Vacation homes can provide a relaxing getaway from stresses of everyday life. Just as with your primary residence, a vacation home needs to have adequate insurance protection. These types of homes require a different type of property insurance, however. A vacation property isn’t your primary residence, so why insure it like it is? While it may not be your primary residence, your vacation home still faces potential damage or loss due to fire, wind, storms and severe weather. It is also vulnerable to vandalism and theft during the time it is unused, or occupied by tenants. Because of these risks, not all insurance companies will insure second homes. You need to communicate clearly with your agent to make sure they have all the information they need to get you the right package of coverage’s.
Seasonal and Vacation Home Insurance
Seasonal and Vacation Property insurance provides coverage for accidental damage, liability, and loss, as provided in the policy. You can choose a prepackaged policy or customize one to meet your specific situation. Some insurers require you to insure your primary residence with them as well. Just like standard Homeowners Insurance, Seasonal and Vacation Property Home insurance helps offset the costs of repairs, replacement costs and living expenses if something happens to your vacation home due to accidents like fire, lightning, wind-driven water, hail damage or theft.
Additional Specialty Homeowners coverage’s available with certain carriers
Do have a rental property? Is it rented annually, or weekly? Tenants increase the need for adequate Liability coverage as if there is a loss or injury you are an obvious target for compensation. Do you own a vacant property or one in less than optimal condition? As a landlord, with certain carriers you can choose a Landlord or Rental Property insurance package that can customize your policy with extra options to suit your unique situation and help you protect your investment. If your home’s market value is lower than it would cost to rebuild it, some insurance companies may be reluctant to provide coverage. For older or lower-valued properties, certain carriers have created specialty policies specifically for these types of homes. Specialty Property insurance covers additional types of properties in addition to seasonal and vacation properties, providing coverage for homes that may not qualify for typical homeowners coverage, such as vacant homes or short term rental properties. Make sure your homeowner’s coverage is the right one for the property in question.
With numerous choices and options, for a variety of Seasonal and Vacation Property insurance packages, you need to make sure your agent is providing you with the right property insurance so if you do have a claim there are no issues that could make it difficult to get taken care of.