Many people dream of having a home on the ocean. Whether you reside in a beach community or have invested in a vacation home, coastal insurance will protect your assets in case of loss. Here’s a brief guide to protecting yourself and your home if you live near the water in a beachfront condominium or home.
Coastal Insurance for Beachfront Condominiums & Homes
What Is Coastal Insurance?
Coastal insurance is designed to pay for losses stemming from the unique weather events associated with seaside locations. It’s typically recommended for homes that are within three miles of oceans, gulfs, and seas.
What Does It Cover?
Common types of coverage include losses from wind, named storms, and hurricanes. If damage occurs as a result of any of these environmental events, you’ll usually pay a lower deductible than one stipulated in a typical homeowners insurance policy. Deductibles for losses due to wind, named storms, and hurricanes tend to be designated as a flat fee or up to around 5% of your property’s value.
Flood insurance may be recommended even if you’re not in a designated flood zone. Most homeowners insurance policies don’t cover losses from flooding damage.
How Much Should You Purchase?
Every location is unique, so you should work with a local insurance agent to determine the right amount of coverage for your home or condo. They’ll help you analyze potential threats and the coverage your neighbors have. They may or may not recommended flood insurance. After you determine coverage limits and types, you can then determine deductibles and discounts based on what you can afford for upgrades and refurbishing as well as for rebuilding after a damaging storm.
Coastal Properties in Orange Beach, AL, will help make your dream of owning a beachfront home a reality. Their agents will help you find the beachfront condominium or home to suit you. They know the Gulf Shores area intimately and will expertly guide you through identifying the property that meets your specifications. Learn more about the area online, or call (251) 981-4951 to begin searching for beachside properties for sale.