New Insurance Gulf Coast--Impossible?

[peter57]

Originally Posted by dadster3

Just today I was talking with a boat surveyor who said that many insurers are either not insuring boats or reducing the value of the boat for coverage. Why? Rise in the number and severity of storms. This is what climate change means.

Yeah the last time the climate was hot in Australia in the 1890's, is when we had our worst recorded Cyclones and the temperature now is rising back up to those record temps 100 years later. So one would expect more than usual cyclones but they haven't eventuated but the ones we have had have been strong and plenty of hail storms.

[Captndave1]

I have been with Ski Safe through Geico for many years with no issues.

[kaa2021]

So we finally found insurance through a broker up in Michigan, through Progressive (RV and truck are also insured through them). Woo hoo!

When we went to Progressive originally (as an existing customer, with both of us having excellent credit), we were turned down. I saw someone mention Kevin Severance on this thread, again, same thing (although he's been recommended by a few of our dock buddies, AND our excellent surveyor)--they couldn't get net new coverage.

The problem for us is that this is NEW insurance--many of you commented about switching, or renewal, but as an FYI for new buyers, getting NEW insurance was next to impossible. The next closest quote to what we are paying is $4715/year, and that's on $300k liability and $31k hull value.

Again, we consider ourselves fortunate to have found the broker team we came across ($455/year on $300k liability only, which is what we wanted), but if you are considering purchasing a new (new or new to you) boat in one of the gulf coast states, be warned that Lloyds and other re-insurers have pulled out of underwriting.

Whether or not you believe in climate change, the fact remains that obtaining insurance in our area (if you are a new boat owner, regardless of experience) is next to impossible. You're going to have to start pinging brokers further afield, and even then, no one is underwriting. Good luck!

[sailingchiro]

In second grade, they taught us another ice age was coming back in the 70's. Go figure.

[Dooglas]

Originally Posted by sailingchiro

In second grade, they taught us another ice age was coming back in the 70's. Go figure.

Perhaps one is coming. The periodicity of previous Pleistocene glacial cycles was about 40,000 to 100,000 years between events. The last cold period ended about 11,500 years ago. How long do you plan to wait?

[Group9]

We’ve been using Boat US (underwritten by Geico) for seven or eight years now. Our current cruising boat is 47 years old, and the price has been going up every year. I expect another increase next year as they try to get the money back from the claims they paid out to the people whose boats sank from the people whose boats didn’t.

[capn_billl]

Originally Posted by sailingchiro

In second grade, they taught us another ice age was coming back in the 70's. Go figure.

It's pretty simple really.

The Earth goes through 22 year hot & cold cycles.

Start at the beginning of a cycle, claim the sky us falling unless a new tax is passed, wait until the end of the cycle, then claim "look the tax fixed it", repeat.

[Rob_P]

Originally Posted by Dooglas

Perhaps one is coming. The periodicity of previous Pleistocene glacial cycles was about 40,000 to 100,000 years between events. The last cold period ended about 11,500 years ago. How long do you plan to wait?

That depends; how much beer you got in the fridge?

[E185640]

Huh...geniuses equating weather events to climate change. Rather than pretending to know 2nd grade math, maybe backup to 2nd grade science.