Owning a home on the coast is a dream for many. Between the views, easy access to the water or beach, and the beautiful space to gather with family and friends, it’s an exciting and relaxing lifestyle to live. However, hurricane season can quickly turn that dream into a nightmare if you’re not prepared.
To prepare, full-time residents or vacation homeowners should invest in home insurance. The inherent risk of coastal living makes coastal home insurance a bit more expensive than homes inland, but it’s worth every penny. Coastal home insurance rates have risen in recent years because the severity of recent storms have forced insurance companies to settle a greater number of customer claims. Unfortunately, these increased operating costs are passed on to the customer.
Morris & Templeton
Coastal homeowners should find a reliable agent who is willing to take the risk and understands what it means to live on the coast. A knowledgeable agent can tell you the exposures and coverages needed for your home to include: flood, wind, occupancy, replacement cost, and availability of markets. A standard home insurance policy will typically cover damage or loss of personal possessions due to theft, fire, or other calamities; but that’s not all you have to consider when living on the coast. Think about wind damage from a hurricane. Think about the rising waters and rough surf.
If there’s a chance your home could flood, don’t think twice about buying the maximum flood insurance. The federal government is the only insurer to offer this coverage (through the National Flood Insurance Program (NFIP). It allows you to purchase up to $250,000 in flood insurance for the building itself and an additional $100,000 for personal property coverage.
Every home insurance policy is different. Study your deductibles, and make sure you have an agent who knows what is best for you and your home. Most homeowners insurance policy
Central Insurance Companies
deductibles are between $500 to $1,000. However, hurricane deductibles are calculated differently. They are taken as a percentage of the insured value of the house, only apply to damage caused by a hurricane, and usually range from 1 percent to 5 percent. For example, if your home is insured for $500,000 with a 2 percent hurricane deductible then you would have to pay the first $10,000 of repairs needed to the home (if a hurricane caused the damage).
Your insurance agent should clearly outline all of these deductibles, break down the procedures
Chris Templeton of Morris & Templeton Insurance
in obtaining a policy, and then set expectations for you, if a natural disaster were to hit. It’s always important to then file your policy away with other important documents (whether that’s in a safety deposit or water/fireproof box).
If you are searching for the ideal coastal insurance provider, look no further. Chris Templeton specializes in coastal home insurance, and knows what it’s like to own a home right where you live. Contact him at ct@morristempleton.com or 912.355.4549.
WrItten for Elegant Island Living by Chris Templeton, Morris & Templeton Insurance.
