Join Date: Dec 2010
Location: Slidell, LA. USA
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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?
William Atkin Cutter, "TALLY HO MAJOR" "ROSA"
Last edited by Leocat66; 05-04-2013 at 12:02 PM.