Let’s admit it. When you think of Florida you think beautiful beaches, breathtaking bays. Right? It is just something that people love about being near the water. Many people dream about it. While there are so many great benefits to owning a waterfront home, there are also critical things need to be considered while looking to buy a waterfront home.
You may find waterfront homeowner’s association is different than a typical association. Even if you are buying a waterfront home that’s in a developed community or is already a part of a Homeowners Association, you will need to know about the regulations established. You may even find the community already holds riparian rights. However, it is important that you know what type of maintenance is required.
It is so important to have the security of knowing that your property is covered. In Florida, there are three distinct policies that are considered when a buyer wants a waterfront property: wind policy, flood policy, and general hazard policy. These important policies reassure that your home can be repaired if any damage is done during any uncontrollable events.
- Wind Policy: This policy can be known also as windstorm/hurricane policy. Florida’s hurricane season runs from June 1 to November 31. If you are purchasing during this time, it is advisable to bind your insurance as soon as possible once under contract, as companies routinely stop issuing new policies in areas that might be affected by a hurricane if a named storm is on the radar and approaching. An experienced real estate agent can refer you to a reputable insurance agent who can make sure you have the proper coverage in place before closing on your new home. It is best to tackle this task as soon as you have a contract on a home.
- Flood Policy: There are properties that require homeowners carry flood insurance, and rates can vary. If you are obtaining a loan, your lender will make the final determination as to whether they will require it or not, based on the most recent flood maps. Even if not required, many buyers like the peace of mind of adding flood insurance to their coverage—often, especially if not required by the lender, the policies are inexpensive. While many of the most beloved regions of Florida are just above sea level, many inland areas are far above sea level and not prone to flood, and many master planned communities have elevated their homes above the flood plain by trucking in fill, alleviating lenders’ demand for flood insurance. Again, an experienced real estate agent, along with an experienced insurance agent, can advise you on which areas require it. Some of the most alluring destinations are alluring because of the proximity to water—so if you are planning on living near water, plan on carrying flood insurance.
- General Hazard Policy: This policy is not the same as homeowners insurance. This policy protects you financially from the effects of damage and theft. It also helps to repair or rebuild to maintain the investment of your home in any hazardous occasion.
Are you looking for a waterfront home with a dock and direct lake, bay, river, or gulf access? Are you a boater? Like watersports or fishing? Or maybe you just want the waterfront view? With just a little bit of research, you will see that finding the perfect waterfront home does not have to be difficult. For more information contact us and we can work with you to help you find the perfect fit
for your lifestyle.