Our beloved Nauti is gone :(

[wakeboardjoe]

The folks at Progressive have been great but unfortunately our policy had a max below what it would take to replace her. It's more than the money for us, that was part of our family, I proposed to my wife on that platform, it was still my kid's favorite way to spend an afternoon. Now we go without for a while and hope for those days back further down the road. I urge you to please review your policy and make sure what you have. I don't blame Progressive at all, this was my oversight, I should have made sure, hope some of you will, this can happen to anyone. The story is not done, much more legal stuff to follow but that can take years, fingers crossed.

Below info on the fire... Willis, by Lake Conroe in North Houston.

https://www.chron.com/neighborhood/m...s-12763560.php

[CHassmann]

Sorry to see and hear this. Good luck in fighting the legal battles and getting back on the lake.

[gome123]

Oh no!! This makes my heart ache. I wish you the best in all the details I am sure you left out.

[scottb7]

Does this have to be 100% on your policy? Does the storage place have insurance?

[Quinner]

Lost one in a fire myself many years ago, very unfortunate. Life goes on, new boat - new memories!!

Scott, most homeowners policy's would not cover (if stored at home) nor would the storage place have coverage as it would be cost prohibitive for them. I rent storage to mostly my CC/Nautique buds and in my contract to them it clearly states they need their own insurance. Was I to insure them it would easily double my costs and theirs.

[lucky7t]

Don’t want to stir the pot but don’t you have a claim for including but not limited to loss of use etc.. in addition to your actual property ?


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[jshack01]

wakeboardjoe I feel like I'm being a bit intrusive but for educational purposes could you enlighten us what happened with the insurance? Did you have a low agreed value or something? I think it would be helpful to us know where the problem was so we can make sure we aren't caught in a similar situation.

I know this may seem crazy but something for you guys with sheds to consider. Home fire sprinkler systems are getting cheaper and cheaper. You can put "dry" systems in garages. For the uninitiated a "dry" system keeps air pressure in the pipes. If a sprinkler head pops due to flame/heat exposure, the air pressure is released which releases a water valve. The keeps the pipes "dry" during freezing temps.

When you think about how much money is tied up in these garages its a marginal amount to add. I don't think we will see a lot of these until insurance companies start offering better discounts. But they really work. I don't have one as we don't have water to the boat garage yet. But its coming as I'm tired of pulling my hose across the yard.

[Team230]

Wakeboardjoe. So sorry for your loss.

Could you elaborate on what your insurance was missing? I'm buying a new boat now and we be evaluating insurance policies.


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[Kmayotte]

Not to inundate you with questions but it looks like a mid 90's ski nautique based on the one pic. Replacement cost considerably under 20K. They won't pay that?

Maybe you're going for new replacement $80K+

Are you getting even a portion from insurance?

[Tallredrider]

I think he is pretty clear that his insurance had a low max value in case of total loss. My progressive policy has 140K agreed upon value in case I have a total loss, since that is what it would take to replace a G23. My policy charges more for that, so that is a decision we make. It sounds like the policy had an agreed upon max value that was not even close to the money it takes to replace it. I have made sure my max value is enough.

[srock]

I have gone with replacement value policies to eliminate any arguments on value.

I have an agreed upon value as well on a couple boats and different insurers. But, when you look at the policy language they note depreciated components. I send an email to clarify asking if the boat is a total loss for whatever reason I will receive $xxx,xxx. They email back yes.

Anyone have any experience with replacement value policies or what to watch out for.

[j2nh]

I do Agreed Value policies on both of my boats. I had a trailer stolen a few years ago and the insurance company paid me the Agreed Value with no questions asked. The Agreed Value covered the cost of a new trailer, not the cost of a 5 year old trailer. My advice if you are going to go this route is to make sure you have the tailer listed separately and that the value you place on it will cover the replacement. According to the agent at Boat US, most people do a good job on valuing the boat but usually under value their trailers.

[wakeboardjoe]

Sorry for the delay in response, on the road for work

& Thank You for the well wishes.

I think he is pretty clear that his insurance had a low max value in case of total loss.

Bingo

10k was the max on the policy :/

This is definitely just the beginning of what will be a long story that could take a month or years as we try to recuperate losses beyond the boat.

I will say in all this that Progressive has been outstanding to work with, they are even helping us pursue the difference, I highly recommend them.

The mistake was mine, I should have made sure the policy was right.

I hope every single one of you take a few minutes to make sure yours are protected fully. Don't assume "market value" means it will all be ok if something like this happens.

[wakeboardjoe]

Does this have to be 100% on your policy? Does the storage place have insurance?

They do... So far, so good. We've been in contact and so far they seem like a stand up company, we'll see.

[wakeboardjoe]

Don’t want to stir the pot but don’t you have a claim for including but not limited to loss of use etc.. in addition to your actual property ?


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Honestly not sure... I'll bring this up. Thanks!