Many people can agree that their choice to own or rent a home on the coast is extremely risky when floods and weather damage are a constant threat. A reputable coastal insurance agency can give you a strong insurance policy that doesn’t rock the boat.
Will Coastal Insurance Cover Your Home?
In general, a home is considered under the coastal insurance policy if it is within 3 miles of the coastline or susceptible to hurricane or typhoon damages. The types of damage covered under this type of policy include the following.
- Wind damages (roofs, shingles, supports or docks)-Projectile type damages (trees or objects hitting the property structures to cause damage)-Earthquake damages (damaged caused to supports or other structures)
Other types of damage like fire or floods may require a separate homeowner insurance policy to pay for damages. If the home is within a designated flood zone, flood insurance is often a requirement to maintain a mortgage.
Protect Your Luxury Home from the Worst
Since there’s no surefire way to know how often violent storms arise on the coast, many coastal insurance agency deductibles are determined by around 1-5% of the total property value or may simply be a set fee. Your insurance agent will also consider the proximity of the home or property structures from the water while setting your policy limits.