You may have dreamed of waking up to a view of the water for a long time, but when reality sets in, you realize your dream isn’t without trade-offs. Coastal homes require intense maintenance, thanks to salt spray, wind, and storms. These properties also face a higher risk of hurricanes, flooding, and windstorms, which drive up insurance costs. You might be feeling like it’s impossible to have it all. However, with some tips and tricks, you can live in the house of your dreams and save a little money on the costs.
1. Look For Homes With Fortified Construction
That mid-century modern coastal bungalow may be in line with your vision, but look beyond the surface. Homes that have been built or retrofitted to meet current hurricane-resistant standards can be less expensive to insure. This doesn’t mean you need to write off older homes, but it does mean you need to ask questions.
Look for features like impact-resistant windows, reinforced roofs, and storm shutters, which help reduce the risk of damage. Savvy real estate agents will prioritize this information in listings, but get the specifics on upgrades and their installation dates. Provide this information as you request a home insurance quote from potential insurers too.
Older upgrades may not meet current standards for premium reduction, but they can provide additional protection from damage. Have your home inspector review these features and their structural integrity to ensure they’re in great shape on move-in day. If they need attention or you want to negotiate for additional upgrades, now is the best time to do so.
2. Identify Potential Homes’ Elevation Compared To Flood Level
One of the best ways to reduce your premiums is to select a home that is above base flood level. If you’re new to the coastal environment, you may be less familiar with the terms associated with flood plains.
Your real estate agent should be able to help you navigate the flood mapping of your desired area. They can help you understand what a home’s location means for your quality of life and insurability. This is important, not only for your enjoyment and safety in the home but the expense of ownership.
Keep in mind that just because a home is located in a flood plain doesn’t mean it’s not protected. Elevated homes that are on stilts are less likely to sustain flood damage. Homes with this type of construction typically have a garage and storage space below the primary living area.
These areas are largely open, and may have decorative panels that provide privacy, but allow flood waters to pass through. In the event of rising tides, the house can stand tall above the water, lessening the potential for damage.
3. Determine Storm-Sensitive Structures’ Age And Condition
As with any home, you’ll want to determine the age and condition of key components. Specifically, high-dollar items like roofs often have a separate deductible. This is because roof damage is one of the most common reasons homeowners file claims. In a coastal home, the risk of storms and wind damage is greater, exacerbating this reality.
Find out the age of the roof on your potential coastal home and what its typical lifespan is. Traditional asphalt single shingles may last decades, but the wear and tear of a coastal home may decrease this standard. Some homes have metal roofs, which can last for a generation if installed properly. Inspect the roof’s condition and installation to confirm that it’s structurally sound.
Lastly, the exterior components of your home like siding and windows will impact your insurance rates. If your home has vinyl siding, it’s more likely to become damaged in a storm event. However, stone and stucco homes may be able to withstand higher winds, potentially decreasing your rates.
4. Understand The Tradeoffs Of The Coastal Lifestyle
If a coastal lifestyle is your dream, weigh the benefit of your home’s proximity to the water. You may already be prepared to pay a premium for the right locale, but make an informed decision. Decide how important it is to be steps from the beach and what price you are willing to pay.
The cost is not the only consideration, so think about how living in a storm-prone area will impact your life. Speak to your potential neighbors and ask about their experience and tips for the coastal lifestyle.
If being vigilant during storm season doesn’t phase you, you may have found your new home. However, if evacuating in advance of a hurricane sounds terrifying, you may need to look inland. Examine the realities of living the coastal dream with both a financial and emotional lens. This can help you make a good decision based on more than just a lifestyle.
Choose A Home Where You Want Without Compromising
Looking for a new home is always exciting, and with that often comes lots of decision-making. Understand the realities of life on the coast that leave you feeling confident and prepared as you continue your search. Look to your real estate agent to provide insight and referrals to help you navigate the process. Compare the numbers and trade-offs that you’ll potentially make when selecting a coastal home. When you do, you’ll find the coastal property that you can’t wait to get home to.
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