Do you live near the coast in Massachusetts Buzzards Bay, New Bedford, or Cape Cod?
Was your homeowner's insurance canceled because you live “too close” to the coast? Do you know what your deductibles are? You may have a separate catastrophe or windstorm deductible.
Most of the major insurance companies are canceling or non-renewing homeowners policies written in coastal areas, including Massachusetts, or requiring high wind deductibles. However, there are still companies eager to write coastal exposures - and we represent them!
Most of these carriers do NOT require high wind deductibles and many times they are much less expensive than MPIUA, Mass Property Insurance (Fair Plan).
We specialize in coastal risks
We have many years of experience writing coastal property, and we can help you get the coverage you need at affordable prices. Plus, we can package your property insurance with auto, umbrella, boat, and flood coverage and often realize greater savings. Whether you are the owner of a new multimillion dollar home or own a seasonal/secondary or vacation property along the coast, we will work with our companies to provide you with a comprehensive insurance program designed to meet your needs.
Coastal insurance deductibles
There are several different deductibles that insurance companies force on their clients. There is the standard deductible for “all perils”; for example, $1000 – $2,500. Then there is a separate “Wind / Hail” deductible, which is generally a percentage of the coverage on your home. This is usually a percentage (1%, 2%, or as high as 5%) of your coverage “A” dwelling amount. For example, if your home is insured for $300,000 and you have a 2% windstorm deductible, then you would have a $6,000 deductible for wind damage. This “Wind/Hail” deductible applies anytime the wind blows and causes damage. Another deductible is the “Hurricane” deductible. This deductible applies only when we are hit with a hurricane. Another deductible is a “Named Storm” deductible. This deductible would apply if your damage was caused by a “Named Storm”. For example, by the time Hurricane Sandy hit the Massachusetts coast in October of 2012, it was downgraded to a tropical storm, so only the “Named Storm” deductible or the “Wind/Hail” deductible would have applied.
It is important to realize that homeowners insurance does not cover flood damage. If you want this type of protection, you will need to buy separate Flood Insurance.