Owning waterfront property is great for enjoying oceanside views, seaside breezes, and the calming sunset on shore. However, shore properties can come with certain challenges, including choosing the right insurance policy for your oceanside or lakeside oasis.
Muller Insurance is an independent insurance agency based in Hoboken, New Jersey, and licensed in over twenty states, including New York and Connecticut. Here, we discuss the importance of choosing the right homeowners insurance policy if you own a shore property.
What Does Waterfront Homeowners Insurance Cover?
Shore properties come with unique features like beach access, boat rides, docks, and more. Many people may think a standard homeowners policy is sufficient for waterfront homes, but a shore property insurance policy offers more complete coverage. Shore insurance is a specialized kind of homeowners insurance designed for properties located near the coast or waterfront. It generally includes the standard homeowners insurance coverage, along with added policies for common coastal situations like hurricanes, windstorms, and storm surges.
Having a comprehensive shore insurance policy helps cover any damage left behind after a tropical storm or hurricane. Depending on your location, it may also cover certain expenses within flood zones or coastal areas, as well as damage left behind further inland. Finding the right shore property policy helps provide peace of mind for waterfront homeowners during tropical storm season and year-round.
What Is Not Covered, and What Are the Risks?
Understanding the potential risks and complications of what your insurance might not cover is essential when choosing insurance for waterfront properties. Traditional shore property insurance policies don’t typically offer coverage for:
Floods
Waterfront homes often need added flood insurance protection against property damage caused by heavy rain or storms, especially those in designated flood zones or coastal regions. Safeguarding your waterfront property and belongings is important for protecting them from water damage due to rising water levels. Water damage from tropical storms is typically covered by flood insurance, so it is important for shore property owners to consider. Protecting against water-related damage from hurricanes is important for keeping your property safe during storm events.
However, flood insurance doesn’t cover pools, decks, or patios. Performing an evaluation of your property helps with choosing the right flood insurance policy. These are some of the considerations that waterfront property owners must take into account when pursuing insurance to make sure they have the most comprehensive coverage:
Windstorm Damage
Waterfront properties are at an increased risk of high winds and flooding. Extreme weather conditions, particularly heavy winds or hurricanes, are a threat to waterfront homes and property owners. Choosing a policy that covers windstorm damage is essential for insuring against wind and hurricanes that can affect those living near the water.
Additional Liability
Waterfront properties often attract more visitors, especially because of the water access they offer. However, the chances of accidents increase, and higher liability risks may not be covered under standard shore insurance policies. Umbrella insurance provides additional liability protection to protect you from happenstance events that might otherwise not be covered by your policies. It also helps cover the cost of legal defense in case of any incidents related to your property.
Why Work with an Independent Insurance Agent?
Waterfront properties often need more than basic coverage. Working with the independent agents at Muller Insurance lets customers access a wide selection of policies from different carriers, ensuring each customer gets the proper coverage for their home and property. At Muller Insurance, we work hard to offer policies that meet our customers’ needs and budgets. We partner with more than twenty leading insurance companies, including:
- The Andover Companies
- Chubb Insurance
- Cumberland Mutual
- Farmers of Salem Insurance
- Lemonade Insurance
- Safeco Insurance
- Travelers Insurance
We also work with popular flood insurance providers, including Selective, Wright, and Neptune, to provide appropriate coverage for waterfront property owners. Our team helps you get the coverage you need, offering flexibility and even finding bundling opportunities to help you save money.
Protect Your Waterfront Property with Muller Insurance
Owning waterfront property is often a dream come true, but it’s essential to make sure you have the right insurance coverage to avoid unexpected costs. Muller Insurance offers peace of mind when it comes to obtaining proper coverage for waterfront weather events and tropical storms.
We have been working with homes and business owners throughout New York, New Jersey, Connecticut, and more states for over 118 years. We have developed a long-standing, trusted reputation with our customers. If you’d like to know more about our homeowners insurance options for shore properties, contact us or request a quote today.
