able to provide for your boat and the value of your boat.

In my case, the total of premiums that I have not paid for boat insurance while living aboard in Florida since 1972 far exceed the value of my relatively inexpensive boat. I've been subject to risk with about seven hurricanes over this time and countless tropical storms, but I have never had any damage. I have anchored in hurricane holes at times. I do keep a 500K liability policy. I can accept my own risk, but I can not accept causing risk to others!

Can you tell me what u pay 4 the 500k liability and where some of those hurricane holes are? Thank you so much.


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[Hudson Force]

Originally Posted by zengirl

Can you tell me what u pay 4 the 500k liability and where some of those hurricane holes are? Thank you so much.


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Sure, I'm paying a little over $700/year (edit: $795 - It's increased over the years from what I recalled) for the liability insurance and it has a low limit regarding salvage.

I spend my time on the St. Johns River when I remain in Florida for hurricane season. I've been in the Keys in the summer, but I'm quick to leave with a threat. Your Bristol 30 can move west under the I-95 bridges in Ft. Lauderdale to some safe areas or up the Saint Lucie River. Kitchner's Cove is a good place. On the St. Johns River you could take your Bristol 30 south of the Shands Bridge to a huge number of very well protected places. Up from Marathon you could find shelter in Little Shark River well up and into the mangrove or, with more time, up to Ft. Myers and the very well protected areas on the Okeechobee waterway toward LaBelle.

[zengirl]

Originally Posted by Hudson Force

Sure, I'm paying a little over $700/year for the liability insurance and it has a low limit regarding salvage.

I spend my time on the St. Johns River when I remain in Florida for hurricane season. I've been in the Keys in the summer, but I'm quick to leave with a threat. Your Bristol 30 can move west under the I-95 bridges in Ft. Lauderdale to some safe areas or up the Saint Lucie River. Kitchner's Cove is a good place. On the St. Johns River you could take your Bristol 30 south of the Shands Bridge to a huge number of very well protected places. Up from Marathon you could find shelter in Little Shark River well up and into the mangrove or, with more time, up to Ft. Myers and the very well protected areas on the Okeechobee waterway toward LaBelle.

You're a peach, thank you.



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[zengirl]

Originally Posted by tomfl

The insurance company can't make you leave but they can decline to cover any claims suffered in Florida. It is not just hurricanes that increase the insurance rate, there are a lot of boats in Florida. Many of the boats are not well maintained, and not all the skippers are experienced.

Of course one reason so many boats and folks are in Florida is because it is such a great place to be on the water.

Do you know the difference in ins. cost of whether one lives aboard or is just in a slip? thanks