Insurance question

[Lance Jones]

We're going to move from Atlanta to Ft. Walton Beach, Fl at some time in the future. My question is... Have any of you moved from an inland location to the coast before? What was the change in price of your insurance coverage?

[mtullier]

We are approximately $75.00 / month for coverage on the gulf coast (Louisiana).

[Ron Hill]

Lance :  Call you insurance co and ask them for a quote, as each company and area is a little differant!!

[Terry Forshier]

I have a 1988 C34 as you do. I pay just under $2000 yr with boat US. Welcome to FL. Terry

[Stephen Butler]

Florida is the high-priced state when it comes to marine insurance, even with a large deductible. 

One option you might consider, if you own the boat outright and are looking to save a bit on insurance, is to self-insure the hull, but take out a policy for liability, uninsured boaters, oil and fuel spills, etc.  The cost of such a policy is usually in the neighborhood of 25% of total coverage.

The greatest liability we face with boths our age, is not the loss of the hull or rig, but for personal liability, uninsured boats, salvage costs, etc.  Also the cost for towing.  Just a thought. 

[Stu Jackson]

Good idea, Steve.  FL is also pricey for hurricane insurance.  You may want to simply check with BoatUS and price out different items, and can most likely do it right online.

[Stephen Butler]

Have received several emails on this subject, asking for clarification on the term "self-insurace."  What I meant, is not taking out specific insurance to cover the loss of the hull, or the rig, or the dingy, etc.....but rather, only taking out a policy to cover personal liability, salvage, unintended pollution, etc.    We were faced with an insurance bill of roughly $3,000, with a $4,000 deductible, and $200,000 in personal liability.  Further, we were facing ever increasing annual rates.  After running the numbers, and speaking with several insurance agents we came to the decision that for us, with a 1990 model C34, sailed and stored in Florida, the best value for us, was to drop the hull insurance, and accept the risk of loosing the boat (value of $55,000) and instead, significantly increase the personal liability, salvage, etc., coverage.  By doing this, we reduced our insurance cost by approximately $2,500, while more than doubling our personal liability coverage for a wider variety of risks. 

A factor in our decision was our experience with several hurricanes, the resulting damage (lost rudder, bent stanchions, etc.) and the subsequent dealings with the insurance companies, underwriters, etc. 

As many have said before me, your boat, your choice.  Hope this is of help.

[Terry Forshier]

Besides hurricanes as a big factor that drives up the cost of Boat insurance in florida remember that this is also the lightening capitol of the world. Here in Naples I know of 3 people who have suffered lightening strikes this past 2 months. (I being one of them) I can assure you even though I had a sizeable deductable I am getting all new sailing insturments and a variety of new electronics. Yes, I almost did not insure the boat this year but decided that I should. Well, I have now gotten all my money from the past few years back, plus some, just on this one incident. This happened with no user error. I mean nothing is going to prevent your boat getting hit by lightening. Mine was behind the house and the bolt hit a royal palm tree in the front of the house and then went over the house and hit a coconut palm over the boat. It blasted a big hole in the yard, went through the ground into the shore power cord and then into the boat. Some electronics were spared some just fried. No rhyme or reason.
So, deciding to go without insurance just because I am a good sailor or never had a claim would not have been much help this summer.

[Ron Hill]

I just remembered some the Boat US insurance parameters !

I have the Chesapeake Bay "policy".  Once you leave the "Bay" going south they will cover you thru the Carolina's and Georgia.  Once you hit Florida you have to call them again as it's a differant policy there as are the Bahamas when you leave Florida.

The bottom line still remains that you have to call YOUR company and tell them WHERE you are going as they probably will need to change your coverage based on the new area. 

[Lance Jones]

Thanks for all the great info. It wont be for about 3 years; but, it doesn't hurt to plan early.