State Farm Insurance

[Streff]

I would love to hear from anyone with State Farm boat insurance. I have been working with a broker for comprehensive coverage vs liability. The coverage and premiums seem to be too good to be true. Liability coverage for a mid 1980s 53’ is under $500.00.. total coverage under $2000.00. 10K deductible. Cruising region: Eastern Seabord, FL, Bahamas during non-Hurricane season only. Seems a bit low and of course worried about honoring claims? We have had State Farm for various homes and cars over the years.. they were always great. I know they pulled out California last year.l so things are not all milk & honey these days. Any comments would be greatly appreciated.Streff

 

[madhatter1]

Our 46 is insured with State Farm. No boat loss during storms but we had 2 cars flood and they paid right away. Just got a liability quote today on our 34 which should hit the water soon. $1M liability for $375 per year. I think I am around $2500 on the 46 including $132K value.

 

[Briankinley2004]

My 46 is through State Farm also. I am at 1670/year with 60K hull value. Not sure of deductible amount. The only thing they did that aggrivated me was told me I didn't need a survey and a few months after I had the insurance they demanded a survey. I was able to get an in water survey. The only reason I went with SF instead of W3 is they already had the boat insured and told me I wouldn't need a survey. W3 shot me straight and lost the sale because of it. I have used them in the past and found them good at getting coverage at a fair cost. Here is the link to their site. You may want to get a quote from them as well

https://marineins.com/

 

[Miss Swivel]

We had a soft grounding 2 years ago and State Farm reimbursed us for the tow within a week.

 

[brettportzer]

I would love to hear from anyone with State Farm boat insurance. I have been working with a broker for comprehensive coverage vs liability. The coverage and premiums seem to be too good to be true. Liability coverage for a mid 1980s 53’ is under $500.00.. total coverage under $2000.00. 10K deductible. Cruising region: Eastern Seabord, FL, Bahamas during non-Hurricane season only. Seems a bit low and of course worried about honoring claims? We have had State Farm for various homes and cars over the years.. they were always great. I know they pulled out California last year.l so things are not all milk & honey these days. Any comments would be greatly appreciated.Streff

What is the agreed value?

 

[JD5652]

1976 58 LRC on west coast of Florida with unrestricted coastal cruising in US waters. No requirement to haul out during named storms or other restrictions.

Full coverage, $300K agreed upon value, $1M liability. ~$5800 annual premium.

 

[Streff]

Agreed value $175K, 1M liability. 53’ ED

 

[Streff]

Sorry repeat response

 

[ZenDarb]

State Farm was the only viable option I found when we purchased our 1985 53ED last year.

• $230k value
• $300k liability (I have an umbrella policy that covers a much greater amount - just added the 53ED to that policy)
• $5k deductible
• $4400/yr premium
• US coast including most of Bahamas
• No captain or experience requirement
• No haulout/bugout during hurricane season

 

[Bob Quinn]

We have State Farm in Michigan, 1980 53my Valued about $150, I think we pay $500 or $800 a year.

 

[firbanks]

Just had a quote from state farm that is comperable to others outlined above. It's about 30% lower than what I'm paying now, so I'm comparing the policy language now to my SeaWave policy that I have now through Atlass Insurance / Risk Strategies. Will likely switch if the risks are similar. The relatively low deductible alone (vs. current 5% of agreed value, or 10% during named storms) is added bonus.

 

[Phasma2128]

We’ve had great experience with State Farm! They paid with only a bit of proof of loss.

 

[omecojh]

I am in hurricane zone. 42 ft Convertible, $75,000 value, $200,000 liability.

I was with Boat US for 30 years, but they wanted $5500 this year, double last year's premium.

Switched to State Farm this year for $2500.

 

[Big Chief]

Great info; Must read any requirements in policy for Named Storm deductible. Mine goes from $40K to $80K for named storm and have to be outside of 100 miles from eye of storm to have any coverage. Will be shopping State Farm at renewal.
jh