However, second homes can be an increased insurance risk because, with only part time occupancy, problems may arise with no one there to immediately resolve the issue. A vacation or second home will need to be insured, especially if you do not want to be faced with the costly task of rebuilding or repairing damages following a natural disaster.
You will want to safeguard your second home just like you would your primary residence. However, no two homes are alike, and the differences between your primary residence and your vacation home can be significant.
The same type of home insurance coverage is available with your vacation home. But the age of the home, weather patterns in the area, local crime rates, and other factors all play a role in determining the actual coverage needed and the amount you will pay in premiums.
If you want to rent out your vacation home to others, your homeowners’ insurance premiums will certainly rise, and you may need to obtain additional coverage. If you rent your home out on sites like Airbnb, you will want to get insurance through them as well.
Because renting your second property contains additional, more complex hazards, it’s a good idea to talk to your insurance agent about coverage options for renting out your home to others.
Insurance premiums for your vacation property may be higher than your permanent dwelling. The higher cost could depend on how close or far your home is to local emergency services. Beach cottages, lake houses, and cabins are typically located further from police stations, fire stations, and hospitals.
Your second house, whether it’s a mountain retreat or a lake house, has different insurance requirements than your primary residence. Make sure you’re receiving the coverage you need, not just the lowest cost, so you can relax and enjoy your second home without worrying about it when you’re not there.
Low-priced insurance is only good if it covers the what you need.
Contact the experts at Leap Carpenter Kemps Insurance Agency. They have been in business for over seven decades and have licensed experts on hand to guide you on the best coverage for your organization. Call for a free quote today!