A North/South Approach

Renting or buying a boat and keeping it in a storage facility in states like Florida is pricey, adding up to a few thousand dollars in monthly rent, sometimes equaling the cost of a high-end boat itself.

For those boat owners who travel outside of Florida for the summer months, a North/South strategy can help mitigate risk and potentially save thousands of dollars in premium costs.

Here’s how it works: Owners bring the boat north of Florida with them during hurricane season, from June 1 through November 1, to avoid the need for windstorm coverage. These two factors must be adhered to for this strategy to work:

1. If the boat is in Florida when a hurricane occurs, there won’t be any coverage in place.
2. Boats can be used in Florida between November 1 and May 31.

The North/South strategy won’t work for owners who do not want to limit the use of their boats, preferring to keep them close to their homes for year-round access. When that’s the case, advise owners to adhere to the tips noted in the accompanying article.