Jake,
A new Hobie 20 = $12,500, though I didn't pay that much, that's what I insured it for in case of a total loss; racing is OK, $300,000 liability $250 deductable. I don't have any other policies with American Family, but clearly the location of the boat has a big influence on the price of coverage. Colorado's six-month sailing season limits their exposure and according to the agent (a sailing buddy of mine) they base the rates on the number and value of claims for this kind of boat. He felt like the price was pretty cheap considering the speed (and damage) potential for the bigger beach cats.