Buying a second home may be one of the most exciting and rewarding things for any person. Having a private place to relax and de-stress is a dream for most of us. A place where you can lounge and throw all your cares away sounds like heaven. There is no better location to call your second home than a place near the water. Ponds, lakes and the ocean can give great views. It can also make exciting adventures, and the best summers.
With all the investments you’ve put into your second home, it is important that you have the right insurance policy to protect it. You should have adequate coverage all year round even if you don’t live there the whole year. Get the proper home insurance coverage. Afterwards, check if you might also need a flood insurance policy. There may be nothing better than a home near the water but it comes with risks. So it is important to protect your home and belongings from that.
First, figure out your zone to determine the need for flood insurance. You may be in a high-risk area so your mortgage company may need you to get flood insurance after you bought it. If you don’t live in a high-risk zone, you have a variety of coverage options. The mortgage company requires the acquisition of a building coverage so you can pay them back if the home is destroyed.
Homes in High-Risk Zones need to have flood insurance for their mortgage insurance. The standard flood insurance policy in high-risk zones can offer up to $250,000 in coverage. The mortgage company may not need the full payment for the replacement of your home since the only thing they need is the settlement of the mortgage. Flood insurance for high-risk areas can help you recover from any disaster. Check out the Excess Coverage Section if you have worries that you need more than $250,000 for your second home coverage.
When it comes to houses in minimal to moderate risk zones, the decision to get coverage is up to the owner. They will determine the coverage they need. Since the weather can be unpredictable, everyone should consider protecting their homes from sudden natural disasters. Get insurance before the need arises so you can be eligible for a lower premium in case your area changes to high risk.
Coverage for your Contents
Getting coverage for your contents is optional. You may get up to $100,000 coverage for contents.
Coverage for basements has a lot of restrictions. There are also coverage limitations to the crawl space beneath an elevated building. Ask your agent about the specifics of the coverage and its limitation. The coverage may have limits regardless of the construction date or zone.
With the NFIP, the highest coverage you can buy for your home’s structure is $250,000. But, that coverage might not be enough in the event of a flood. Coastal homes usually have high values. Make sure that you have enough coverage when something happens to your home. Get excess coverage to have this protection.
At NoBSFloodInsurance we take pride in making sure our clients are well protected at prices they can afford. To learn more about how we can help you, please contact our agency at (800) 747-5311 or Click Here to request a free quote.