Your vacation home is where you go to relax, and likely one of your most valuable assets. If you own a vacation home and it is damaged or destroyed, you need your claim settled by an insurance company that understands these simple facts. We can help you find the secondary home insurance policy that will best meet your needs and provide the most valuable combination of tailored coverage, quality service and fair pricing.
Vacation homes can be beacons of relaxation in a chaotic world, and in order to preserve you mental peace you want to make sure that your vacation home is properly insured. If you own a vacation home, you know that the homeowner’s insurance policy on your primary resident provides limited coverage for personal property on both properties. That may not satisfy replacement costs should a covered loss occur at your vacation home, so purchasing a Seasonal (or Vacation) Home policy may be right for you.
A Vacation Home policy covers much of what a traditional homeowner’s insurance policy does except it has no liability coverage. A secondary home is covered by the liability policy of a primary home.
Because your vacation home is different, it will require a different type of homeowner’s insurance policy. Assess your risk by looking at these facts of any property you own or are looking to purchase.
- Location: Is your vacation or secondary home at the ocean, near water or in a rural area? Rural homes pose a significant risk because if something does happen, it will take emergency responders additional time to get there. Also, some homes are more susceptible to losses from wildfires or burglaries. If your home is on the coast, it is exposed to wind and storm surges.
- Property Type: Is your vacation home a stand-alone home, condo or townhouse? Depending on the style of your property, the cost of insurance will vary. Stand-alone homes are the most expensive secondary home to insure because they are not monitored in the same way as a condo or townhouse would be. Things may go unnoticed for weeks or months.
- Amenities: Does your secondary home have a swimming pool or hot tub? These types of features increase the cost of insuring your home because there is a higher liability. If your property is rented, these features can substantially increase the cost of your insurance.
If your plan is to rent your secondary or vacation home when you’re not using it, you’ll need a Landlord Insurance policy. Sometimes referred to as short-term vacation rental insurance for properties like AirBnB or VRBO, this insurance policy is designed with this usage in mind.
Owning a vacation home is not only a great way to relax, but it can be a great financial investment as well. Be sure to protect it properly by getting the right home insurance policy for your usage. We can help.