Maybe you have a cabin in the mountains, a lake house or a beach cottage. Whether your vacation home is used as a weekend getaway or a seasonal retreat, it’s a special place you want to protect. Talk to us to know about a variety of coverage options.
Longer vacancy times Coverage
When a house isn’t your primary home, more often than not, it’s left unoccupied.
Empty houses carry a higher risk of unreported (or late-reported) dangers, like leaks, fires and vandalism.
Secondary home insurance should be considered by the house owner to cover any unexpected perils.
Increased threat of theft Coverage
Houses that are even temporarily unoccupied carry a greater risk of theft. If you’re renting the house out to guests for part of the year, visitors may pose a risk as well.
Secondary home insurance should be considered by the house owner to cover any loss of property due to theft.
Environmental perils Coverage
The features you appreciate most about your vacation home, like the waterfront view or resort location, could increase the chances that your property is affected by a natural disaster, like a hurricane, earthquake or wildfire.
You may need to purchase additional insurance coverage to protect the structure and your belongings from these types of disasters. Secondary home insurance can be opted for the same.
Potential Guest issues Coverage
Do you like to host guests on your property? There can be possibilities where a drunk guest injures himself or damages your neighbour’s property .
Liability insurance is included in the policy you purchase for your secondary home and protects you from accidental bodily injury to another person or damage to their property. It’ll help cover things like medical expenses, legal fees if you’re sued, or paying for the damage you cause to another person’s property.
Property in your vacation home (Optional) Coverage
You work hard for all the things that make your secondary home a comfortable and entertaining place to visit. If any of your property is damaged, you need to pay the repair costs from your pockets.
Personal property coverage is one way to ensure you’ll have the means to repair or replace them if they’re damaged by a covered loss, such as theft, fire, lightning and more.
Flood insurance for your vacation home Coverage
If your second home is near a body of water, like an ocean or lake, flood can wipe away your property. Even if you’re confident your vacation home isn’t at risk for a flood, you may still want to consider this coverage, as one-fourth of all flood claims occur in low- to moderate-risk areas
A flood insurance policy can keep all the things you work so hard for protected. It can protect your second home and its contents in the case of potentially costly damage.
If you own a second home, you will need to protect it with a homeowners insurance policy that is separate from that of your primary residence. Homeowners insurance for second homes includes all the same coverages as that of your primary home, but insuring a secondary residence tends to cost more due to the heightened risk of insurance claims. How often your vacation home is vacant, where it is located, and whether you rent it out will all affect your rates.
A second home insurance policy will provide the following coverages:
Second homes provide a respite from weekday life, and may even be a good investment. They also, however, present more of an insurance risk than your primary residence—the fact that you don’t not physically occupy your second home as frequently puts it in more danger for theft, vandalism and easily undetected damage, like burst water pipes.
Ready to find the right coverage for your vacation home? Reach out us and we are ready to help you discover the coverages you need to make sure your second home is properly protected.
It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.