Living in Ocean View and along the Chesapeake Bay comes with its own set of perks: breathtaking views, easy access to recreational activities, and a serene environment. However, it also brings unique challenges, particularly when it comes to insuring our coastal properties. From hurricanes to flooding, all types of coastal homes face increased risks that necessitate comprehensive insurance coverage.
As a follow-up to the previous article, and with home insurance companies taking on even more restrictions - here are five essential tips to ensure your coastal property is adequately protected:
- Choose the Right Insurance Provider:
Not all insurance companies offer coverage for coastal properties along the Chesapeake Bay, and those that do may have different rates and coverage options. Some exclude pool liability and pet liability. Some exclude wind and hail damages. Research and compare multiple providers to find one that specializes in coastal insurance and offers competitive rates. Verify their financial rating with A&M Best. Carriers rated in the A-spectrum (A+, A, A-) are the most financially strong and approved by most lenders and mortgage companies. Verify that your agent offers renewal reviews with their clients as this is crucial to avoid being unprepared and underinsured.
- Invest in Flood Insurance:
Standard homeowners insurance typically does not cover flood damage. Given the heightened risk of flooding in coastal areas, purchasing separate flood insurance is essential for protecting your property and belongings. Typical flood policies, backed by the NFIP (National Flood Insurance Program) only cover up to $250,000 in dwelling or structure coverage which most lenders will accept regardless of the rebuild cost of your home. Do you need excess flood coverage? It can be pricey, but worth it in the long run.
- Review Policy Limits and Deductibles:
Ensure that your insurance policy provides adequate coverage limits to rebuild or repair your Ocean View home in the event of a disaster. Additionally, consider the deductible amount and choose one that you can comfortably afford to pay out of pocket. Most storm, wind and hail deductibles are quantified by a percentage of the current coverage on your dwelling or structure. Verify your deductibles before disaster strikes.
- Document Your Property:
Before disaster strikes, document your coastal property and its contents through photographs, videos, and an inventory list. Don’t wait until your house is “perfectly clean”. The more that you can document, the better, especially with your belongings. When disaster strikes the pictures and documentation are priceless in helping you document and review with your claims adjuster. Verify what documentation is mandatory in the event of a major claim.
- Review Your Policy Annually:
Our Ocean View home and condo insurance needs may evolve over time due to changes in property value, construction costs, or insurance regulations. Regularly review your insurance policy with your agent to ensure it adequately reflects your current needs and circumstances.
Remember to regularly review your insurance policy and consult with professionals to ensure your coverage remains adequate and up-to-date. If you do not have a dedicated insurance agent, contact your financial advisor who can point you in the right direction. With the correct insurance protection in place, you can enjoy the beauty and tranquility of Ocean View Living along the Chesapeake Bay without the stress and worry about having the proper insurance coverage.
