There is nothing quite like a place at the beach. Long walks in the sand, the sound of crashing waves, the sight of the sun rising or setting over the water, all of these are common reasons why so many Americans dream of owning coastal property.
But don’t get caught up in the romance of the setting and overlook some basic insurance realities. Owning your dream house near the water comes with a unique set of coverage needs. Consider these three guidelines when choosing coastal insurance services:
Hurricanes happen. From Harvey and Maria to Florence and Michael, thousands of homes have been damaged or destroyed during the past two calendar years. If your house is located within three miles of the coast, your homeowner’s insurance likely will not cover claims from a hurricane without the addition of supplemental hurricane or windstorm coverage.
Flood insurance is a stand-alone policy. Even if your coastal insurance services include coverage for hurricane or wind storms, damage from a flood is not included. In addition, if you live in a designated flood zone, your mortgage provider will demand that you carry flood protection.
Rental Properties Require Specific Coverage. Many owners try to offset costs by renting their houses some portion of the year. Basic homeowner’s policies will not protect against losses and damages by renters. Be sure to notify your insurance provider of any rental activity.