You have chosen to live a life on the water (and who wouldn’t want that!). Now let’s make sure your home and other valuables, are properly protected.
With Coastal Home Insurance you need to think about several main things:
Flood Insurance- Lots of options with flood insurance these days, including both programs thru FEMA (National Flood Insurance Program) as well as Private Market Options (like Lloyds of London).
Excess Flood Insurance- many times coastal homes present challenges as they are larger than standard structures, thus requiring more insurance than what you can get thru the NFIP, standard flood insurance program. Currently you can only get $250,000 of building coverage & $100,000 of contents thru the NFIP program. Excess Flood Insurance allows you to get additional coverage OVER AND ABOVE the $250,000 base policy limits from the NFIP program. Some carriers will write the full amount of a policy limits, up to whatever limit you need should you go with a private market option.
High Value Coverage- Along this same thread, bigger homes need more coverage and the replacement cost estimate is crucial to making sure your home is properly covered. Additionally you may have custom upgrades & finishes that should be taken into consideration. Not all home carriers will insure larger, coastal homes so working with an Agency like ours will position you to make sure you are finding all of the options to protect your largest asset.
Dock & boat coverage- It’s common as well for coastal homeowners to have a dock and boat at their property so consideration for boat/hull coverage, liability as well as fishing equipment should be considered.
Jewelry, fine art & antiques- Again this is commonly seen in high value homeowner’s, who have worked hard and have some high end contents that need special insurance attention. Often times a high value or coastal home insurer may provide you with an optional rider for items like jewelery, fine arts, or antiques. However it may also be best to secure a SEPARATE policy known as a Personal Articles Floater Insurance policy which can be used to cover highly valued and unique personal items.
As with all insurance, it can be complicated and the exposure and risk for coastal homeowner’s is even higher than most mainland homes. It’s important that you with with an agent and agency that can take into consideration your needs for the proper coverage at the best possible price. Contact us today via text, or phone at 866-INS-0123 or email us at email@example.com and one of our Risk Management Advisors can assist you. To your success!