Living near a lake, a river or the ocean certainly has it advantages. There are more recreational activities available, nature often abounds and the air often feels fresher. Homes near water also may have some special features and aspects about them that could impact their homeowners’ insurance policies. Here are are some key elements to be mindful of.
Flood insurance is generally not included in standard homeowners’ insurance policies and must be secured separately. Flood insurance is a FEMA sponsored program and your independent insurance agent can help you in its acquisition. There are several aspects of flood insurance to keep in mind. First, flood insurance must be in place for at least 30 days before it becomes effective. Plus, flood damage doesn’t necessarily cover all water damage. Talk with your agent about the coverage best for you.
Outbuildings and Other Structures
Many homes near water may have outbuildings, fencing, a boathouse or a dock. Make sure these structures are noted, if necessary, in your policy and that there is sufficient coverage to cover their replacement should they become damaged or destroyed.
It is Your Full-Time Residence?
There is a difference in homeowners’ insurance coverage when a property is used as a full-time residence as opposed to a vacation or summer home. Let your agent know the purpose of the home and to the extent you will be occupying it.
Will It Be Rented?
Whether you are renting your home for by the week, month or even as a home-sharing space, let your homeowners’ insurance agent know of your intention. Use of the property will determine the type of coverage best in your circumstances.
Keep Up On Maintenance
Homes near water frequently require more diligent maintenance. Poor maintenance will generally not be covered in a homeowners insurance policy so it is important the property is well-cared for.
If you have a property near water, we would be pleased to provide a homeowners’ insurance quote to protect it. Our independent agents can search multiple companies to find coverage to suit your property and your budget. Contact us today for your free, no-obligation quote.
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