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  #21  
Old 05-04-2013
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Re: 700% increase in Insurance!

Quote:
Originally Posted by Brent Swain View Post
Insurance companies have seen a huge increase in claims due to weather changes from global warming . So you will have to convince the insurance industry that they are just imagining it, and that climate change is not really happening, to get your premiums lowered.
Good luck!
I'm not sure there are more hurricanes now than there have been in history.

After Katrina, there was a lot of talk that global warming had caused this killer storm, the size of which had never been seen before. But, later there was an article, inour local paper, that showed the Spanish had recorded a hurricane almost exactly like Katrina, same place, same size, same wind and same surge, 300 years before, and had recorded it and it's effect in excrutiating detail. How many here have ever even heard about that?

And, here is another article about past hurricanes that is kind of inconvienent to the idea that powerful hurricanes are a recent phenomena.

Hurricanes of History -- From Dinosaur Times to Today

If anything, we have just magnified the effect of hurricanes, by building lots of stuff, and parking lots of boat, in their well known paths.
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  #22  
Old 05-04-2013
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Re: 700% increase in Insurance!

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Originally Posted by PCP View Post
I heard about some pits where the boats are in and that are hurricane proof. That was what I was talking about. They are not common?

Regards

paulo
There are really know tie-down places on Long island that i know of or that many marinas that are all that far above the possible surge

The biggest problem is a normal place around here might have 700 boats ? and it takes months to do a round trip spring and fall as even if the did 50 boats a day your looking at a huge amount of time
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  #23  
Old 05-04-2013
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Re: 700% increase in Insurance!

The best example of hurricane history IMHP is a place like Long island because there are GOOD RECORDS going back well over 400 years

If you look up the Long Island express which refers to the 1938 hurricane and killed between 682 and 800 people in the NE you might find the recent events rather sedate

If you read a bit further you will find we are on a long term 60 to 80 year cycle of total destruction

As you go back in time you find the Great Colonial Hurricane of 1635 and 1821 and 1823 must have really sucked

If you really want to open your eyes the List of New England hurricanes is kind of BIG and we have built a lot more stuff in the surge areas
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  #24  
Old 05-04-2013
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Re: 700% increase in Insurance!

Hi there Joe. We have a similar problem with Allstate, and Boat US is even higher. Last year the policy more than doubled. As a result we cut the coverage in half and retained liability in order to keep the cost the same as before the increase. I know where you will be in Slidell, and have a friend who has had only liability where he has been, in that same location, for the last 15 years with no loss or hurricane issues. He now feels that he is ahead of the game as he has saved more than he would loose in a total loss situation. We will be doing the same if cost continue to rise. He sails "Mad Dog", a Soverel 37'. He did fine there, even through Katrina. Roll of the dice my friend!

Insurance is not a level playing field and never has been. They always win, we always loose. If you never make a claim they win. If you do make a claim they win. Insurance companies pay our claim and raise the cost of the coverage. They are simply financing their loss over time, while we pay them back for what we received in lump sum. In the money lending industry they would be defined as "loan sharks".

We now have a hurricane deductable for our roof on our home. That deductable is 15k, which is more than the total new roof goes for and as a result the roof is my baby. They will never pay for the roof.

Is your boat here yet, would like to meet you?
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  #25  
Old 05-04-2013
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Re: 700% increase in Insurance!

They are trying to tell you that they don't love you any more! Seriously, since many states have restrictions on acceptable reasons to cancel insurance policies, it is a common tactic to simply increase the premium to what the policyholder (you) would likely find unacceptable. You will find another insurer and cancel the policy yourself, freeing your previous insurer from the liabilty of insuring you. I had this exact experience years ago with no changes other than the age of my boat crossing some magical threshold. 400% increase with Progressive, and I went elsewhere. Your insurer is not telling you they want more money as much as they are telling you they don't want you.
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Old 05-04-2013
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Re: 700% increase in Insurance!

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Originally Posted by Joesplace View Post
This is a 1982 Southern Cross 28' with a set value of 30k . . .
We insure our boat in the Tampa Bay Area for much, much, more than the stated value of your yacht for not much more than same premium with Seaworthy Insurance Company, a Berkshire/Hathaway Company. Try contacting Craig Chamberlain of Mariners General Insurance Group of Newport Beach, CA at 800-992-4443 for a quote. I suspect you'll be glad you do.

FWIW...
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  #27  
Old 05-04-2013
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Re: 700% increase in Insurance!

I'm surprised more of you don't remember Katrina.
* Many Slidel marinas were 80% total losses.
* Many location (including our plant) lost electricity for over 1 year.
* Boats on land did worse. 100% loss. You had to see then stacked up to believe it. Heck it lifted the I-10 bridge for miles, destroying it, and it has one end in Slidel. Surge was ~ 17-20 feet.

So the insurance company knows that they will lose most of the boats every big storm. Stands to reason the price is a material % of the boat value. It's obvious.
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  #28  
Old 05-04-2013
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Re: 700% increase in Insurance!

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Originally Posted by pdqaltair View Post
I'm surprised more of you don't remember Katrina.
I remember Katrina well. My boat inland on a trailer faired well. My truck further inland was a total loss as was my business located outside the levee and my wife's family home 100 miles to the east. It's the cost of living in Hurricane country, near the coast chances of loosing everything once in your lifetime are good. When I raced a J-22 with a local on the Gulf Coast he would go on and on about Hurricane Betsy and its total destruction of the area later to be totally destroyed by Katrina.

I have vowed never to live in Hurricane country again but after Sandy realize that means maybe 70% of the US coastline.
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  #29  
Old 05-04-2013
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Re: 700% increase in Insurance!

Everyone seems to have forgotten Camille in 1969. It caused billions in damage in 1969 dollars
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Old 05-04-2013
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Re: 700% increase in Insurance!

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Originally Posted by chef2sail View Post
You think that's insane. You chose own a sailboat , you choose to live in a hurricane hit zone, you have a choice of insurance companies. Shop around. If this is the going price then decide whether sailing is what YOU choose to spend your money on. No one said its inexpensive to own a boat. I don't want to subsidize your keeping a boat in the riskiest destruction zone. Mine went up 100% due to Sandy. It's your choice after all.....your choice all the way.

Dave
Curious to see what you think about where your healthcare is going and who you blame for that? And you will have no choice about that. If people don't start complaining about being raped by big corporations, when will it stop?

By the way, it appears you live in a hurricane zone yourself, is that correct?
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