As an owner of a coastal property, you have special insurance needs and insuring your home can be confusing – partly because insurance companies differ in what they define as a “coastal” property. Your home may be 2 miles inland, but the insurer may rate your home as coastal – leading to higher deductibles and/or increased premiums. For example, even a 5% wind damage deductible can mean $25,000 out of pocket on a $500,000 home.
That is why it is important to work with an agency that can navigate the complex issues of insurance for coastal properties. Also, because we are an independent agency, we represent many different insurance companies and, therefore, can match your needs with an insurance company that offers the right combination of coverage and price.
Insurance companies nationwide continue to deal with large losses and a tremendous amount of uncertainty. The frequency and severity of coastal storms have made underwriting very difficult and insurers have become very conservative. That does not mean you should settle for substandard insurance. You do have a choice, and we are here to help present you with options. We take the time to fully evaluate both your needs and your home to ensure you are getting the coverage that is the right fit for your situation. It is important to be careful when choosing insurance, as some companies will sell policies with limited coverage leaving you vulnerable in the event of a claim. You may not even be aware of the limitations with these sub-standard policies until you file a claim.
Give us a call and speak to one of our associates to find out more about coastal property insurance.