You likely need to purchase a separate insurance policy for your holiday or seasonal home to protect its structure and contents. Vacation home coverages protect your second home from common risks.
Common Insurance Risks
Often the appealing benefits of a vacation home also make it a more significant insurance risk.
- Location– Sometimes, the desirable area of a vacation home also makes it more susceptible to weather damage. A beach house may be at risk for strong winds or hurricanes. A ski house might be at greater risk for wildfire damage.
- Amenities – Pools and hot tubs are luxurious, relaxing features of your second property. They also add liability risk.
- Increased Theft Threat – Unoccupied houses have an increased risk of theft.
- Longer Vacancy Times – Empty houses also carry a higher risk of unreported leaks, fires, and vandalism.
- Renter Issues – Renting your property adds additional risk factors to your property.
Consult an insurance agent regarding which policy is right for your situation. If you are renting it out, you may need a more comprehensive policy or additional rent loss coverage to cover income loss following a damaging incident with your house.
If your home has cameras or a security system, you might qualify for lower premiums. Discuss the safety features of the dwelling with your insurer so you can take advantage of any cost savings they offer for vacation home coverages.