SECOND HOME INSURANCE
Let us help you insure your home away from home.
Second home insurance is coverage for a property separate from your primary residence. Your primary homeowners policy likely does not cover a second home and you may need to get a separate policy to insure it. You may think that the insurance for your second home should be less expensive than the insurance for your primary residence. You only visit occasionally and if no one is there, nothing can go wrong, right?
If you leave your second home unoccupied the majority of the year, there is an increased chance of issues going undetected. There could be a water or gas leak that is not noticed for months, damage caused by nature could intensify if not immediately addressed, and an empty home is a prime target for burglary. All these factors make a second home riskier to insure than your primary residence.
Think about it, your second home is likely in an area closer to water, the mountains, or the coast. This means it is more susceptible to floods, fire, snowstorms, and damage from earthquakes as most fault lines occur near coastal states. You will want to make sure that you have an endorsement in your policy that covers these types of events.
Add into the equation the fact that people tend to be outside more when they are at their second home. This means second homes are more likely to have outdoor elements like pools, hot tubs, firepits, and trampolines. All these elements, while fun, increase the risk associated with the property. Increased risks means increased policy premiums.
RogersGray has a team of dedicated consultants that work to get you a great rate on insurance for your second home. But perhaps more importantly than your rate, they will make sure you have the coverage you need to feel protected. Your second home is meant to be a place to relax and enjoy, not an additional headache.
When insuring your second home, consider these additional lines of coverage:
Boat insurance – If you do boating at your second home, you may want to consider getting a boat insurance policy. Your boat is not covered by home insurance. You will need to get a separate boat policy to make sure you are covered.
Umbrella insurance – You want to kick back and relax at your second home but accidents don’t take a vacation. An umbrella policy offers additional liability limits overs your existing Auto or Home policies. If you are sued for damages that exceed the limits of your current auto or home policy, that is when your umbrella insurance would cover you above and beyond your existing limits.
Flood – If your second home is near a water source, you may want to consider flood insurance. Standard homeowners policies will not protect your home in the event of a flood. Some lenders will require that your home have a flood insurance policy.
Short Term Rental Insurance – If you plan on renting out your second home when you are not using it, your current policy may not cover you at all. Your home is considered a business at that point and requires a different type of insurance. If you were to incur a loss while it was rented you may find your claim denied. Follow this link to learn what you need to take into consideration when selecting a policy.