May 6, 2021 Continue Reading After Hurricane Sally damaged the roof of one Florida couple’s waterfront home, insurance payouts only covered two-thirds of actual damages. The couple put $100,000 of their own money into repairs although they pay $28,000 annually for their insurance coverage. Another Florida couple experienced $1.3 million worth of damage from Hurricane Michael, only for their insurance provider to cut them a check for $245,000, writes The Wall Street Journal. Many luxury waterfront homeowners are turning to private insurers to fill in the gaps from their own home insurance policy. “It’s a very bad experience for consumers; a lot of houses [are] put into unfair situations,” says Nick Steffey, chief executive of ShoreOne Insurance Managers in Dedham, Mass. The company, launched in 2019, offers coastal homes flood insurance, typically as a supplement to their homeowners policy.