Cutting Corners: Not an Option When Considering Coastal Insurance
A house at the beach, for many Americans, is a dream come true. If you find yourself in the enviable position of acquiring coastal property, you are one of the lucky ones.
That said, it would be wise to consult an experienced coastal insurance company when considering your coverage needs. It doesn’t pay to ignore some basic insurance realities in the interest of saving a few bucks upfront.
Basic Reality #1
Thousands of coastal homes have been damaged or destroyed by hurricanes in the past two years. A standard property insurance policy will not pay for repairs or replacement if your property is located within close proximity of the coast.
Basic Reality #2
In order to be sure your investment is protected, it is essential to add endorsements or policies that will pay for storm damage. Here are two add-ons you cannot afford to omit:
Windstorm Protection: If you live within three miles of the beach, a separate windstorm or hurricane endorsement is required. Otherwise, damages will not be covered.
Flood Insurance: Hurricane or windstorm insurance does not cover damage from a flood–even if the flooding is caused by the storm. Flood protection is only found in a stand-alone policy.
Basic Reality #3
Expensive? Yes, total protection of your beach property can be pricey, but consider the catastrophic alternative in the event of a natural disaster. Consult a respected coastal insurance company and protect your investment in that dream house.