Just as you need home insurance for your primary residence, you also need an insurance policy to cover your vacation home and its belongings. You’ll want to make sure your home is covered from natural disasters as well as burglaries or vandalism and a second home insurance policy will provide you with security while you’re away.
Reasons for Second Home Insurance
There are multiple reasons why vacation home insurance is just as important as for your primary home. The following are some of these reasons that may vary from the concerns of insuring your main home:
– Many second homes are vacant for large portions of the year, leaving them at risk of a variety of problems that may cause large amounts of damage, such as a fire, or that may go unnoticed for significant periods of time, such as a leak. Because no one is there to deal immediately with the issue, the damage may be more extensive.
– Vacation homes are also often in remote locations, which means that it may take longer for help to arrive in the case of an emergency and could result in greater damages to the property.
– If you plan to rent your home, you would want vacation home insurance to cover any possible injuries to the tenants or to take care of any damages to the property caused by the renters. However, if you plan to rent your property full-time, you may want to look into landlord insurance instead of homeowner’s insurance.
Kinds of Vacation Home Insurance
While your vacation home may be partially covered by adding it to your primary home’s insurance policy, you may also want to consider additional forms of vacation home insurance.
Umbrella coverage, which is a secondary liability insurance that adds additional coverage to claims and lawsuits, can be handy if someone is injured on your property and the cost exceeds your liability coverage.
Flood and earthquake damage are also often not included in vacation home insurance and must be purchased separately.
Save Money on Second Home Insurance
You can save money on vacation home insurance quotes by purchasing a home that is near a water source, in a gated community or by installing a central alarm system. You can also often save by bundling multiple insurance policies under one insurance company.
Get Piece of Mind with Vacation Home Insurance
By adding vacation home insurance to your homeowner’s policy or adding additional coverage to your vacation home, you can rest assured that everything is being taken care of even when you’re away.