Secondary home insurance is a policy designed to address your second home or other residence. Individuals who have a vacation home may need this type of coverage.
If you own two residential areas, it is important to have coverage on both. When choosing home insurance, your secondary home policy will cost more in most cases. This is likely due to the lack of people living in the home on a consistent basis.
When Do You Use Your Home?
Individuals who own a second home may use it infrequently. This may include the weekends or a few weekends out of the year. Some people use these condos, apartments, or full-size homes even less often.
The less you use them, the more time they spend vacant. That might increase the risk of damage to the home from theft and vandalism. Homes that are empty most of the time are likely a bigger target to thieves. They also have less monitoring. That could mean that a frozen pipe burst can cause more damage, for example. It could go unchecked for a long time, causing severe problems.
What Does Secondary Home Insurance Cover?
This type of home insurance plan works like any other. Your agent will help you design the plan to fit that specific property. It should cover the value of the property from common perils. This means it should have both comprehensive property insurance and liability insurance. Both will help to reduce your risk of financial loss. It should address the value of the specific assets you maintain in that home, too.
Can You Save Money on Second Home Insurance?
In most cases, you can reduce the policy costs of a secondary home policy.
- An easy way to reduce your cost is to bundle your second home insurance policy with your first. Buy them from the same agency.
- You can also install security solutions at the secondary location. This may include tools to monitor the interior of the home as well as protect the exterior.
- You may be able to save money by increasing your deductible, too.
Many factors play a role in choosing the best home insurance for your vacation home. Be sure to create a customized policy that addresses everything about your home. This includes its exotic location, its limited size, or the amount of security you have on site.
Work with your agent here. Most are happy to help you find an affordable policy. The more detail you provide to your insurer, the more accurate this policy will be for you.
- Best Insurance Services, Inc. can help answer questions about a multitude of insurance questions. Call (979) 297-2655 or visit our website www.bestinsurancetx.com