While the option of doing without wind coverage insurance is generally limited to people who don’t have mortgages — banks typically require borrowers to carry insurance — even a slender increase in those going uncovered could have broader repercussions in the wake of another major storm. A drop in insurance payouts could leave storm-struck areas with fewer resources for rebuilding and shift some of the burden to taxpayers. That more individuals are opting to go without coverage also underscores the breakdown of the insurance system in coastal areas.

Nobody tracks how many Americans are going without wind coverage insurance, and it’s likely still rare — most homeowners do have mortgages and 96% carry some kind of home insurance, which often includes wind coverage, according to the trade group Insurance Information Institute. Moreover, in some coastal states, wind coverage is typically included as part of a general policy, making it harder to drop. Nevertheless, it occurs, and is on the increase.

After the devastating hurricanes in 2004 and 2005 caused more than $150 billion in damages, much of which they had to pay for, insurers have thus increased rates dramatically while dropping clients they consider high-risk. Home owners also experienced a sharp jump in premiums for wind coverage from private insurers, which doubled or tripled in some coastal areas. Some homeowners that are experiencing financial hardships are doing the math and opting to bet against Mother Nature when they drop wind coverage on their homeowners insurance policy.

How and where you boat determines the type of coverage you need. An "all risk" policy will offer the best protection. However, an “all risk” policy does not cover every type of loss. In insurance terms “all risk” just means that any risk not specifically omitted in the policy is covered. Typical exclusions include wear and tear, marring, denting, animal damage, manufacturers’ defects, design defects, ice and freezing.

You may also be able to add extra coverage. Available options may include: medical payments, personal effects, uninsured boaters liability, and towing and assistance. Most policies will cover permanently attached equipment, as well as items like anchors, oars, trolling motors, tools, seat cushions, and life jackets. Be sure to discuss these options with your agent.