Although there are many benefits to owning a home on the water, there are risks that come along with it. As you shop for homeowner’s insurance, it is important to take into account some of the following possible factors that may impact your costs.
Floods are now the most common natural disaster in the US, according to FEMA. Many homeowners don’t realize that standard homeowners policies do not cover losses involving naturally occurring floods, but rather a separate flood insurance policy is required if you desire this type of coverage. If you have questions about flood insurance, you can reach out to our knowledgeable staff.
Dwelling Coverage – Dwelling coverage is the component of your homeowners insurance policy that applies to your home’s structure, including the floors, walls, built-in appliances, and more. Dwelling coverage can provide money to repair or rebuild your dwelling in the event of a loss from covered risks, which often include natural disasters such as fire and hail, and other incidents such as theft and vandalism.
Contents Coverage – Contents coverage applies to the personal property within your house, such as your furniture and clothing. If your contents are damaged or destroyed by a covered risk, this coverage will provide compensation for the monetary value of your contents (as determined by the policy language, and subject to policy limits and any exclusions).
Personal Liability – Homeowners insurance policies also typically include liability coverage. This type of coverage can apply if a guest or other third-party is accidentally injured or their property is accidentally damaged while they are on your premises.
Other Structures – Other structures coverage refers to structures that are not attached to your home, such as a detached garage, fences, sheds, or a swimming pool.
Loss of Use – Loss of use coverage refers to compensation that may be provided if your home is deemed uninhabitable due to a covered loss and you need to temporarily reside elsewhere for a period of time.
Our local offices can help you find coverage options for your waterfront home, and we also can assist you with coverage for your boat, luxury vehicles, valuables, and more. Reach out to our team today if you have insurance questions.
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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.