After the losses sustained by yacht insurance carriers last summer, carriers have increased their rates, some by as much as 100% or more. For most boaters this is not only unacceptable, but can be unaffordable and prohibitive. Insurance rates are not likely to decrease unless we have a hurricane free summer, but here are some things you can do to lower your premium this year.
1. Talk to your broker. A 5 minute phone conversation can be really effective in helping your broker to understand your needs, so that he/she can better negotiate for you.
2. Adjust the deductible. Although no one likes to increase a deductible, doing so, even by 1% can help to dramatically reduce your premium. It's always worth asking your broker what affect it would have.
3. Revise your hurricane plan. Spending a few minutes reviewing and revising your hurricane plan can be an effective way to decrease your premium. Many underwriters will give discounts if your plan includes moving the vessel to a known hurricane hole.
4. Consider getting a hurricane haul out contract with a boat yard. Although this can cost you up front, many carriers will decrease your premium (some by as much as half) if you have a hurricane haul out agreement with a boatyard. Some of carriers will reimburse you for haul out expenses. When a hurricane is predicted to hit, this will also take a lot of stress away, knowing you will get hauled and be safe and sound on the hard.
5. Consider being above FL during Hurricane Season. Although it may not be your ideal plan, simply being as far north as Jacksonville, Florida during hurricane season can save you thousands.
If anyone reading this would like to call me to discuss how we can lower your premium, please don't hesitate to call. 843-410- 2990, or click here GET QUOTESand I will arrange quotes for you.