Coastal properties boast amazing views, unprecedented access to beaches and waterfronts, but also a high risk of damage due to severe storms. Whether you are considering buying or you already own a coastal apartment building community, there are seven things you can do to protect and insure your property.

1. Identify the potential weather risks. Not all coastal properties are made equal. Find out what specific weather events are most likely to occur and cause damage to your multi-family coastal property by researching prior claims and precise, location-specific weather history data.
2. Find out if your property is still up to code. Building codes constantly change and become more strict, especially for properties most vulnerable to damage. When disaster hits and structures have to be rebuilt, they will have to be completed according to the current code standards. This could mean thousands of additional money that you may not have expected, if your coastal property was built before the codes were established.
3. Do safety upgrades. Your apartment community is not only your investment but it is the home for your tenants. Going above and beyond to make the property safe before bad weather hits can help to decrease damage that results. And, adding safety features can not only better protect your property but will help you save money on your coastal insurance policy as well.
4. Get supplemental insurance. As with any insurance plan, not everything is covered. Most insurance policies have a maximum claim amount for flood damage. This is usually less than the cost to completely rebuild the structure. Having extra insurance to cover these added damage costs can be a life-saver in the long run.
5. Review your policy. Always be sure to review your policy. What you may have verbally discussed with your agent, sometimes, may not make it into the policy. Check your policy to ensure it includes the coverage you need and ask questions, now, before weather damage occurs.
6. Protect important documents. If your property is prone to sudden severe weather, be sure to have all of your insurance documents in a safe and protected place. Scanning in these items and storing them on cloud based services like Google Drive or Dropbox will keep them protected even if your paper copies are destroyed.
7. Save for a rainy day. Keep in mind that your damage deductibles may be higher than other non-coastal policies. If, for example, you have a 2% hurricane deductible that is applied to the total value of your property, be sure to set enough funds aside, so that if damage does occur, you have the cash on hand to cover the deductible.

You may not be able to control severe weather, but finding an insurance agent you can trust is within your control. At Top Floor Insurance, we will take the time to understand the weather risks posed to your property and get the best coverage for you, for the best cost. With over two decades of insurance experience, our dedicated insurance specialists have partnered with dozens of coastal property owners to keep their properties insured. For a fast, 24-hour price indication or to have your existing coastal apartment community insurance policy reviewed, give us a call at 404-266-3218.