Owning a property by the coast can be a dream come true. However, it has unique challenges, including protecting your property. The standard homeowners insurance is inadequate to protect your coastal investment from floods, storms, and other risks. That is where shore property insurance comes in. What is shore property insurance, and what are the things to know about it? Find out below.
What shore property insurance is
Shore property insurance is designed for homes or other properties near the water. These properties are prone to damage due to their proximity to water bodies such as lakes, oceans, and rivers.
For instance, a beachfront home is more likely to experience the impact of a hurricane than an inland property. With windstorm insurance, flood insurance, and additional coverage such as boating insurance, store property insurance fills in the gap in the standard homeowners insurance, ensuring maximum protection.
The proximity of your property to the shoreline
How close your property is to the coast? If your home is very close to the coast, it is exposed to coastal hazards, making it a smart decision to protect your investment with shore property insurance.
You can also check FEMA Flood Maps to know if your property is in a high-risk zone. Even if it’s in a low-risk zone, investing in shore property insurance gives you peace of mind, knowing you are protected if disaster comes calling.
Navigating shore property insurance can be confusing, so you may want to speak with an insurance agent. They will let you know whether your property is considered coastal or not and guide you in selecting the appropriate policy.
Similar to how homeowners insurance is mandatory for individuals buying a new home, your lender may require shore property insurance. If you have a coastal home, your lender will be keen to protect their financial interest by making buying shore property insurance a loan condition.
Consult an insurance expert to know more about shore property insurance
Whether you've been mandated to buy shore property insurance or simply want a safety net in the event of a disaster, the first step is to consult your local NY insurance agent.
At Joyce Insurance, we are experts in insuring coastal properties and can assess your property, personal circumstances, and risks to determine the appropriate coverage you need. For more information about shore property insurance in New York, including NYC's Bronx, Brooklyn, Manhattan, Queens, and Staten Island, don't hesitate to call us today.