Coastal Homeowners Insurance?

Purchasing a coastal home is a dream come true for some. Having a place for family to gather and spend time together or owning a little piece of beach heaven can be very exciting. Unfortunately, with the possibility of hurricanes and storms, that dream can become a nightmare in a matter of minutes. It is absolutely vital that you have the proper insurance for your coastal home. Without it, you could be left with nothing if a storm blew through.

At times it can be a challenge to obtain homeowners insurance for coastal properties. If the home has previous claims or you have filed many claims in the past, you could have more difficulty obtaining insurance. Sometimes it has nothing to do with the home or the applicant. Insurance companies will stop writing policies for a couple of reasons. If they have reached their limit on coastal properties they will stop writing policies for them. Coastal homes are considered risky because of the weather, and insurance companies may not want to take on anymore risk. If there has recently been a hurricane or storm, they may quit writing for a while after.

Before purchasing a home on the coast, research agents as each company offers different policies for coastal homes. It may be a bit more expensive to insure the home, but it is worth the investment. Making sure your budget can handle insurance before you start looking for your new home is important. Educating yourself on the requirements of your mortgage company and shopping around for the best rates will work in your favor. Enjoy the process but remember to do your research and find the best insurance for your needs. You’ll be glad you did!