Irma and the local boat market

[CarlF]

Insurance companies will have an incentive to total damaged boats as they don't have the staff to manage a lot of simultaneous repair jobs. The supply of hurricane damaged boats at auction will greatly exceed buyer demand so prices will be low. A totaled boat that shows some minor damage on the outside but no water got inside, could be a very good deal.

[sailcrazy]

People get hit just crossing the street....does that stop you from ever walking across a street? Storms happen....so does life. Adjust, shop for insurance, take whatever corrective measures feel "right" for you...but don't stop living! Come on...get real! We've kept our boat in Asia (12 years in the Philippines-and they get really big typhoons), in the Medd, and now 3 seasons in the Caribbean. We deliberately looked for storm safety considerations and facilities before we picked the marina we chose to leave our boat for the storm "season" over the last 3 years. A direct hit.....well, stuff happens. But take reasonable precautions, shop for insurance to mitigate the risks, and enjoy. But don't stop living! PS...our boat survived Irma without issue, up on the hard, stands chained together, strapped down to massive buried concrete beams, well above and removed from the bay, protected by mangroves, inside a chainlink fence that's locked and guarded 7/24, with insurance, in Puerto Rico.

[rickdamico]

My boat sits comfy in it's slip, 24/7/365 days a year, no worries.

[S/V Illusion]

Originally Posted by markpierce

Keep wondering why people on the southern and south-eastern USA (facing the terrible and angry Atlantic ocean) owning boats even bother. You are all condemned, and it is a wonder any boat insurance is made available.

That's an interesting attitude. With auto accident statistics being much higher than hurricanes, I assume you don't drive or ride in a car?

[Red Herring]

Originally Posted by rickdamico

My boat sits comfy in it's slip, 24/7/365 days a year, no worries.

Touch wood there brother. A statement like that just tempts fate!

[Red Herring]

Originally Posted by CarlF

Insurance companies will have an incentive to total damaged boats as they don't have the staff to manage a lot of simultaneous repair jobs. The supply of hurricane damaged boats at auction will greatly exceed buyer demand so prices will be low. A totaled boat that shows some minor damage on the outside but no water got inside, could be a very good deal.

Where does one find these auctions? The local yards?

[Pete7]

Originally Posted by ranchero76

From my point of view, boat market will be down big time (that does not include salvage market). There are many reasons for that.
- Many dreamers will be scared as hell and will cancel their dreams altogether or (at least) for now,

Yes, but people forget and then start to return. Give it a few years and the boats will be back as a new generation of boaters forgets the lessons of history.

Pete

[rabbi]

There will be an oversupply of salvage project boats. Problem will be that it will take the insurers ages to put them on the market with all this chaos. After a few months many of these boats will be good for the scrapyard.

But there may possibly be an undersupply of undamaged cruise ready boats. it seems that catamarans make up the majority of charter fleets these days, and seem to have suffered badly. This will reduce supply of cars for the next few years.

[TXnewbie]

Originally Posted by timbo1123

I'm one of those currently in the market for a used boat. I live in Texas and was interested in a particular cat located on the coast. Have yet to find out the fate of that boat. I was hoping to take early retirement and start living aboard and cruising for a few years. These two storms have given me great pause on that idea!

Fellow Texan in same situation. Looking for cat and worried about prospects now. Would love to talk and share experiences. Maybe two heads might yield positive results.

[rabbi]

Originally Posted by TXnewbie

Fellow Texan in same situation. Looking for cat and worried about prospects now. Would love to talk and share experiences. Maybe two heads might yield positive results.

If you are worried about boats you should be worried about your house as well.
I mean thousands of houses are complete loss after Irma just like the boats

Is is not what you prepare for. If you want reliable shelter from Irma you buy a bunker or a submarine.

[barnakiel]

I expect at least one insurance company to be scratching their heads right now. And I know which one it is.

Cheers,
b.

[iancoombe]

Originally Posted by rickdamico

My boat sits comfy in it's slip, 24/7/365 days a year, no worries.

What's wrong with it, is it not seaworthy?

[StuM]

Originally Posted by rickdamico

My boat sits comfy in it's slip, 24/7/365 days a year, no worries.

No worries and no use.

If it is always slipped, why own a boat?

[AZPilot]

Originally Posted by rickdamico

I certainly would never disparage anyone from living in an area where they "have" to live, because of jobs, careers, family etc. But when it comes to "choice," living and owning property in areas from the gulf coast to the Florida Peninsula to up the east coast is, in my view, dangerous.

I spent the last 50 years in Broadcasting, mostly as a Broadcast Meteorologist, and for years and years, climatologists, meteorologists, NOAA and other government agencies have been warning about the proliferation of development in these areas. Everyone wants to live on the water, ( you ever watch "Beachfront Bargain Hunt or those other shows on HGTV?) but when a storm like Irma and now Jose comes thru, it's almost impossible to protect one's property and nearly impossible to evacuate. How do you evacuate the entire state of Florida? How can the federal government protect all these people?

I don't even know why I'm writing this because I have no answers to this problem. All I know is I "chose" to put my sailboat in Southern California, the water is too cold there for tropical storms, so all I need to worry about is earthquakes! (and weirdo's ha ha, I sail there, but I live in Arizona!)

Rick D'Amico

Hey, Rick just had to say miss on the morning TV.

[ranchero76]

Originally Posted by Pete7

Yes, but people forget and then start to return. Give it a few years and the boats will be back as a new generation of boaters forgets the lessons of history.
Pete

Of course. I'm talking about near future, next few months - one year, may be.