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Old 11-18-2018, 11:10 AM   #1
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How much more is insurance for Florida summers?

I have read about cruisers hurrying to reach the 30th parallel, leave the Bahamas, or pass some specific latitude in order to meet the requirements of their insurance. I have also seen a ton of boats in Florida during the summer. How much more should I expect the insurance to cost on a $100,000 boat if I want to stay in the south or Bahamas year round?
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Old 11-18-2018, 11:38 AM   #2
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I have read about cruisers hurrying to reach the 30th parallel, leave the Bahamas, or pass some specific latitude in order to meet the requirements of their insurance. I have also seen a ton of boats in Florida during the summer. How much more should I expect the insurance to cost on a $100,000 boat if I want to stay in the south or Bahamas year round?
Why not just call your insurance company for an exact quote?
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Old 11-18-2018, 11:51 AM   #3
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Because I don't own a boat on which they would quote. Guessing they would have the same question and I am hoping m fellow Trawler Forum members can provide some guidance on which I can continue planning for the future.
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Old 11-18-2018, 11:59 AM   #4
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Go to boatus and get an online quote. I just did and looked at my insurance in Stuart Fl vs chicago and it doubled but still affordable
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Old 11-18-2018, 12:10 PM   #5
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Last time I looked, there was a 50%+ increase for me to be covered for named storms in FL between 06/01 and 11/01.

edit: Actually, the insurance policy doesn't cover me below the 32nd parallel, so more than just FL.

Ted
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Old 11-18-2018, 12:29 PM   #6
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Our agreed value policy costs about 1% of our hull value. We have no seasonal restrictions from the Turks and Cacos, Brownsville, TX to northern Maine. We pay a little more for the no seasonal restrictions. Hobo stays in FL during the summer. We’ve been with the same underwriters and boat for over 10 years.

Policy’s are written based on your boating experience, navaigation limits, credit history, boats value and age of the boat so one size dosent fit all.
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Old 11-18-2018, 12:46 PM   #7
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What insurance company is that? Highly unusual - actuarial damage from hurricanes has little to do with experience, boat, etc. The policies I've had in that area don't stop in hurricane season, but damage coverage from a named storm is either excluded, or very highly limited. On the other hand 1% of value is a pretty high premium, maybe they think they are covering themselves.
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Old 11-18-2018, 12:50 PM   #8
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Our agreed value policy costs about 1% of our hull value. We have no seasonal restrictions from the Turks and Cacos, Brownsville, TX to northern Maine. We pay a little more for the no seasonal restrictions. Hobo stays in FL during the summer. We’ve been with the same underwriters and boat for over 10 years.

Policy’s are written based on your boating experience, navaigation limits, credit history, boats value and age of the boat so one size dosent fit all.
That sounds like a really good deal. Thanks Larry.
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Old 11-18-2018, 01:00 PM   #9
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What insurance company is that? Highly unusual - actuarial damage from hurricanes has little to do with experience, boat, etc. The policies I've had in that area don't stop in hurricane season, but damage coverage from a named storm is either excluded, or very highly limited. On the other hand 1% of value is a pretty high premium, maybe they think they are covering themselves.
1% is pretty cheap for a liveaboard in my experience, especially in FL. Mine is over that but I bet at some threshold of low hull value the percentage does get bigger. A lot of the costs are the same for a cheap boat or expensive one....other than replacement.
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Old 11-18-2018, 03:27 PM   #10
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What insurance company is that? Highly unusual - actuarial damage from hurricanes has little to do with experience, boat, etc. The policies I've had in that area don't stop in hurricane season, but damage coverage from a named storm is either excluded, or very highly limited. On the other hand 1% of value is a pretty high premium, maybe they think they are covering themselves.
Geico Marine (was Seaworthy) not BoatUS/Geico. Hobo is based in what is referred to as a “safe” marina, what ever that is; Ortega Landing Marina, JAX. Other than named storms we have a zero deductible on hull damage, electronics is $250.

When we crossed the Indian Ocean and the Atlantic, on our last boat, our policy cost 3%. The 1% feels like a bargain. We’ve been with the same agent/office for 18 out of the last 20 years with no losses.
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Old 11-18-2018, 07:12 PM   #11
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When my sailboat was in that area, premium was about 1/4%. But no coverage for named storms, other that they would give you some money to haul it out. Maybe the big difference is I specified a high deductible.
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Old 11-18-2018, 08:43 PM   #12
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Talk to a marine broker, preferably one in South Florida. They'll have to shop around for you in all likelihood. However, I see many people paying no more than a 10% or 20% penalty for year round Florida, Bahamas, etc. We don't honestly know what penalty we pay, as living where we do, we're going to insure where we live. However, based on our rate we definitely know we're not paying a 50% penalty or anything like that. I've even known people who moved to South FL, got quoted an outrageous rate by their existing insurer, contacted a broker and ended up paying less in South Florida than they'd previously paid in SC. There is no universal consistency.
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Old 11-18-2018, 10:15 PM   #13
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I’m with BandB on this. Our boat was in Florida, and our insurance covered 125 miles offshore of entire USA (but no Cuba coverage), with a $1000 deductible, except for named storms where the deductible was $10,000. Cost was about 1.5% of agreed value.
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Old 11-19-2018, 02:25 AM   #14
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Here in the SF Bay/Delta, my "full coverage" boat insurance (BoatUS/Geico) is less than 0.5% of boat's original value if staying not farther than a few miles beyond the Golden Gate. Named storms along the Gulf and East Coast have a slightly higher deductible which is now negligible since I've never had a claim (like I'll never boat in those waters).
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Old 11-19-2018, 07:33 AM   #15
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Originally Posted by O C Diver View Post
Last time I looked, there was a 50%+ increase for me to be covered for named storms in FL between 06/01 and 11/01.

edit: Actually, the insurance policy doesn't cover me below the 32nd parallel, so more than just FL.

Ted

For the purposes of comparison, I pay .6% of value for coverage from Maine to Texas, plus the Great Lakes and the Bahamas. I'm not a liveaboard.

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Old 11-19-2018, 10:13 AM   #16
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Ours was .6% Canada to Caribbean incl Bahamas and Gulf of Mexico. When we decided to stay north of Georgia for hurricane season they gave us half our premium back. This covered the fuel costs and then some for the season. Effective rate of .3% for us it paid to leave.
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Old 11-19-2018, 11:45 AM   #17
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.34% with no limitations on cruising area in this part of the world other than Venezuela. Just tossing that out since others are throwing out such numbers. Now, a percentage like that really tells you nothing as you have no idea what we have covered and whether our policy is good or bad. Oh, that does include war coverage too.
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Old 11-19-2018, 04:40 PM   #18
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I would suspect that below $100,000 the price of hull insurance as a percentage of value will increase and above $1,000,000 it will decrease.

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Old 11-19-2018, 07:28 PM   #19
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I would suspect that below $100,000 the price of hull insurance as a percentage of value will increase and above $1,000,000 it will decrease.

Ted
I would think you're very right and it's not just those levels, but all the way up the value scale.
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Old 11-20-2018, 07:55 AM   #20
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Our policy now has language I have never seen before in a policy. We can stay in the Bahamas (and T & C) year round, but our deductible goes up for damages caused by a named storm while there. I can’t remember the amount it goes up by, but it’s really not that bad.
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