A standard homeowners insurance policy insures the home itself and the things you keep inside. By having homeowners insurance, you can financially protect yourself if there’s an accident. Contact our agency today to learn more about homeowners insurance or to get a no-obligation quote.
What Is Homeowners Insurance?
Home insurance is a package policy, which means that it covers damage to your property after a covered loss and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. There are usually additional coverages or endorsements, also called riders, that you can add to the standard coverages provided by home insurance to ensure adequate protection.
Do I Need Homeowners Insurance?
While purchasing a home insurance policy may not be mandated by the federal, state or local government, your lender may require proof of home insurance if you have a mortgage. Carrying appropriate homeowners insurance is always a good idea as the policy can help financially protect you if you experience a covered accident or other loss. Without home insurance, you may be left to cover the replacement or repair costs on your own following an incident.
Coastal Property Insurance – Cranston RI & Providence RI – Cormack Routhier Agency, Inc.
Coastal Property Insurance throughout Rhode Island and Southeastern Massachusetts
It’s only natural to want to make your home as safe and secure a dwelling as possible, and this will mean adapting your homeowners insurance to fit the precise risks and liabilities present on your property. Since no two homes are alike, you will have to make your plan as unique as possible. This is particularly true for coastal homeowners, who face significant property damage risks that are different from those of inland homeowners.
How is home insurance different for coastal homeowners?
Coastal homes face significant challenges that are different from those faced by the average inland home. For instance, there are greater risks of floods, hurricanes, windstorms and similar natural disasters in your area, and you will often have to meet special building codes in order to reinforce your home against these challenges.
Some home insurance providers limit standard coverage, or offer different policy terms for coastal homeowners. Sometimes, you will need to add the following benefits into your insurance portfolio:
- Flood Insurance: Home insurance does not cover weather-related flooding. Flood insurance must be purchased separately from homeowners coverage. The National Flood Insurance Program (NFIP) requires many coastal residents to purchase this coverage.
- Windstorm Insurance: Some standard homeowners policies will limit damage coverage for windstorms or named storms, like hurricanes.You might have to add this coverage into your policy as an endorsement, or purchase a separate windstorm policy altogether.
- Named Storm Deductibles: If a named storm strikes your area, some insurers increase damage deductibles to a percentage of the total damage caused, as opposed to a flat fee.
How to Get Homeowners Insurance
If you need a homeowners insurance policy or want to evaluate whether the coverage you have is adequate, we’re here to help. Give Cormack-Routhier Agency, Inc. a call today to get started or request your free quote now.