Owning a property allows you to reap the benefits of your hard work. It’s a place you can call home, where you can make memories day after day, and feel comfortable and safe. However, homes can be expensive, and when Mother Nature gets involved, homeowners can feel helpless. This is especially true for those who live near water. There are additional insurance considerations with these properties.
Muller Insurance is an independent agency with over 100 years of experience in the insurance industry, serving New Jersey, New York, Connecticut, Pennsylvania, Nevada, and other states. Here, we help you understand more about what to look for if you own a shore property.
What’s Different About Waterfront Property?
Owning a home on a lake or seaside coast provides many benefits. You’ll enjoy breathtaking views, exciting encounters with wildlife, and a generally calm lifestyle. However, waterfront life doesn’t come without stress, which is why waterfront properties require additional considerations when choosing an insurance policy.
In general, waterfront properties are more expensive to insure. This is because they are at a higher risk of damage due to their location and related weather patterns. Having an enhanced insurance policy allows you to enjoy the perks of coastal living without feeling fear every time there’s a storm.
Additional Coverage
The main thing you can do to protect your home and your belongings when living on a waterfront property is to get additional insurance coverage. Insurance suppliers will strongly recommend extra coverage options, including:
Flood Insurance
Because coastal properties lie right on the water, getting additional protection against rising waters is a must. If water levels rise even one inch, it can cause nearly $25,000 worth of damage to surrounding buildings. This is why choosing flood insurance can be a life-saver. Many of these policies can cover your home and its contents. This allows you to protect expensive electronics, furniture, jewelry, and other items that would otherwise be left uninsured.
In many cases, flood insurance doesn’t cover all aspects of water damage. For instance, pools and other outdoor structures and vehicles will likely be excluded from this coverage.
Windstorm Insurance
Living near water doesn’t only increase the risk of a flood. Coastal areas are prone to lots of extreme weather conditions, including heavy winds. While basic wind damage may be covered under your home insurance policy, windstorm insurance provides further protection for those living near the water. This means you’ll be insured against wind and hail damage from hurricanes and other tropical storms.
It’s important to note that water damage caused by tropical storms is not covered under windstorm insurance. This means that it’s best to get flood insurance as well to protect against water-related damage a hurricane might cause.
Boat Insurance
One of the best parts about having a coastal property is going out on a boat. However, boats are expensive, and they require special coverage to keep them properly insured. Because of the nature of weather conditions on and around the water, boat insurance should not be overlooked.
Umbrella Insurance
If you own a home on the water, there’s a good chance you’ll be having guests over frequently. Umbrella insurance is a type of liability insurance that protects you from being sued by offering additional coverage other policies don’t cover. If you already have home, auto, and watercraft insurance and something happens at your property outside the coverage of those policies, you won’t be covered. With umbrella insurance, give yourself added peace of mind knowing you’ll be protected in unusual circumstances that aren’t covered by your existing policies.
Homeowners Insurance Policies From Muller Insurance
Waterfront properties require more than basic homeowners’ property insurance coverage. That’s why the independent agents at Muller Insurance work with each customer to craft the right policy for their needs. We can create policies for individuals or businesses, providing as little or as much coverage as you need. We work with some of the most popular insurance companies, including:
We also work with well-known flood insurance providers, including Selective, Wright, and Neptune.
Explore Insurance for Waterfront Properties Today
If you own a waterfront property and are concerned you don’t have the right homeowners’ insurance, look to the team at Muller Insurance. We have been working with home and business owners throughout New York, New Jersey, Connecticut, Maryland, Rhode Island, Massachusetts, Pennsylvania, North Carolina, South Carolina, Virginia, and Washington, D.C., for over 100 years. This has helped us build a strong reputation with our loyal customers.
Because we work with so many trusted companies, we can offer our customers inclusive policies that fit nearly any budget. We can even bundle coverages to help you save. If you’re interested in learning more or want to see which policies are right for you, request a quote today. To learn more, contact us with our ready-to-fill form or call 201-659-2403.
