Second homes are great investments, but insuring one is a bit different than insuring your primary home. How you insure your second home depends on your insurance company and how you use the home. Insurance could be more expensive and more difficult to find if the property is vacant, as most second homes are some of the time.
Our insurance consultants will work with you to determine how the home is used, whether vacant or occupied by any one other than you and design an insurance program to fit your specific needs. Contact us at 800.277.0013 or request a quote.
Understanding Your Second Home Insurance Policy
Most homeowner’s insurance policies provide limited coverage for personal property at an additional residence. However, if your coverage needs for your vacation home exceed this amount, you will need to purchase a policy that will cover your vacation home in its entirety. One way to do this is to purchase a dwelling fire policy.
A Dwelling Fire Policy
Dwelling Fire Insurance is an alternate coverage option utilized in insuring residential rental or non-owner occupancy property, including vacant property. A dwelling fire policy is specially designed for a second home in that it provides coverage for a home and other structures (detached sheds or garages, for example) for perils named in the policy. Named perils listed in a typical Fire Dwelling Policy protect against damage caused by fire, collapse, lightning strike, wind, hail, explosion and smoke. For more coverage, consider adding Personal Property Protection and Liability Insurance to a Dwelling Fire policy.
If Renting To Others
For owners who rent out their properties, you may need to consider a landlord or rental home insurance policy. Let us help you determine the insurance plan that is right for you.
Consider an Umbrella Policy
In our litigious society, an umbrella policy is a necessity – second home or no second home. Umbrella insurance extends your liability limits for all insured property. Considering your potential risk exposure with a second home, especially the amount of time it is unoccupied or rented to others, an umbrella policy is essential.