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Insurance Renewal Question?

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I just got the pathfinders renewal from Charter Lake in the mail today. It has a new provision that increases the deductible to 10% of the agreed value during a named storm. Anyone else seeing this? I am going insurance shopping tomorrow.

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Let us know what you find. I’m about to start reviewing all my stuff too. I have progressive and don’t remember seeing that.

Was overall happy with them when my boat got stolen this year, but it was an agreed upon value on a boat that got stolen and never came back ...not much wiggle room for them really. Check was cut in 30 days without much hastlebb

Mine went up pretty good with an additional 10k in value on new boat and the recent theft I’m sure weighing in on that too

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It's funny Chuck, my wife and I just read over and signed a new homeowners policy last night and she asked... " I wonder when they're gonna start putting hurricane deductibles on our boats and cars?"

I know some people take exception with Progressive because of various reasons but I must say we filed a auto claim 2 years ago and it was absolutely seamless. I guess 10 years ago now someone ran into my truck in a parking lot when i had a "blue chip" insurance company (who by the way won't cover my boat or home any longer) and it was a battle the whole way. 

I have an "agreed value" policy through progressive currently on the HPX. 

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My Progressive boat policy has a $4,000 deductible for damage caused by a named storm.  When Michael was headed to St George Island, I made sure to move my boat out of harms way.

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Most insurers are now going to add increased windstorm deductibles on policies covering boats with home dock/storage locations near coastal waters from NC south to FL and west to TX. It will be the new norm. I've had a 5% windstorm deductible on my boat policies for as long as I can remember. Marine insurance rates are supposed to increase worldwide starting next year. I don't know if any of you have read in the news but most of the Lloyds yacht/boat underwriting groups are either increasing their rates up to 100% or withdrawing from the marketplace altogether. It looks as if we can all expect fewer options, higher premiums & higher deductibles as time goes on. 

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Progressive Insurance was terrific when my motor was stolen (full replacement value, check within five days), and also when my trailer was stolen (full replacement value, check within 2 weeks) . My policy has a $2250 deductible  for a Named Storm and a $500 deductible on everything else except the trailer which has a $250 deductible. 

I have had Progressive for 7 years and have been very happy with them.

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My Progressive Boat Policy has a 5% named storm deductible. It is an agreed value and was renewed this past May. Always good to shop insurance every few years. With the way my Florence claims (auto and homes) are going (different insurance provider) I will definitely be revisiting my options for them at the next renewal.

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23 hours ago, bernieNC said:

My Progressive Boat Policy has a 5% named storm deductible. It is an agreed value and was renewed this past May. Always good to shop insurance every few years. With the way my Florence claims (auto and homes) are going (different insurance provider) I will definitely be revisiting my options for them at the next renewal.

If Coastal NC goes the way of FL ( I can only speak to Miami-Dade) brace yourself for your homeowners renewal. Mine has increased $700-ish per year the last 3 years. 

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On 10/26/2018 at 7:49 AM, conocean said:

Most insurers are now going to add increased windstorm deductibles on policies covering boats with home dock/storage locations near coastal waters from NC south to FL and west to TX. It will be the new norm. I've had a 5% windstorm deductible on my boat policies for as long as I can remember. Marine insurance rates are supposed to increase worldwide starting next year. I don't know if any of you have read in the news but most of the Lloyds yacht/boat underwriting groups are either increasing their rates up to 100% or withdrawing from the marketplace altogether. It looks as if we can all expect fewer options, higher premiums & higher deductibles as time goes on. 

My insurance guy told me 2 months ago rates had already gone up and for those with older larger boats in marinas they can no longer purchase inexpensive policy covering just the vessel, need $1M liability to.   The insurance companies got hammered in the TX storms last year. Many exited market.  There was more, but that's what I remember.  

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An update:

It seems like everyone has a named storm deductible of anywhere from 5-10% depending on the company. I checked Boat US (Geico), they were pretty cheap, 5% named storm deductible but would give me a decent agreed value. Charter Lake has 10% named storm deductible but would do replacement value. They were quite a bit above Boat US. Progressive has 5% named storm, replacement value and a price pretty close to Boat US. So it looks like Progressive and I saved a couple of hundred bucks.

After Irma I check every line when an insurance renewal comes in and I am sure glad I looked at this one.

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