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Florida insurance cost breakdown?

  • Thread starter Thread starter Bob Quinn
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Bob Quinn

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  1. OWNER - I own a Hatteras Yacht
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53' MOTOR YACHT (1969 - 1988)
I know insurance in Florida is through the roof.

Question: Is it the full coverage part of it or the liability part of it that is so expensive or both?

I am assuming marinas are only worried about having liability coverage?

Thanks!
 
All I can tell you is that more and more marinas require insurance to stay, even for 1 day. We keep a copy on the boat.
 
Sometimes liability only is not alot less. Hull value desired and deductibles play a large role in premiums. It also pays to shop around. Im paying $1900/year for 60K hull value and 3000 deductible on my 46C. I just looked at my quote and it was 2100 for a 2K deductible. This is full coverage and State Farm never asked about a hurricane plan or any of the usual stuff. This was purchased after the hurricane last year but probably before all of the payouts. Hopefully it won't go up much
 
Sounds like I just need to call my insurance guy!

Edit: I called my State Farm here in Michigan, and they said it would have to be insured by a Florida based agent.
Didn't know that. I will try to find one.
 
Last edited:
I have only liability insurance. For years it was $740 per year. The last full quote was for $8500 fifteen years ago .Two years ago in went to $1250 . This year it’s $1400 . A friend here in Miami says he is paying $350 . I use Markel through USAA . I would shop around , but I have to have all my insurance through USAA in order to have an umbrella policy.
 
madhatter1 said:
All I can tell you is that more and more marinas require insurance to stay, even for 1 day. We keep a copy on the boat.
Click to expand...

Good idea! I wouldn't have thought about doing that.
 
jmooney said:
I have only liability insurance. For years it was $740 per year. The last full quote was for $8500 fifteen years ago .Two years ago in went to $1250 . This year it’s $1400 . A friend here in Miami says he is paying $350 . I use Markel through USAA . I would shop around , but I have to have all my insurance through USAA in order to have an umbrella policy.
Click to expand...

That is what I was thinking is that I could switch to liability only. I have no desire to throw away 10k a year on insurance LOL.

Any chance you know who your friend goes through at $350 a year?
 
Briankinley2004 said:
Sometimes liability only is not alot less. Hull value desired and deductibles play a large role in premiums. It also pays to shop around. Im paying $1900/year for 60K hull value and 3000 deductible on my 46C. I just looked at my quote and it was 2100 for a 2K deductible. This is full coverage and State Farm never asked about a hurricane plan or any of the usual stuff. This was purchased after the hurricane last year but probably before all of the payouts. Hopefully it won't go up much
Click to expand...

Is this a Florida based State Farm person? If so, any chance you could share the number?
I use State Farm up here in Michigan and they seemed to have the best rates, but said I would have to insure in Florida if I go down there.
 
Bob Quinn said:
That is what I was thinking is that I could switch to liability only. I have no desire to throw away 10k a year on insurance LOL.

Any chance you know who your friend goes through at $350 a year?
Click to expand...
Bob, will check with him when I see him again.
 
Mine is through Ryan Lampanosa in Crystal River, FL 352-795-4747. Laynee Nadal is my rep. The biggest issue I had is they didn't ask for a survey but after they got the premium their underwriters told the agent I had 10 working days to get one.

I also use the company below alot. They told me upfront I would need a current survey (less than 5 yr old) to get a policy. The only reason I didn't go with them was State Farm already had the boat insured by prior owner and didn't ask for one with the quote. Lesson learned

http://marineins.com/


 
My 1975 53 MY came back today at $5500 with out storm coverage. It was $2100 2 years ago with storm coverage.
Last haul out was done 3 years ago and given an 180k hull value and note as above average condition and well maintained.

This is getting insane at the moment. This year we will be traveling the East Coast and out of Florida for the summer and still they wont write storm coverage.

Any suggestions on for us many 53MY owners out there?
 
Post Hurricane Ian, Florida boat insurance in general is just insane. One of our cruising couple friends were told when they renewed on Oct 1 2022, that they would not be renewed in 2023 unless they changed their home port to north of Savanna GA, or off the Gulf Coast - We're in Fort Myers. Yes I get it, Ian was devastating, but it was a 500-year storm. We lost Pau Hana completely, and it took me contacting the governor's office to get paid out. 2 different boat owners from the marina were told they would not be insured for their new-to-them boats unless they kept them in their permanent home towns, Minneapolis for one, and St Louis for the other.
 
Last year my carrier quit writing in Florida and I had to find a new one. First offer was $14k up from around $6500. Eventually received an offer for $6800 that required a haulout survey which I did.

This weekend I was renewed for $200 less than last years premium with no additional changes or survey required.

Markel in Annapolis handles this for me and I am pleased.

Bruce

Freestyle
1985 62 CPMY (54MY with ext)
Tampa
 
Briankinley2004 said:
Mine is through Ryan Lampanosa in Crystal River, FL 352-795-4747. Laynee Nadal is my rep. The biggest issue I had is they didn't ask for a survey but after they got the premium their underwriters told the agent I had 10 working days to get one.I also use the company below alot. They told me upfront I would need a current survey (less than 5 yr old) to get a policy. The only reason I didn't go with them was State Farm already had the boat insured by prior owner and didn't ask for one with the quote. Lesson learnedhttp://marineins.com/
Click to expand...
Shaunc said:
My 1975 53 MY came back today at $5500 with out storm coverage. It was $2100 2 years ago with storm coverage.Last haul out was done 3 years ago and given an 180k hull value and note as above average condition and well maintained.This is getting insane at the moment. This year we will be traveling the East Coast and out of Florida for the summer and still they wont write storm coverage.Any suggestions on for us many 53MY owners out there?
Click to expand...
Shaunc depending on how far north along the east coast you are going I would have several options to go with storm coverage.
 
captcrunch said:
Shaunc depending on how far north along the east coast you are going I would have several options to go with storm coverage.
Click to expand...

We are hoping to make it to meet up with our family in Maine. Lets see how far we go? lol

For us its about the journey and if we have to dock at a marina and drive to meet them. then we will do that.
 
Freestyle said:
Last year my carrier quit writing in Florida and I had to find a new one. First offer was $14k up from around $6500. Eventually received an offer for $6800 that required a haulout survey which I did.

This weekend I was renewed for $200 less than last years premium with no additional changes or survey required.

Markel in Annapolis handles this for me and I am pleased.

Bruce

Freestyle
1985 62 CPMY (54MY with ext)
Tampa
Click to expand...

I tried Markel as they are based in Clearwater Florida and they were around 8k.
 
Briankinley2004 said:
Mine is through Ryan Lampanosa in Crystal River, FL 352-795-4747. Laynee Nadal is my rep. The biggest issue I had is they didn't ask for a survey but after they got the premium their underwriters told the agent I had 10 working days to get one.

I also use the company below alot. They told me upfront I would need a current survey (less than 5 yr old) to get a policy. The only reason I didn't go with them was State Farm already had the boat insured by prior owner and didn't ask for one with the quote. Lesson learned

http://marineins.com/
Click to expand...

I contacted both, thanks. MarineIns said they only have one company and that is the one i am with they can write me with. State farm said they will send me a quote over tomorrow.
 
Ours comes up for renewal in August. Smack in the middle of storm season right when things are heating up. We shall see.
 
Insurance has gone through the f*cking roof after the last couple hurricanes came through. Mine is $7k a year for full coverage, and for the renewal they want almost $10k for 2023-24. I am debating going to liability only. I am pretty OCD about making sure my boat survives the storms (I know it's dumb but I've ridden two hurricanes out onboard, one of which I would absolutely have had damage if I hadn't been there) and it's burning me up that in 10 years of premiums I could almost pay for the whole damn boat. Some of these guys with $1mm boats at marina are *really* complaining, my $200k boat is small potatoes compared to what they're paying. There is no good solution anymore, everybody is crazy expensive now.
 
I have no idea if BoatUS is writing coverage in that area. I renewed with them this year up here in Annapolis and the premium didn't change, but they did ask for a survey (it had been a while) Might be worth a call to see if they are still writing insurance in FL.
 
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