A New Jersey waterfront property comes with beautiful views of the ocean and the beach right at your doorstep. Standard homeowners insurance policies will cover damage to your home as well as the property inside. While a standard homeowner’s insurance policy may be able to protect your home from disasters such as a fire, it may not cover your home from flood damage. Coverage for this requires an additional policy. Here, Muller Insurance discusses the coverage options you may want to consider as a waterfront property owner.
Flood Insurance: What You Need to Know
Having purchased a waterfront home, it’s important to be prepared for events that naturally occur in your area. Waterfront property is at a higher risk for flood damage. The Federal Emergency Management Agency (FEMA) has a system for categorizing flood risk. Beachfront properties along the coast are categorized as V Zones and are the most high-risk areas. While living in a waterfront property, flood insurance is a necessity to protect your home and your belongings. However, flood insurance comes with certain benefits and limitations. Here are a few factors to consider:
What’s Covered by Flood Insurance
When waters rise in your area, the flooding can heavily damage your home on the outside and inside. Flood insurance provides building property coverage and personal contents coverage to help you recover.
What’s Not Covered by Flood Insurance
Flood insurances may cover the cost of several damages, but additional coverage may be necessary. Flood insurance typically excludes the following:
- Moisture or mold/mildew damage that could have been avoided by the homeowner
- Currency, precious metals, and paper valuables, such as stock certificates
- Exterior property, such as decks, fences, patios, landscaping, wells and septic systems, hot tubs, and pools
- Cars and other vehicles
With the number of severe storms that hit the Northeast each year, it’s more important than ever to understand the flood risk for your area. Taking action to protect your property ahead of time can provide more than just peace of mind.
Understanding Standard Homeowner’s Insurance Policies
Standard homeowners insurance policies consist of coverage that can help you repair your home or replace your possessions if they are damaged under certain circumstances. It may also help cover costs if you accidentally damage another person’s property or if a visitor is injured at your home. While homeowners insurance offers a broad reach, flooding is among several exceptions. Others include earthquakes, and sewer backups. If you own waterfront property, additional coverage is necessary to help protect what’s important to you from water damage.
Don’t Wait to Get the Protection You Need
Speak to an adviser about the coverage you’ll need to protect your home along the water. Flood insurance can help make the road to recovery smoother for you and your family. Since 1906, Muller Insurance has served property owners from New Jersey, New York, Connecticut, Pennsylvania, Nevada, and other states, guiding them through the process of finding the right insurance policy for them. Contact us today to learn more about how to properly insure your NJ waterfront home.
