Insurance in Florida

ylwjacket

New Member
Dec 15, 2006
513
Tampa Bay
Good grief.

When I went to reinsure my 2002 380, it was bad enough. Trying to get insurance on a Year 2000 is almost impossible in Florida.

I suspect this will cost me something like 8k for insurance.

If anyone has any great ideas, please let me know.

Thanks.
 
8K for insurance?!!! Now that would cause me to move or get out of boating. Understand why the companies quote these rates given the experience, but it's still too much for me.
 
I was discussing future plans with my wife and considerations for property in Florida for our retirement years. I have to agree with SBW1, that with the HIGH cost of boat insurance in FL, I may have to reconsider.

Is Homeowners insurance just as expensive down there?

Medical insurance is going to be enough to keep under control as we age, I don't want to use all my fuel budget on boat insurance!
 
Iam siting in Key Largo typing this :grin: & the paper said their new govenor just signed emergancy legislation that is suppose to help this problem. Time will tell. The locals really, really or very tired of the Ins situitaion. They say the land gold rush is over and i can tell you there is for sale signs everywhere. Local capt told me that sells in the published paper fell from about 50-60 every week to about 5 or 6. It will be intresting to watch how the mess er land speculation and its problems work out here. The taxes, Ins, etc...
????????????? JC
 
Dominic,

Homeowners is just as bad and sometimes worse. It is not just the price of insurance, but the deductable that goes with it is significant. My February renewal on the boat went to a 10% windstorm deductible. So I am self insured on the first 7 grand in a storm.

The house is similar, although the deductible was not that high last year. I am expecting my homeowners to double at the May renewal.
 
No, Richard. And the reason is because you do not control the ability to haul your boat. In many places the limiting fqactor is the space on land to block up boats. It very quickly becomes first come, first served.

Also, who moves the boat to the haul out facility becomes an real issue. Those of us who live inland are at the mercy of someone else to handle our boats when a storm approaches because we just cannot get to the boat because of bridge wind limits, evacuation issues, etc.

There are exceptions.......ever wonder why I put up with the hassles at our marina?.........like our situation. Our marina makes one decision...haul boats or not. If they haul boats for an approaching storm, then they haul every boat in the marina, period. It is expensive, but it saves their docks and it protects our boats.

If you have one of the more expensive insurance policies, your insurer probably pays for 1/2 the cost of a storm haul out up to one per year....which is an incentive of sorts to get boats out of peril.
 
I ended up with a quote for 10k, and a quote for 5k.

For homeowner's, we go up about 25-30% each year, and now pay on the order of 6-7k.

Maybe insurance is more expensive here because we get to use the boat all year.

Looking for some silver lining.
 
Seems like something should be fixed and quick. Ylwjacket, what you pay a year for boat insurance pays for my boat LOAN, boat insurance and homeowners insurance combined. I know you are fortunate to use the boat year round but that's just crazy!! I hope some relief is offered to you guys soon. Kind regards, Brian
 
Thanks Brian.

For homeowners insurance, they are trying some things, though I am doubtful they will really affect pricing much.

For boats, we're screwed. I happen to live in one of about 10 counties that has a 10% named storm deductible too. And, we have not had a direct hit in about 40 years where I am.

There is a lot good about Florida, but right now, property taxes, property insurance, and for us boaters, boat insurance are not on the good list.

Mike
 
It is getting crazy here. I lost a boat in hurricane Charlie and after a bit of a fight the insurance company, Progressive - Drive Insurance, paid out the total policy and personal effects, more than we could expect, and they wanted to insure out new (used) boat. All this said and remember Florida doesn't have any income tax. . . Yet.

be good
 
This is one reason I gave up on my childhood dream of owning a waterfront home in FL once the real estate market went crazy and the storms made it even more unaffordable. My uncle owned a home in Clearwater and could park his boat out back, and I always thought someday, that'd be me. Not any more.

So we started looking closer to home. We're going to buy a canal front home down near Corpus Christi. The chances of a named storm are about 1/10th what they are in Florida, so flood insurance only adds about $300-400 a year. And insurance for a 35' Searay is less than $1600.

So, we bumped up the timetable. Instead of buying in 8-10 years, we decided since we're only 3hrs away, might as well get the vacation (future retirement) home now. So we've been house shopping for a month or two.

Granted, the boating isn't as developed as FL, but its getting there, and in 10yrs will be great. Lots of great fishing, white sand beaches, etc. And for the price of a 50' slip in S. Florida, I can buy a waterfront house, and for the price of the insurance on a 45' boat in FL, I can buy the 45' boat and insurance in TX. :)

-Dave

'04 320DA T350 Mag V-Drives
 

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