We all have a favorite vacation destination. Having a home in such a place is something we all dream of. If you are fortunate enough to own a vacation home, you must know how to keep it safe by getting it properly insured.
Homeowners of two homes must remember that you cannot buy single home insurance for both your homes. You need separate insurance coverage for your new home as the risk factors for your secondary home may not be the same as that of your primary residence. Secondary home coverage also known as seasonal home insurance may vary from one insurance provider to another. You must consult your insurer to learn about the type and extent of coverage you may need.
Seasonal homes near a water body such as the coastal areas or by a lake or river come with their own set of risks. The most significant risk may be damage to your home by flooding. Buying a separate flood policy can provide that much-needed security to your home.
Also, if your home is along the coast, it is highly prone to damage by high winds. So, you may have to pay a higher deductible for your hurricane coverage.
Seasonal home insurance is also referred to as cabin insurance. If you own a holiday cabin, this coverage can protect it from a wide range of perils such as:
The location and type of cabin may determine the kind of insurance coverage you need. For the best coverage options, you must talk to your insurance provider.
If you have multiple properties, getting umbrella insurance ensures additional protection. Besides increasing the limit of your personal liability coverage, it may also cover perils that are not included in your home and auto insurance. It covers:
With your house staying vacant for most of the year, you may allow your friends to use it in your absence. For damages to your home in such a scenario, you must discuss with your insurer the coverage you need to keep your home protected. However, if you lease your home to renters or as a holiday home for tourists, you may need higher specialized coverage.
Some coverages that you may overlook but are important for the comprehensive coverage of your home include:
To reduce your personal insurance costs, you may:
If you want to learn more about your homeowners insurance policy and avoid these common mistakes, contact our team today. At Kneller Insurance Agency, we can help you get the right coverage tailored to suit your unique needs.
