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Insurance skyrocketing due to cos pulling out of FL

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Insurance skyrocketing due to cos pulling out of FL

Old 07-05-2020, 01:29 PM
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Default Insurance skyrocketing due to cos pulling out of FL

I just got my insurance renewal letter for my 03 Hydra Sports 33 w/ triple 250s. My rate went from $2200 a year to $7100. Wow! After pulling myself up off the floor I called my carrier who explained
that many carriers have pulled out of Florida after having to pay out an abundance of claims in the recent hurricanes. Ive now called three agents all with similar stories and the lowest rate available being $5700.

Does anyone have more info or recommendations on agents?
Old 07-05-2020, 02:09 PM
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If boat prices go up, insurance got to go up with it.

Old 07-05-2020, 02:11 PM
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Experience rating and actuarial tables sometimes do that . . . If you live where there are hurricanes then your rates need to reflect that. If only someone could tell FEMA that in regards to that ridiculously cheap flood insurance the government sells (that no private company would underwrite).
Old 07-05-2020, 02:12 PM
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mbb
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If boat prices go up, insurance got to go up with it.

my liability only insurance is $80/yr
Im willing to absorb all risk on trailerable boats i keep at home.

It would really suck to pay $6,000 a year for insurance, imo.




Old 07-05-2020, 02:13 PM
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Took about 20 calls to different companies and brokers to get a rate a couple hundred bucks more than what I was paying. Sucked.
Old 07-05-2020, 02:16 PM
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Originally Posted by C3D View Post
Experience rating and actuarial tables sometimes do that . . . If you live where there are hurricanes then your rates need to reflect that. If only someone could tell FEMA that in regards to that ridiculously cheap flood insurance the government sells (that no private company would underwrite).
the problem with flood, is it's caused often by people upstream of you and development there, hundreds and thousands of miles away. And it changes over time.

if anything, everybody needs to pay for it even people who don't live in flood zones because their runoff is actually part of the problem ror many others...long distances away.

We've had two 500- 1000 year floods in the last 30 years around here. .... Things changed due to upstream development.... Everybody everywhere should be taxed for national flood. Its development of land not just residences but any land that causes increased runoff from natural.


Last edited by mbb; 07-05-2020 at 02:21 PM.
Old 07-05-2020, 02:18 PM
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I live and boat in Maine, with a local insurance company that only insures boats in the new england area and mine went up 20 present this year.
Old 07-05-2020, 02:23 PM
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I understand that when prices go up insurance goes up with it but my boat is insured by an agreed upon value that isnt changing. Paying $7100 a year for an agreed upon value of $110,000 seems a bit crazy to me. On the other hand owning the boat without insurance seems equally crazy 🙄
Old 07-05-2020, 02:32 PM
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Originally Posted by DTRRACING2001 View Post
I understand that when prices go up insurance goes up with it but my boat is insured by an agreed upon value that isnt changing. Paying $7100 a year for an agreed upon value of $110,000 seems a bit crazy to me. On the other hand owning the boat without insurance seems equally crazy 🙄
Call W3 Ins. in St. Pete. I was paying $1200 a year with Charter in 2019 for $100K agreed value and my 2020 premium actually went down a bit for same coverage after I switched.

Last edited by flbassjag; 07-05-2020 at 05:50 PM.
Old 07-05-2020, 02:51 PM
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I use all state, for a 50k agreed upon is 750 a year.
Old 07-05-2020, 02:51 PM
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Ill be calling them tomorrow flbassjag. Thank you!

ill give Allstate a try as well.
Old 07-05-2020, 02:52 PM
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I used United Marine Underwriters and was very pleased as prices can be all over the place -On my new Competition 31 w400r

https://www.unitedmarine.net/boat_insurance/
Old 07-05-2020, 03:22 PM
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I insured $70,000 at about $850 per year in Florida through Allstate.
Old 07-05-2020, 03:32 PM
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Originally Posted by mbb View Post
the problem with flood, is it's caused often by people upstream of you and development there, hundreds and thousands of miles away. And it changes over time.

if anything, everybody needs to pay for it even people who don't live in flood zones because their runoff is actually part of the problem ror many others...long distances away.

We've had two 500- 1000 year floods in the last 30 years around here. .... Things changed due to upstream development.... Everybody everywhere should be taxed for national flood. Its development of land not just residences but any land that causes increased runoff from natural.
Don't be silly. My property isn't causing any flooding so I shouldn't, and don't, pay for flood insurance. Sue the developers if you want but unsespecting buyers of the properties shouldn't be forced to pay for your flood issues.
Old 07-05-2020, 04:37 PM
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Originally Posted by bryan28 View Post
Don't be silly. My property isn't causing any flooding so I shouldn't, and don't, pay for flood insurance. Sue the developers if you want but unsespecting buyers of the properties shouldn't be forced to pay for your flood issues.
Just telling you thats why
flood insurance is a national program. ... A government-subsidized one. If you pay taxes..... It's paying to subsidize it. So like it or not you pay for it already.

trees that are cut down and lots that are cleared and concrete poured increase drainage and runoff. It ends up in rivers, and affects people a long long way away in many cases.

That is why things get worse with time. like I said I've seen two five hundred to a thousand year floods in one place in the last 30 years, statistically should not happen. Wouldn't have 75 yrs sgo.
Old 07-05-2020, 04:46 PM
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Originally Posted by Load&Go View Post
I used United Marine Underwriters and was very pleased as prices can be all over the place -On my new Competition 31 w400r

https://www.unitedmarine.net/boat_insurance/
x2 best pricing and coverage when I went with them 2 years ago, renewal actually went down last month
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Old 07-05-2020, 06:41 PM
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Seams like price gouging to me. The remaining companies are picking up business they wouldn't normally have which actually spreads the risk.
Old 07-05-2020, 07:45 PM
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Originally Posted by DTRRACING2001 View Post
I understand that when prices go up insurance goes up with it but my boat is insured by an agreed upon value that isnt changing. Paying $7100 a year for an agreed upon value of $110,000 seems a bit crazy to me. On the other hand owning the boat without insurance seems equally crazy 🙄
If the insurance company's costs go up then your cost should go up. Policy holders have to collectively pay for all of the insurance company's cost. Plus a tad more.

Some having the resources to do so choose to self insure. Be there own insurance carrier if you will. Go without insurance according to some. On the premise that if the bet is good enough for the insurance company, it is good enough for the boat owner. Chances are low that any one individual is going to have an insurance claim.
Old 07-05-2020, 07:50 PM
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Originally Posted by mbb View Post
Just telling you thats why
flood insurance is a national program. ... A government-subsidized one. If you pay taxes..... It's paying to subsidize it. So like it or not you pay for it already.

trees that are cut down and lots that are cleared and concrete poured increase drainage and runoff. It ends up in rivers, and affects people a long long way away in many cases.

That is why things get worse with time. like I said I've seen two five hundred to a thousand year floods in one place in the last 30 years, statistically should not happen. Wouldn't have 75 yrs sgo.
Don't think that it is a national program because others are contributing to the problem. It is a national program because the government will do stupid shit that a private company knows not to do. Based on lobbyists buying congress to implement laws to benefit a select group of people. Land developers mostly who are prone to develop land that should not be developed.
Old 07-05-2020, 07:56 PM
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Originally Posted by alloyboy View Post
If the insurance company's costs go up then your cost should go up. Policy holders have to collectively pay for all of the insurance company's cost. Plus a tad more.

Some having the resources to do so choose to self insure. Be there own insurance carrier if you will. Go without insurance according to some. On the premise that if the bet is good enough for the insurance company, it is good enough for the boat owner. Chances are low that any one individual is going to have an insurance claim.
Unless live in a hurricane zone

Then, just like for home insurance, you need to pay.
my friends house in keys....25% deductible. On top of $15,000 yr insurance. He sweats when a storm threatens. A claim would be $$$$$ out his pocket. $100k . The appreciation on house is still more though... Which is why he's willing to risk it.

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