4 Things to Consider When Insuring a Second Home

Everyone loves vacations. Whether it’s fun in the sun, getting back to nature, or visiting theme parks, vacations offer a rare chance to take our minds off day-to-day life and truly relax. For those of us who absolutely fall in love with a certain destination and want to visit it year after year, owning a seasonal home can make vacationing even better. While you’re enjoying your vacation, you shouldn’t have to worry about the pitfalls that get overlooked when someone is insuring a second home, so let’s deal with them now.

Of course, if you own a vacation home, you definitely want to protect your investment – and there’s often a LOT you need to consider! We here at the Warwick Agency want to help you protect it by making you have the right insurance coverage for your needs.

Here are four things that may impact the coverage you choose and how much you’ll pay for it:

  1. Separate Policy: Your seasonal home won’t be part of your primary property policy. Instead, it needs its own policy, which will be similar to the one for your home. However, be careful when it comes to “named perils” coverage, which lists explicit perils your policy will cover. If a peril isn’t listed, there’s no coverage for it. We typically steer homeowners away from this type of coverage, in favor of broader coverage.
  2. Location and Occupancy: The “where” of your vacation home was probably one of your biggest reasons for buying it, but it will also impact your insurance costs. Rural areas are hard for emergency responders to reach, and waterfront homes are prone to flooding. These added risks can mean added insurance costs, such as the need for a separate flood policy. If the home is unoccupied or rented for much of the year, you have even more insurance considerations.
  3. Personal Property: Establishing and maintaining a separate inventory of belongings you keep at your vacation home will help you select an appropriate level of personal property coverage. For example, if it’s filled with expensive skiing and snowboarding gear, you may need increased coverage or to insure some of the more valuable items separately.
  4. Extra Liability Protection: If you plan to regularly host guests at your summer or winter retreat, you should consider an umbrella policy to increase your liability limits in case someone is seriously injured on your property – whether they were invited or not.

We know you want to relax and enjoy your chosen spot in the sun – or snow. Having the right insurance coverage can certainly put your mind at ease, so be sure to give us a call so we can help.

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