If you own a coastal property, having the right insurance coverage is vital to protect your home from damage caused by waterfront perils. Dwelling insurance is one type of policy to consider, along with add-ons like flood and hurricane coverage. Muller Insurance is an independent insurance agency offering dwelling insurance for waterfront property owners in New York, Connecticut, New Jersey, and many other states. Here, we discuss how this coverage can help protect your shore house.
Understanding Dwelling Insurance Coverage for Coastal Properties
Owning a home near the coast offers stunning views and a vibrant lifestyle, but it also requires comprehensive insurance coverage, including dwelling insurance. This type of insurance is a core component of homeowners’ insurance. It covers the structure of your home, including the roof, walls, foundation, and built-in appliances, against covered perils like fire, wind, and vandalism. Most policies also include coverage for the following:
- Other structures: Other structures covered include detached buildings, such as garages, sheds, and fences.
- Personal property: Reimbursement for belongings inside the home, including furniture, electronics, and clothing, is included.
- Loss of use: These policies include paying for temporary housing and living expenses if your home becomes uninhabitable because of a covered event.
- Personal liability: These policies include covering legal and medical costs if someone is injured on your property.
However, not all risks are covered under a standard dwelling insurance policy, especially for shore properties. Standard policies often exclude damage caused by floods, windstorms, and hurricanes. They also don’t cover high-value items like jewelry, fine art, and collectibles.
When purchasing dwelling insurance, you should make sure to get coverage in a dollar amount equal to 100% of the cost of rebuilding your home from scratch at today’s prices. This is because if your dwelling coverage falls below 80% of the home’s full replacement cost, the insurer may refuse to pay out the claim in full.
Why Shore Properties Need Specialized Protection
Living near the shore offers unmatched beauty and lifestyle perks – but it also brings a unique set of risks that standard dwelling insurance may not fully address. Coastal and waterfront properties are more vulnerable to environmental hazards and often require specialized insurance solutions to ensure full protection. Some environmental hazards that shore properties may face include:
- Hurricanes and tropical storms: High winds and heavy rain can cause extensive damage to roofs, siding, and foundations.
- Flooding and storm surge: Even a moderate storm can lead to water intrusion, especially in low-lying or FEMA-designated flood zones.
- Saltwater corrosion: Salt in the air and water can accelerate the deterioration of building materials, electrical systems, and plumbing.
- Erosion and instability: Coastal erosion can threaten the structural integrity of a home over time.
Without proper coverage, these risks can result in out-of-pocket expenses that far exceed the cost of a comprehensive insurance policy.
Additional Policies to Consider for Your Shore Property
Failing to secure the right insurance, especially for coastal properties, can leave homeowners vulnerable to significant financial and structural losses. Understanding what additional coverage to choose is essential for protecting your investment. Some options include:
- Flood insurance: Since coastal homes are more prone to water damage from floods or storm surges, flood insurance is needed. It can also help cover damage from rain caused by hurricanes.
- Tenant-occupied dwelling insurance: If you rent your shore property out, you may need special insurance like business insurance, landlord, or tenant-occupied dwelling insurance.
- Hurricane insurance: Although wind damage from hurricanes is often covered by dwelling insurance, shore homes in certain hurricane-prone areas may require an additional hurricane policy.
Inadequate or incomplete insurance coverage can lead to costly repairs, loss of use expenses, and even legal liability. Therefore, you should meet with an agent from Muller Insurance to discuss your insurance needs and what policies you should pursue.
Trust Muller Insurance for Your Dwelling Coverage
Your shore property faces unique risks, such as flooding, wind damage, and saltwater exposure – make sure it’s protected with comprehensive coverage. At Muller Insurance, we have been in business for more than 118 years and have developed a trusted reputation for providing reliable insurance services in New York, Connecticut, New Jersey, and many other states. We work with more than twenty top-rated insurance companies, so we can offer tailored coverage. Some of the insurance carriers we represent include:
- Narragansett Bay Insurance
- Fitchburg Mutal
- Great Bay
These partnerships allow Muller Insurance to offer a wide range of customizable options to meet your unique needs. We can also help you save by bundling policies, such as dwelling and flood insurance. To learn more about dwelling insurance for your shore property, request a quote or contact us today.
