Pilgrim Insurance Services
Pilgrim Insurance Services
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Insuring
Homes Near the Ocean Securing Homeowner insurance on homes that are 2500 feet or closer to the ocean has become a big problem for homeowners. Over the last several years most insurance companies have taken a very negative underwriting position towards these homes. Their big fear is the damage that WIND can have on the homes they insure. Coastal homes are most exposed to the high winds of Hurricanes and present the greatest risk in the eyes of insurance company risk evaluators and actuaries. Contrary to popular belief, potential FLOOD claims are not the concern of these insurance companies. In fact, flooding does not really concern them too much because FLOOD is not a covered peril under a typical Homeowner Policy. To get coverage for FLOOD, a homeowner can purchase a Flood Insurance policy through the same agent that provides the Homeowner policy. These Flood Insurance policies are backed by the government (FEMA). Pilgrim Insurance Services has an excellent insurance market for homes located within 2500 feet of the ocean. Middlesex Mutual Assurance Company, an A+ rated insurance carrier, will offer a standard Homeowner Contract to homeowners who are located near the ocean. This contract does NOT require the homeowner to carry a large WIND deductible. Most other carriers that still offer insurance coverage for ocean influenced homes require large WIND deductibles. They do this to limit their exposure to WIND related losses. However, due to the size of these deductibles, the homeowner could be left with a huge expense to cover after a storm blows through. Call Pilgrim Insurance Services for a quote on your homeowner policy if you live near the ocean. Let us review your coverages and deductible and make helpful recommendations. |
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