A waterfront property provides numerous benefits, but it also presents multiple risks. Therefore, it is vital to have adequate shoreline home insurance to protect your property. Additionally, you should review your property insurance regularly to better prepare you for the natural hazards of living close to the water and mitigate risk. To help you better protect your shoreline property, Muller Insurance explains when you should assess your waterfront homeowners insurance.
Shoreline Home Insurance Basics
Shoreline home insurance differs from regular homeowners insurance since it requires additional coverage, such as flood insurance. Whether your home is on the ocean, lakefront, or riverfront, be sure to guard it against the threat of natural disasters originating in large bodies of water.
With the liability of living near the water, umbrella insurance can help cover you, as well. Umbrella coverage augments your current policies to help you pay for legal expenses if a person sues you for suffering injury or harm on your property.
Standard homeowners insurance usually is insufficient for shoreline properties within 10 miles of the water – more effective coverage is necessary if an accident or disaster occurs. To prevent this predicament at your waterfront home, attain supplemental and personalized insurance that accounts for your unique needs. Establishing an insurance plan that works best for you beforehand makes it easier to determine how often to review your coverage.
Deciding When to Review Your Policy
Most insurance policies call for an annual review and renewal, but you should consider more frequent insurance assessments for waterfront property. Shoreline homes arguably face a more significant threat of damage in a natural disaster than inland properties, making regular reviews necessary. Environmental factors that can affect a house by water include:
- Flooding
- Hurricane damage
- Thunderstorms
- Earthquakes
- Tsunamis
Since having shoreline home insurance will protect you from expenses that quickly add up after a natural disaster strikes, reviewing your insurance policy frequently ensures coverage against all possible risks.
Specific Instances to Review
When reviewing your shoreline home insurance policy, consider how certain situations can increase your level of risk. This practice gives you peace of mind that your property is covered and prepared for catastrophes. Some common instances when shoreline homeowners might want to revisit their insurance policy include:
Regulatory Changes
An increasing number of storms have pushed government organizations such as the Federal Emergency Management Agency (FEMA) to implement disaster relief laws. These regulations can affect insurance for coastal properties, such as flood coverage. Regularly evaluating your insurance can ensure your policy reflects new government standards.
Similarly, you should consider reviewing your policy before a storm season. For example, if the location is prone to more storms or high tides during the summer, look over your insurance in the winter or spring.
After a Remodel or Renovation
If your waterfront property has a high value, examine your insurance anytime you conduct renovations. Remodeling your kitchen, putting in new flooring, painting, or adding a new dock enhances property value, and you should alter your coverage to reflect these changes.
When You Acquire Valuables
Waterfront properties are more high-risk for theft due to their value andassociation with wealth. Those living near the beach may own valuable possessions such as boats, jet skis, bikes, paddleboards, or other costly recreational items. You can cover yourself and your valuables by having theft insurance. It also is wise to investigate this coverage if you have recently purchased a product or service for use on your property.
Many instances may occur in which your home increases in value or becomes more susceptible to natural disasters. You can reduce your risk with these additional threats by covering your waterfront property and staying updated with a customized shoreline home insurance policy.
Work With an Experienced Agent
Proximity to pristine waters and breathtaking views makes owning shoreline properties luxurious, but these homeowners cannot forget the increased risk of flooding, structural damages, erosion, theft, and similar issues. Since this type of insurance is unique and entails many distinct features, you should consider working with an agency specializing in shoreline home insurance.
If you need customized coverage to protect your coastal property, turn to Muller Insurance for solutions. We work with over 20 different leading companies and can help find you the best match for your situation. Contact us today to learn more or to get a quote.
