Special insurance needed for waterfront property guide, Property cover tips, Home credit advice
Special Insurance Needed for Waterfront Property
3 December 2024
Must-Have Insurance for Your Waterfront Property
When you own a property, you are afforded to reap the benefits of your hard work. Not only is it a place to call home, but it is somewhere to make memories day after day while feeling safe and comfortable. Homes can be expensive, and if Mother Nature is involved, homeowners can often feel helpless, and this is even more true for those who live near water. There are always additional insurance considerations with these types of properties.
In this article, we will discuss important insurance that all waterfront property owners should consider adding to their homes to ensure not only the best coverage but also the best protection.
What Makes Waterfront Property Different?
Owning a home on the lake or near an ocean provides many benefits. You might enjoy breathtaking views, a calm lifestyle, or exciting encounters with wildlife. However, waterfront life won’t come without stress, which is why waterfront properties will require additional considerations when opting to choose different insurance policies. Waterfront properties are more expensive to insure because they are at a higher risk of damage due to location and whether or not there are questionable weather patterns nearby. Having an enhanced insurance policy will allow you to enjoy the perks of waterfront living without being afraid every time there is a storm.
Additional Coverage to Consider
The main thing that you can do to protect your home and your personal belongings when living on a waterfront property is to get additional insurance coverage. Trusted insurance suppliers will typically recommend additional coverage options, including the following:
Flood Insurance
Waterfront properties are directly on the water, which means they need extra protection against rising water levels. Even a small increase in water height can put homeowners at risk of up to $25k in damage to their homes and surrounding buildings. That’s why adding flood insurance to your plan can be a lifesaver. These policies often cover not only your home but also your belongings, protecting valuable items like electronics, jewelry, and furniture.
However, it’s important to note that flood insurance may not cover all types of water damage. For example, pools, outdoor structures, and vehicles are typically excluded from coverage.
Windstorm Insurance
Living near any body of water will not only increase the risk of a flood, as some parts of the home are prone to plenty of severe weather conditions, such as heavy winds. While simple wind damage is typically covered by a standard home insurance policy, windstorm insurance offers additional protection for those living near coastal areas. It ensures you’re covered for hail and wind damage from storms.
However, it’s important to remember that windstorm insurance does not cover water damage caused by storms. To protect against water-related damage, it’s a good idea to also invest in flood insurance.
Boat Insurance
Sandy Jamison of Tuscana Properties, Campbell CA Realtors says, “One of the best things about owning a waterfront property is being able to enjoy boating. However, I’ve realized that boats can be just as expensive and require special insurance to make sure they’re properly covered. With the unpredictable weather conditions on and around the water, I know that boat insurance is something I can’t afford to overlook.”
Umbrella Insurance
If you own waterfront property, there is a good chance that you will be host to many guests. Umbrella insurance is a type of liability insurance that protects you from being sued for offering additional coverage other policies don’t cover. If you already have home, auto, and watercraft insurance, or if something happens at your property outside the coverage of those policies, you won’t have coverage. With umbrella insurance, on the other hand, give yourself added peace of mind in knowing that you will be protected in unusual circumstances that otherwise won’t be covered by your existing policies.
Ensure Quality Time With Your Insured Home
With an waterfront property that’s properly insured, you can enjoy peace of mind knowing your home is fully protected. From flood and windstorm coverage to boat and umbrella insurance, there are several options that provide added security. This gives you a significant advantage when working with a realtor to find your dream home by the water.
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