Last Updated: 16th Feb, 2022
Picture this. You are on a relaxing vacation, sipping martinis with your significant other on your recently bought piece of beach heaven. Sounds dreamy, right?
Investing in a home, whether by the beach or in the middle of the hustle-bustle of the city, is always a big step in life. You carefully prepare and plan for it. However, your hard-earned coastal dream life can be swept away within a blink of an eye by many unfortunate events. Hence, protecting it with the right coastal home insurance is a MUST. Keep reading this blog to learn in-depth about coverage in coastal home insurance, the average cost of home insurance in Atlanta, and tips for coastal homeowners!
Furthermore, if you want to learn more about affordable home insurance, check out local insurance agents near me. We have an array of insightful blogs for you.
Coastal Home Insurance Vs Standard Homeowner Insurance
According to Investopedia, a standard homeowners insurance policy is a type of property insurance that typically covers the loss or damage that occurs to your house. Such loss or damage are covered on four grounds: interior damage, exterior damage, loss or damage of belongings/personal assets, and injury that occurred to an individual while on the property. For instance, your homeowner insurance will cover you for fire, theft, damage from the broken tree branches falling on your house. Similarly, if you are protected with the right homeowner insurance, in case of a claim on any of these incidents, you won’t have to worry about paying the deductibles from your pocket. Your insurance company will step forward and save the day- like Superman!
A standard homeowner insurance policy has a liability limit that determines the maximum amount of money that your insurer will be obligated to pay in case of any unfortunate events. Generally, the standard liability limit is set at $100,000, but the policyholder can go for a higher limit as well. If a claim is made, your liability limit will specify the percentage of coverage amount that will be used to replace or repair damage to the property’s structures, personal belongings, and living expenses while the property is being restored.
In contrast, coastal home insurance is standard homeowner insurance with additional coverage. Unlike inland homes, coastal homes fall onto the riskier side of the scale. They are prone to hurricanes, floods, and other water damage. Your coastal home insurance policy has additional options such as additional flood coverage, replacement cost coverage, additional liability protection, options for hurricane deductibles, and all-hazard insurance. As an insured, you can increase the limitations of your coverage if your house is worth much more than the amount of limitation on your policy. You can request your insurance provider to provide you with extra coverage to safeguard your home from major losses. Coastal home insurance fills in the gaps of standard homeowner insurance while raising the coverage simultaneously.
Who Needs Coastal Home Insurance?
With an additional set of coverage loaded on its back, getting coastal home insurance can sound tempting. Additional coverage equals more protection, right? Not really. Additional protection in the case of coastal homes comes with higher premiums. Remember how we mentioned coastal homes fall on the riskier side of the scale? So, this type of home insurance is not for everyone.
Coastal home insurance is specifically designed for people with homes on the coastline. This coverage also includes homes that are five miles inland as well, since they face some of the same risks, such as high winds and flooding.
Coverages Included In Coastal Home Insurance In 2022
Coastal home insurance in 2022 is designed to fill in the gaps of standard home insurance and provide additional coverage to the policyholders. These additional coverages are:
Replacement Cost Coverage: This will cover the cost of replacing your home rather than paying the current market value.
Additional Flood Coverage: Coastal homes, as the name suggests, are homes built on the coastlines which means they are prone to floods and other water damage. Additional flood coverage helps you increase the limitation of the standard flood coverage up to the amount your house is worth.
All Hazard Insurance: Since all hazard insurance is more comprehensive, this is preferable to named hazard coverage. Unless your policy specifically states otherwise, it will cover everything.
Hurricane Deductible Options: Raising your hurricane deductible amount to save money can be a great idea because coastal homes are prone to hurricanes.
Additional Liability Protection: You may require additional coverage beyond that provided by a standard liability policy to be on a safer side.
Cost of Coastal Home Insurance In Atlanta
The cost of coastal home insurance differs from one state to another. According to Policygenius, the average annual cost of homeowners insurance in Atlanta is $2,803. This rate is higher than the average cost of homeowners insurance in Georgia, which is $1,267. If you decide to opt for coastal home insurance, then the cost of your insurance policy increases with each additional coverage you choose to go for.
Major Tips For Homeowners' Insurance In Coastal Areas In Atlanta
You must know by now that getting homeowners' insurance in coastal areas in Atlanta is not easy, but here are some easy-peasy tips for you to find the best insurance for the coastal regions of Atlanta.
- Make sure to get insured before the Hurricane Season.
- It takes at least 30 days for most homeowners and flood insurance plans to effect. Furthermore, if a storm watch is in effect, insurance companies will not provide new policies. That's why it's critical to make sure you're adequately insured before the storm strikes. So before your insurance cost hikes up in the hurricane season, contact local insurance near you to get the best deals!
- Keep in mind that there is nothing as a "safe" period for your house, so you should always carry homeowners' insurance to protect yourself from any threats (and your mortgage lender most likely needs it!). Because it isn't hurricane season, don't cut back or cancel your coverage over the winter. Every season has its unique set of obstacles and risks, necessitating insurance coverage for each.
- Know The Best Coverage For You.
- Find The Right Deductibles.
- If you own a coastal house, your coverage will most likely differ from a typical homeowner's policy. Take a check at your policy to determine what kind of coverage you have, what your deductibles are, and if there are any gaps in your coverage (like a flood).
- If you try to tackle it alone or with an agent you don't trust, you risk being seriously under-insured for the hazards that your coastal house poses. Your licensed Insurance agent can assist you in comparing policies to ensure you have all of the coverage you require for your coastal home at the most affordable price.
How To Search For The Best Coastal Home Insurance In Atlanta?
Searching for the best coastal home insurance in Atlanta might be tricky. You need to research agents or the best carriers that provide you with the coverage you need. Before buying a home on the shore, as each company has different coverage for coastal residences, check out for those that exactly have what you’re looking for. It may cost a little extra to insure the house, but it is well worth it.
Here are some quick tips you can follow if you’re looking for the best coastal home insurance in Atlanta.
- Look out for insurance before the Hurricane season starts.
- Pick the right deductibles.
- Know your coverage.
- Look out for flood insurance. That can come in handy.
- Having the best discounts is the best.
- Consider other insurance needs as well.
Furthermore, before you start looking for your new house, make sure your budget can accommodate insurance. It will work in your favor if you educate yourself on your mortgage company's standards and search around for the best rates. Enjoy the experience, but don't forget to do your homework and choose the best insurance for your specific needs. You'll be glad you took the time to do so!
In A Nutshell
Coastal Homes are a great option if you want to live that beach life. While waking up to the sight of the beautiful blue ocean feels excellent, this dream life comes with its list of pros and cons. Make sure you protect your investment, your coastal dream, with the right coastal insurance. We know searching for the best coastal home insurance in Atlanta might be a little tricky, but that is what our experienced super agents are for. Our agents understand your needs and requirements for your coastal home and provide you with coverage from the best carriers in the country.
What does coastal property mean?
While coastal is a broad term, it refers to residences in the United States located near a major waterway. The Atlantic, Pacific, and Gulf Coasts are three of the most popular coasts where many homes are located.
Is Hurricane Insurance Required For Coastal Homes In Atlanta?
In a technical sense, no. You'll need at least two types of insurance to adequately protect your house against hurricane damage: flood insurance and homeowners' insurance. You may also require separate windstorm insurance, depending on where you live.
What is considered Coastal for insurance in Atlanta?
A navigable body of water, such as a river, ocean, or lake, is positioned adjacent to coastal property. It could be a second or vacation property that is vacant for a portion of the year.
Why is coastal home insurance in Atlanta so expensive?
Atlanta homeowners' insurance rates are expensive because of the state's great danger of hurricanes and other water damage. These hazards increase the cost of doing business in Atlanta, both for insurance firms and customers.
Corey Cooper- Renegade Insurance
1000 Reunion Place, Atlanta, GA 30331 Ph. no: (678) 855-7715
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