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May 24, 2022

Coastal Insurance vs. Hurricane Insurance

There are essential differences between coastal insurance and hurricane insurance that homeowners living near the ocean in South Carolina should understand.a beach with a pier in front of a body of water

The agents at Chichester Insurance Agency in Blythewood, South Carolina, can help you determine which combination of insurance coverage may best protect your property, no matter how close you are to the water.

Hurricane Insurance

Hurricane insurance isn’t a single policy but rather a group of policies covering perils commonly associated with hurricanes. There are two main ways your property may be damaged in a hurricane.

·        Flooding—Water from a storm surge and other flooding is specifically excluded from your standard homeowners insurance policy. To get coverage for damage caused by flooding, you must purchase flood insurance from a private insurer or the National Flood Insurance Program.

·        Wind—In some hurricane-prone states, a homeowners policy does not cover windstorm damage. You may need to add a rider to your homeowners policy or purchase a separate policy. Windstorm insurance covers any damage from wind, even if it’s not associated with a hurricane. 

Your insurance company may have separate deductibles for damaged caused by a named storm, hurricane or windstorm. Instead of a flat amount, these deductibles may be a percentage of your home’s value. Deductible percentages vary by insurance company and state.

Coastal Homeowners Insurance

A coastal homeowners insurance policy is much like a standard homeowners policy, but it provides additional coverage for homes located in coastal regions.

With coastal homeowners insurance, you receive additional protection from the adverse financial effects of damage-causing storms that a standard homeowners policy may specifically exclude for homes near the ocean.

Your deductible applies per storm, so during a particularly active weather cycle, you could end up paying your deductible more than once during a single season. Talk with your agent to make sure that your deductible is low enough that you could easily afford to cover it out of pocket more than once each year.

If you own a coastal home, your homeowners insurance policy should look different and offer expanded coverage compared with a regular homeowners policy. Being underinsured could cause severe financial hardship after a storm or hurricane, so it’s crucial to review your coverage with your agent so you understand how your policy works.

Even with an excellent coastal homeowners policy, your agent may recommend that you purchase flood insurance to help protect your property from water damage.

Get the Insurance You Need for Your Coastal Home

Your home represents a considerable investment, so it’s crucial to get the right insurance to help provide protection. Talk with the agents at Chichester Insurance Agency today to learn more about the types and amounts of coverage you need for your coastal home.

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