If you are a boat owner living in any of the South Florida waterfront communities, then you need to to beware. If you ever run aground and have to call for a tow, make sure you read everything you sign; don't just assume it is innocent paper work.
South Florida Home Buyers Could Lose the Value of Their Boat
When you call for a boat tow, there are forms you have to sign, but here is where you must beware: by putting your signature on an Open Form (a non negotiated agreement) you or your insurance company may have to pay up to 40% of the value of your boat to someone who just pulled your boat off a sandbar.
Not only does this practice cause increased premiums for all boaters, but there is a real possibility that you may not be able to renew your insurance coverage with your current insurer (or any other Insurance Company), espcially if you have submitted a previous claim.
Here is some quick advice on how to avoid this Open Form trap: Negotiate your tow rate READ MORE HERE TO LEARN HOW. You can also learn more about the South Florida area, search the South Florida MLS, and browse South Florida homes for sale by contacting me, Scott Patterson, your South Florida expert REALTOR.