Expensive coastal properties are not only a way to add assets to your portfolio, but they provide your family with another gathering place when the weather is gorgeous, and you want to take advantage. However, there’s a darker side to these houses: the chances of them getting damaged in a windstorm go up a little every year. With that said, as long as you have the right insurance plans in place, you won’t have to worry about much, even when a hurricane hits.
Wondering which types of insurance should you have on your high-value home? Here’s a quick breakdown.
Homeowner’s Insurance
A standard, homeowner’s insurance for high-value properties is required in order to protect your assets. Generally, homeowner’s insurance policies have a deductible that’s either a flat amount or a percentage of the claim, and they cover things like repairing damage to shingles, windows, and flooring, plus helping with the costs of replacing furniture and other belongings. With high-net-worth properties, it’s important to make sure that your homeowner’s policy has enough monetary coverage to replace your home, if necessary.
General Liability Insurance
Your general liability insurance policy provides extra coverage for things that may go wrong on your property that you might be liable for. A good example of this is the outbuildings on your property. Should one of them get turned into a projectile by hurricane force winds, damaging your neighbor’s home in the process, your general liability policy may pay for those repairs.
Umbrella Insurance
For high-net-worth individuals, an umbrella insurance policy is helpful for those “just in case” situations. For example, if one of your children’s friends ends up getting injured badly while hunkering down in your home during a storm, you could be found liable for their medical bills and more. An umbrella policy can help pay for these things and settlement costs that go above the coverage provided by your general liability policy.
Flood Insurance
A flood insurance policy is necessary for those who live in official government designated flood zones. These policies cover flooding from storms and streams that overflow due to the hurricane itself. If your property ends up flooded with water, your flood insurance policy may cover the costs of repairs.
Hurricane Insurance
There are specialized policies for those living in a hurricane-prone area. These policies often pay for repairs to property that’s been damaged by a hurricane. This may or may not include flood damage, so always check to see if you need separate flood and hurricane policies should the worst happen.
Additional Insurance Options
In addition to all of the insurance options described above, there are a number of specialty policies available for specific items, like highly collectible cars, expensive jewelry collections, and priceless artworks. If you need to have a rider added to your homeowner’s insurance or obtain a separate specialty policy for these things, your insurance agent can help.
Have Questions? Contact Charlotte Insurance
Want to learn more about insurance coverage for your high-value coastal properties? Contact Charlotte Insurance. Our agents can explore and explain all available options and put together the insurance coverage plan you need.