Recreational boaters in catastrophe-prone coastal areas–much like homeowners in states exposed to hurricanes–have suffered sharp price increases for coverage in the past two years, while the rest of the country enjoyed a softening property-casualty insurance market.
Indeed, after the first round of storms in 2004, "there was still a lot of capacity, but the rates went up two, maybe three times," according to Matt Anderson, vice president of Global Marine Insurance, a Traverse City, Mich.-based brokerage.
Moreover, so-called "absentee owners" in Florida who spend only part of the year in the state found capacity drying up, he noted.
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