If you are thinking about purchasing a piece of waterfront property, you will be refreshed by the beauty and serenity the environment offers. Preserving your property does take some effort, in that nature’s elements are often working against you. You are going to need more than a general homeowners’ policy.
You will want to invest in waterfront home insurance.
With a standard policy, your home and property are often covered in situations of fire, theft, lightning or other disasters. However, flooding and wind damage are generally excluded from this coverage, and you will encounter these elements more frequently if you reside along the coast or waterfront. Because waterfront homes are often leased in off-seasons or only occupied during certain holidays, you would want additional coverage to ensure protection from loss or liability claims.
A comprehensive waterfront policy should include:
- Low wind deductibles
- Both scheduled and blanket limits for all-risks on the property
- Property floater coverage
- Valuable articles coverage (including furs, silverware and jewelry)
- “All causes of loss” based on specified limits or actual cash value for boating equipment or recreational watercraft
Because waterfront home insurance is a separate policy from a homeowners’ policy, it is usually possible to get the multiple coverage options needed through a bundled policy. Speaking with an agent who specializes in coastal properties can help you narrow down the details.