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Old 03-07-2014, 20:13   #1
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Florida Resident Boat Insurance

My wife and I have changed our legal residence to florida and registered our boat in Florida. Its also a documented vessel.

Is florida insurance generally higher than other states on the east coast? Also, can the insurance company make you leave the state a certain number of months a year?

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z
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Old 03-07-2014, 20:57   #2
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Re: Florida Resident Boat Insurance

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Originally Posted by zboss View Post
My wife and I have changed our legal residence to florida and registered our boat in Florida. Its also a documented vessel.

Is florida insurance generally higher than other states on the east coast? Also, can the insurance company make you leave the state a certain number of months a year?

Thanks,

z
Many of us have policies that restrict the vessel to north of Cumberland Is until Nov, so yes basically FL is excluded year round unless you pay for it. I'll let FL residents tell you about their experience getting coverage. I've paid for riders that were inexpensive for the short term.

As another storm draws a bead on my boat in the NC Sounds, I wonder why FL gets so much attention? I guess the numbers still support the higher risk in FL, but we have ridden out a lot of storms in NC, with many boats lost. Hopefully not tonight.
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Old 03-07-2014, 22:33   #3
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Re: Florida Resident Boat Insurance

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Originally Posted by zboss View Post
My wife and I have changed our legal residence to florida and registered our boat in Florida. Its also a documented vessel.

Is florida insurance generally higher than other states on the east coast? Also, can the insurance company make you leave the state a certain number of months a year?

Thanks,

z
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.
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Old 03-07-2014, 23:02   #4
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Re: Florida Resident Boat Insurance

There are tens of thousands of insured boats registered in Florida. They don't leave the State. My boat has survived at least three hurricanes and I've never made a claim but I am covered. Why don't you ask an insurance agent for a quote?
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Old 04-07-2014, 07:16   #5
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Re: Florida Resident Boat Insurance

We have been based out of south Florida for over 15 years. We do come and go but also spend time in Florida during hurricane season. Yes it costs more for insurance in Florida and it costs more to stay in Florida between June and November. But any costs others may give you won't help unless they are on the same boat you are with the same coverage amounts and in the same locations. So why not call a few insurance companies and get quotes so you will know exactly how much it's going to cost? Chuck
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Old 04-07-2014, 07:43   #6
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Re: Florida Resident Boat Insurance

I find that the insurance is more expensive, but the boating season is a lot longer than most places, so it seems somewhat justified.
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Old 04-07-2014, 07:49   #7
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Re: Florida Resident Boat Insurance

Does insurance in Florida really cost more?

I pay ~1.2% of surveyed value for agreed value coverage, $500k liability, territory is US East Coast, Florida west coast, Bahamas, & T&C.
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Old 04-07-2014, 14:07   #8
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Re: Florida Resident Boat Insurance

Your insurance policy is whatever terms you agree to. But there are thousands of boats insured in Florida and not required to leave. Our boats are. We do not promise to do anything in the event of a hurricane either. We were only required to present a plan, which we did. But our plan very specifically says, "Makes no representation owner or owner's agents will carry out any of the options under the plan, will be able to carry out the plan, or will even attempt to follow the plan. Furthermore, human safety will always take priority over the boat. This plan is simply possible options the owner has identified."
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Old 19-07-2014, 12:19   #9
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Re: Florida Resident Boat Insurance

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I pay ~1.2% of surveyed value for agreed value coverage, $500k liability, territory is US East Coast, Florida west coast, Bahamas, & T&C.
Is there a reason no one gave the name of their insurance co? Saying "go get quotes" seems like telling someone to reinvent the wheel. If you know of a company that has reasonable rates in FL during summer months, why not share the info?
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Old 19-07-2014, 12:38   #10
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Re: Florida Resident Boat Insurance

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Is there a reason no one gave the name of their insurance co? Saying "go get quotes" seems like telling someone to reinvent the wheel. If you know of a company that has reasonable rates in FL during summer months, why not share the info?
I would imagine nobody offered their insurance company because nobody asked. The OP asked if insurance in Florida costs more. Since I have never had the luxury of buying boat insurance while living somewhere else, my query was asking if I'm actually paying more because I live in Florida, to which nobody offered comparative rates from elsewhere.

My insurance company is Falvey, written by Atlass Insurance Group.

AFAICT, insurance rates are similar to airline tickets, what day/what mood the company is in determines the price at that moment in time.
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Old 19-07-2014, 13:21   #11
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Re: Florida Resident Boat Insurance

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Old 19-07-2014, 15:05   #12
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Re: Florida Resident Boat Insurance

It ended up being a misunderstanding by my insurance company. They apparently failed to remove the clause about being out of florida and failed to update our hailing port, while at the same time changing our residence to florida. I guess some people live in florida but don't keep their boats here.

Also, our insurance did NOT go up. We did pay an additional $550 for additional hurricane coverage, though.

We are limited to the immediate St. Augustine area during the season but I'm not sure what exactly that means. I asked the insurance company about traveling southbound during hurricane season and they said as long as STA remains your "primary" mooring area, we are covered. I could not nail down if this meant "more than 50%" or some such.
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Old 19-07-2014, 15:27   #13
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Re: Florida Resident Boat Insurance

If you have an older boat, try Progressive Insurance. By far, the best rates, but they have a 20-30K limit on coverage.

One thing not mentioned is that many insurance companies in Florida have a special named storm deductible. Mine is $2,500 normally, but $5,000 when a storm arrives on 10K hull coverage for a 1974 Bristol 30.

This seems to be an attempt to limit the number of people who try to rid themselves of their over-insured and under-maintained boats during hurricanes.

I used to keep a sailboat in the mooring field at Crandon Park Marina on Key Biscayne. the running joke was that for every two sailors adding lines, there was a third one loosening them.
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Old 19-07-2014, 15:28   #14
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Re: Florida Resident Boat Insurance

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!
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Old 19-07-2014, 16:49   #15
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Re: Florida Resident Boat Insurance

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If you have an older boat, try Progressive Insurance. By far, the best rates, but they have a 20-30K limit on coverage.

One thing not mentioned is that many insurance companies in Florida have a special named storm deductible. Mine is $2,500 normally, but $5,000 when a storm arrives on 10K hull coverage for a 1974 Bristol 30.

This seems to be an attempt to limit the number of people who try to rid themselves of their over-insured and under-maintained boats during hurricanes.

I used to keep a sailboat in the mooring field at Crandon Park Marina on Key Biscayne. the running joke was that for every two sailors adding lines, there was a third one loosening them.
Actually, Progressive will go to $250k hull value if written thru the 'chosen' agents, I had them for a while but they only offer coverage out to 100nm (maybe 125nm?) of the US, hence only the near Bahamas.
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