Having a home by the water may be a dream come true, but one violent storm or similar unpredictable disaster could inflict a nightmare of damage. How can you find homeowners insurance that fits the unique challenges of your coastal property?
It’s All in the Details
What your waterfront home means to you probably can’t be measured, but you will need facts and figures in order to get it properly insured. This means thinking about everything that goes into making your property more valuable, from furnishings and collectibles to hardscaping and outbuildings. Anything with significant value that is part of or contained in your property must be included when trying to safeguard against potential losses. This is your starting point for choosing the right waterfront homeowners insurance.
The Risk of Underestimating the Risk
You may have heard the saying, “wishing doesn’t make it so,” and that expression certainly applies when assessing a water-exposed property’s risk. Wishful thinking is no substitute for properly protecting your most valuable assets. Even areas considered low to moderate risk can and do experience flooding and its associated damages. Coastal and waterfront locations are becoming harder to insure precisely because the risk of extreme weather is expected to increase. Accepting that risk – and properly preparing for it – is part of embracing a waterfront lifestyle.
Insuring a waterfront home can a bit trickier than covering a home in a less exposed location. With careful thought and the right information, however, you can safeguard your property and your financial security.