Economic Impact of a Boat having Flood on the Title

[richardlglassen]

During Hurricanne Helene our boat was in our boathouse, was puched up to the lift supportting sturucture damaging the waketower and windshield. Flood water never entered the boat and there is not any fiberglass damage. The insurance will pay us almost total coverage value to keep the boat but the title will be reissued with the word "Flood" on the title. The boat, engine, electrical, etc were not impacted. Can I get insurance on the boat, at least liability? What is the impat on resell value?

 

[Scott Danforth]

Consider it as no resale value. However if you keep the boat for a long time it won't matter

 

[airshot]

Ask your ins company for a letter of explanation detailing the damage and the reason for using the flood term !

 

[alldodge]

The insurance will pay us almost total coverage value to keep the boat

If someone bought me a boat and said if I tried to sell it I would only get $100 for it. My response would be sounds good to me, gimme , gimme

 

[alldodge]

Oh and you can get liability Ins just by putting it on your home owners policy, and that's also cheap

 

[JimS123]

Oh and you can get liability Ins just by putting it on your home owners policy, and that's also cheap

Better check your state rules. Homeowners may only carry up to a certain size and HP. I have 4 boats and only 1 can be covered by HO.

 

[cyclops222]

I do not like that insurance company.