The Best Coastal Home Insurance Protects Your Valuables

It’s a distinctive privilege to own a coastal home. You experience the sound of crashing waves, the refreshing sea breeze, and the stunning views that create an unparalleled lifestyle. As a seaside homeowner, you must safeguard your property and the financial and emotional investment it represents for your family. That means you need a specialized coastal home insurance policy for full protection against the insurable perils coastal homeowners face. 

This article focuses on properly insuring the valuable items in your home that require adding a “floater” to your homeowners insurance coverage. However, because coverages work together, we’ll also discuss the other types of insurance unique to coastal homes, as coastal homes encounter a higher risk of damage from storms, floods, and erosion compared to inland dwellings. 

What Are Valuables and Why Do They Require Separate Floater Coverage?

Valuables, in the context of homeowners insurance, are items with high financial or sentimental value that typically require additional coverage beyond what a standard policy offers. Here are examples of valuables and a breakdown of why they need separate floater coverage.

What Are Valuables?

• Traditional valuables: Jewelry, fine art, guns, collectibles, electronics, furs, and couture clothing

• Medical equipment:

• • Home dialysis equipment
  • Advanced respiratory equipment (ventilators, oxygen concentrators)
  • Electric wheelchairs and mobility scooters
  • Prosthetic limbs
  • Hearing aids
  • Sleep apnea devices (CPAP, BiPAP machines)
  • Medical alert systems

• Coastal-specific valuables:

• • Nautical antiques and collectibles (vintage maritime equipment, model ships, navigational tools)
  • High-value coastal furniture: Valuable outdoor furniture made from teak or other weather-resistant materials that may be susceptible to storm damage or saltwater corrosion
  • Specialty coastal appliances: High-end outdoor grills, built-in fire pits, or custom pool equipment

Why Standard Coverage Isn’t Enough

Standard coverage excludes or falls short of fully protecting valuables. 

• Limited coverage amounts: Standard policies typically have low coverage limits for valuables or expressly exclude them altogether.
• Named peril coverage: Standard policies typically cover valuables only for specific perils listed in the policy.

Benefits of Floater Coverage

Floater coverage offers the same advantages for all valuables, including medical equipment and coastal-specific items:

• Higher coverage limits: Ensures full replacement value in case of loss or damage
• Broader peril coverage: Protects against a more comprehensive range of perils, including those not covered by standard policies
• Worldwide coverage: Provides peace of mind while traveling with your valuables.

Floater Considerations

• Appraisals: Professional appraisals for each valuable item are typically required.
• Cost: Floater coverage comes with an additional premium, but it’s worthwhile for protecting your tangible assets.

Why Coastal Homes Need Specialized Insurance

It’s not just your valuable property; coastal homes are more susceptible to weather events like hurricanes, nor’easters, and rising sea levels. These dangerous events can cause substantial damage to your home that can cause costly repairs and replacements. 

Standard homeowners insurance may not cover all these risks or, for example, offer limited flood damage coverage. In these situations, coastal home insurance provides comprehensive protection tailored to coastal properties’ specific threats.

Navigating Coastal Home Insurance: What You Need to Know

Coastal home insurance typically includes dwelling coverage, similar to standard homeowners insurance but with additional features addressing coastal risks. Here’s a breakdown of crucial coverage options:

• Dwelling coverage: It covers the structures of your home, including repairs and rebuilding costs after damage from storms, wind, fire, theft, and vandalism.
• Flood insurance: Standard homeowners insurance excludes flood damage. Flood insurance is a separate policy often required by lenders for homes in high-risk flood zones but can be purchased for any coastal property.
• Increased wind and hail coverage: Coastal areas experience higher winds and hailstorms than inland regions. Upgrading your policy to include expanded coverage for these events is crucial.
• Loss of use: It covers additional living expenses should your home become uninhabitable due to a covered event.

Common Coastal Home Insurance Claims

• Storm damage: High winds, hail, and storm surges can damage roofs, siding, and windows and cause structural issues.
• Water damage: Besides floods, coastal homes experience water intrusion from heavy rain, high tides, and leaking roofs.
• Theft: Coastal areas with high vacation populations can have higher burglary rates.

Choosing the Right Insurance for Your Coastal Home

Selecting the right coastal home insurance policy involves evaluating your needs and risks.

Factors to consider:

• Location: The closer your home is to the coast, the higher your risk of storm damage and flooding.
• Home value: The cost of rebuilding your home determines your required dwelling coverage.
• Value of possessions: Take inventory of your valuables to determine the level of coverage needed.

Comparing and Selecting Your Policy:

• Deductible: A higher deductible lowers your insurance premium but requires a larger upfront payment in the event of a claim.
• Coverage limits: Ensure dwelling coverage and valuables coverage limits are sufficient to replace damaged or lost items.
• Exclusions: Review policy exclusions to identify gaps in coverage and consider adding riders to address them.

The Role of an Agent

Partnering with a qualified insurance agent like those at Dickstein Associates Agency can be invaluable. We can help you navigate the complexities of coastal home insurance, tailor your policy to your specific needs, and ensure your valuables are adequately protected.

Securing Comprehensive Protection for Coastal Homes and Valuables

Choosing the right coastal home insurance policy is essential for safeguarding your investment and peace of mind. Reviewing and updating your insurance coverage is critical, as your coastal property value and possessions change over time. 

With decades of experience insuring coastal homes and their valuable property, our dedicated team of experts will help you secure a comprehensive policy that protects your home and lets you enjoy your seaside lifestyle without worry. Contact Dickstein Associates Agency today.