Attention everyone: The skyrocketing cost of superyacht maintenance is about to pinch your wallet whether you own one or not.
Rising labor and material prices for these floating mansions are now driving up insurance rates across the board—meaning your home, car, and even renter's insurance premiums are likely getting a hefty 5% to 15% boost this year. Insurers are blaming increased liability risks from larger vessels and costly repair claims, but you're footing the bill for their repairs. To fight back, call your provider now and demand a loyalty discount or shop for a new policy before the next renewal hits.