Life’s a Beach: The Ins and Outs of Insuring Oceanfront Property
Buying an oceanfront property is a dream shared by many around the world. Waking up to the sound of waves crashing against the rocks, feeling the fresh breeze on your skin and having a place to retreat to at any given moment, would be like living in your own personal paradise.
Making such a purchase though isn’t all relaxation and excitement. The buying process between oceanfront properties and traditional homes can differ depending on an array of factors. When it comes to getting homeowners insurance, this is where the process gets even more confusing. Let’s take a look at the ins and outs of insuring oceanfront property below.
Each Location has Specific Guidelines
Depending on where you plan on buying your beachfront property, each state has specific requirements for homeowners insurance. Do your research before deciding exactly where you want to buy, especially if out-of-state options are a consideration.
For example, the state of Florida has specific policies that homeowners who buy waterfront properties must fulfill. These include three different types of coverage, including flood, general hazard and wind policies. Getting an early start in researching the different guidelines will help you learn which area would best fit your needs and financial situation.
Local Realtors Can Ease & Expedite the Process
Buying an oceanfront property comes with its own set of challenges, and can be different from a traditional home purchase, as mentioned earlier. Working with a top-rated real estate agent that specializes in these types of properties can help diffuse any confusion and ensure that all bases have been considered and covered. Do some research on agents that focus on waterfront homes in your desired area and reach out to them to help you through the process.
Prepare for Higher Insurance Premiums
Here is the reality of owning a beach front property: insurance costs are almost unavoidable. Given that the liability of these homes increase significantly due to their close proximity to the water, you may be subject to paying more than expected.
To make sure you are getting the best rate possible, research some homeowners insurance quotes online before making your final decision. This way you will have seen what premiums that are offered, and can choose the best fit for you.
Get Familiar with Your Responsibilities
Having a beachfront property means a new set of responsibilities and obligations, many of which are different than those of owning a traditional home. Get in contact with the homeowner’s association in the location you’re looking to buy and get an understanding of what these responsibilities entail.
Whether it relates to the upkeep of your new home, or new costs and expenses that need to be paid to the association, researching this information can help you avoid any unknown factors that may come up after buying. In many instances, there may be restrictions and limitations on what you can do, and knowing the guidelines can help you prepare once before you even move in.
Buying an oceanfront property is a dream. Being able to wake up and feel the ocean breeze is an experience unlike any other, which makes it clear why these homes are so heavily sought after. However, it is important to understand that the purchase of a waterfront property isn’t all fun and excitement, and there are certain steps to take into consideration prior to purchasing. The things listed above are a few of the key components all potential buyers should consider before making the plunge, in order to have full knowledge of what they’re getting themselves into, and the responsibilities that come with beachfront homeownership.