Even though the 2015 Atlantic Hurrican Season doesn't begin until June 1st, it's never too early to think about boat insurance. And waiting for the first first hurricane to begin making its way across the Atlantic is not the time to be running around trying to find a safe place to moor your boat. Ever since Florida faced Hurricane Andrew in 1992, questions have been asked that has tweaked how boat insurance works in hurricane-prone areas. It protects you from personal and property damage to others, as well as to your boat. There are coverage options that guard you against vandalism and theft, offer "waterside" assistance and more.
So why must I buy boat insurance before the start of season? Well technically, you don't - but you'll pay for it. Boat insurance has a number of factors that require a lengthy shopping period and waiting to figure it out last minute will have you writing checks larger than expected.
Boat Insurance Freeze
If the storm's a comin' you better start runnin'. Once a hurricane appears on the radar, almost every insurance agency will put a hurricane freeze on boat coverage. All areas predicted within striking distance will be put on the freeze and insurance cannot be purchased at this time. In other words, you're on your own.
The Named Storm Deductible
The main difference between normal boat insurance and those in hurricane areas is an added deductible appropriately called the Named Storm Deductible. This will be applied in case of a Named Storm and will be applied before paying you off for your boat. These deductibles are typically 10%.
What's Your Hurricane Plan?
Before signing on, an insurance company is going to want to know your plan for your assets during a hurricane. Most South Florida insurance agencies will require you to move your boat to safe waters or secure it safely on land. The more proactive and detailed this plan, the better chance for more coverage. A well-thought out plan can lower your Named Storm Deductible to as low as 3%.
Don't get stuck downstream without a paddle - or an engine - this coming hurricane season. Talk to B&B Insurance Agency in Palm Beach County. Call us for a FREE quote and we'll get your boat insurance properly set up before Hurricane Ana even becomes a blip on the radar.