Boat Insurance
Obviously a hot topic. In my opinion we are going to see massive changes in how boat insurance is presented by the insurers. Like all of us here in Florida, we have seen our Home Owners Insurance tacking on "Wind Storm Damage", "Flood Damage" deductables in addition to your basic coverage. You pay extra for the added coverage against wind storm and flood and your deductable for claims arising from strom damage becomes a percent of the home value. i.e., $250,00.00 home may have a $25,000 deductable. For boats I can see many insurers going to the same kind of program so that those of us in areas susceptable to Hurricanes and such will have to buy "Wind Storm" damage riders. The bottom line is, you must be a shopper when it comes to boat insurance. Boat US, West Marine just happen to have a captive audience and excellant marketing. There are thousands of good insurance brokers out there that can find you excellant insurance at excellant rates, all you have to do is go shop and find the best deal. But remember, the boat insurance industry is probably going to be changing the kind of coverage it offers over the next few years.
Obviously a hot topic. In my opinion we are going to see massive changes in how boat insurance is presented by the insurers. Like all of us here in Florida, we have seen our Home Owners Insurance tacking on "Wind Storm Damage", "Flood Damage" deductables in addition to your basic coverage. You pay extra for the added coverage against wind storm and flood and your deductable for claims arising from strom damage becomes a percent of the home value. i.e., $250,00.00 home may have a $25,000 deductable. For boats I can see many insurers going to the same kind of program so that those of us in areas susceptable to Hurricanes and such will have to buy "Wind Storm" damage riders. The bottom line is, you must be a shopper when it comes to boat insurance. Boat US, West Marine just happen to have a captive audience and excellant marketing. There are thousands of good insurance brokers out there that can find you excellant insurance at excellant rates, all you have to do is go shop and find the best deal. But remember, the boat insurance industry is probably going to be changing the kind of coverage it offers over the next few years.