Do you have clients who are looking to insure their coastal properties? You might be wondering how to adequately address pertinent risks and what recommendations to make. As their agent, it’s your responsibility to point out possible liabilities and what insurance could offer targeted protections. Due to their location, coastal homes and businesses carry some unique weather- and climate-related risks that need to be thoroughly researched and addressed. Before your next meeting, you may want to review these strategies for tackling coastal property risks.
Discuss Potential Risks With Clients Who Own or Want To Purchase Coastal Property
As you research the different scenarios that could play out at a given coastal property, you’ll want to keep your client updated. Having frank and open discussions about potential risks is the best way to guide your client towards the right insurance for them, or even to help them decide whether to make a purchase if they’re still in the consideration stage. Some important and frequent coastal risks to look into include:
- Hurricane damage
- Rising sea waters over time
- Sinking lands
Take Recent Severe Weather Events Into Consideration
The degree to which your client should be concerned about coastal property risks may well depend on the location’s history of extreme weather and property damage. Not all coastal locations carry the same risks! For instance, if your client has just opened a new business in an area known for difficult hurricane seasons, they may want to look into broader insurance coverage than a client who purchased a bungalow in a bay that’s usually sheltered from severe storms.
Recommend the Right Insurance Policies and Preventative Measures
Though neither you nor your clients can control climate change or the occurrence of severe weather events, what you can do in your role as an insurance agent is to recommend the right insurance policies to help prevent all-out financial disaster should a storm or other event hit. Strong insurance coverage can’t stop weather events, but it can mitigate the fallout. You may also be able to direct your clients towards other preventative measures that can help them protect their property, such as getting regular safety inspections, equipping their homes with stilts to prevent flooding, and so on.
Even though it might not be the first question on your client’s mind when they’re looking to purchase a beachfront home or a seaside business location, it’s important to be realistic about coastal property risks. Understanding exactly what risks are posed by being so close to the water can help you direct your clients to the right insurance policies, which will, in turn, help them protect their investment. Make these points during your next meeting to make sure you’ve covered the essentials.
Formed in 2013, AmSuisse, Inc. has quickly distinguished itself as a wholesale operation that specializes in working very closely with our agents and broker partners to develop responsive, individualized service for each client. Our unparalleled writing support, industry-specific expertise, marketing support, responsive proposals and quotes, strong customer service, and strong relationships with our carrier partners have all helped us to provide the best possible coverage for our clients. To learn more about our available coverage, contact us today at (855) 912-8697 to speak with one of our representatives.