It’s prime time for vacation homes to be used more often than other times in the year — it’s summertime! If you have a vacation home, you may be wondering how you can protect your property and how to properly protect it based on the property’s location. Typically, you would be good with vacation rental property insurance, a policy that acts as a homeowner’s policy for homes that you don’t primarily occupy, like a vacation home. In addition, secondary home insurance is another policy that is sometimes known as vacation home insurance that protects against perils such as fire, explosion, theft, or lightning damage. In this list, we are going to be providing you with tips and additional insurance policies you can add to further protect your vacation home no matter where it’s located.
If you own waterfront property, meaning the property is facing a body of water such as an ocean or lake, you may need a little more insurance coverage than the general policies above. Below are three additional insurance policies that can help further protect your property, depending on the location.
Almost all waterfront properties are considered high risk for flooding due to the proximity they have with bodies of water. Coverage included: property’s foundation, electrical and plumbing systems, air conditioning equipment, furnaces, heaters, appliances, and personal possessions.
Windstorm Mitigation/Hurricane Buy-Down Coverage
This policy is to help protect your property in the event it has damage due to high winds or a hurricane.
This policy is important if the property is located near or on a fault line. Coverage included: Repairs to your house and attached structures, such as a garage, personal belongings, and additional living expenses, such as hotel bills if you can’t live in your home.
Properties that are in mountainous areas are at more risk for suffering a wildfire than any other form of property. This is due to being surrounded by the forest and a ton of trees. Below are two additional policies that can further protect your mountain property.
Coverage included: Older/lower-value homes, personal property, premises liability, vandalism, limited burglary, and theft.
Coverage included: Fire and smoke-related damage, explosions, vandalism, wind and lightning damage, and equipment breakdown.
Other Vacation Properties
If you own a property that is within an association or community with a blanket or group policy, you may need to get additional insurance just in case the association does not cover costs after an incident. Most association policies cover the exterior of the building while everything inside the home is your responsibility, that’s why condo insurance is essential.
Coverage included: Fire, lightning, windstorm, smoke, vandalism or malicious mischief, theft, and accidental discharge of water.
Are you looking to add insurance to cover your vacation property? Reach out to your local agent today for more information.