Home Insurance for Waterfront Properties

If you own a waterfront property, regardless of whether your property is coastal, just near a river, or considered in a flood zone, making sure you have insurance that can help protect your investment is important. At Cross Insurance, we work with the nation’s leading carriers as well as regional insurers. With offices across New England, our agents are available for account management support. Contact us to request an insurance quote for your home.

How Much is Homeowners Insurance for Waterfront Properties?

Owning a waterfront home can provide you with many benefits. Although the scenic views and access to water are benefits, there are also more risks involved with being closer to a body of water. When getting a quote for your homeowners insurance, you can look at some of the factors that may influence what your insurance could cost. The following non-exhaustive list includes some of the factors that can affect your insurance costs:

• Your home’s age and size.
• Characteristics of your home.
• The location of your home and the risks associated with the area.
• What security features does your home have in place?
• The coverage options and deductible you have chosen.

Flood Insurance Considerations for Your Waterfront Property

Living or owning a property near water creates additional risk for you and your assets.  Homeowners policies typically do not provide coverage for flood damage, so you will have to purchase a separate flood insurance policy if that is a risk that you want to insure against. Using this flood map from FEMA, you can see if your property is in an area that may be at risk of flooding. If so, you may want to contact an experienced insurance agent to discuss what options may be available to you for flood insurance.

Ways to Potentially Save on Home Insurance

When looking for ways to save on your homeowners insurance, comparing coverages and prices from multiple companies is a great place to start. At Cross Insurance, you can talk to one of our local agents to see what discounts are available, such as multi-policy discounts, or safety discounts if you have security systems and/or other alarms.

Home Insurance Terms You Should Know

• The following are some basic homeowners insurance terms that you should be familiar with: “Dwelling Coverage” refers to the structure of your home, which can include porches, decks, or an attached garage.
• “Personal Property” refers to your personal belongings such as furniture, appliances, electronics, and other items you own in your home.
• “Other Structures” refers to structures that are not attached to your home, such as a detached garage, fences, sheds, or a swimming pool.
• “Loss of Use” refers to compensation that may be provided if your home is deemed uninhabitable due to a covered loss and you need to temporarily stay elsewhere for a brief period of time.
• “Liability Coverage” refers to coverage that can help if a guest or someone is injured while on your property.

Other Coverages to Consider

Our local offices can help you find coverage options for your waterfront home, and we also can assist you with coverage for your boat, vehicles, ATV, and more. Reach out to one of our local offices today to see how we can assist you with your insurance needs.

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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.