What Kind of Insurance Do I Need for My Vacation Home?

If you have a seasonal or vacation property or a second home you use for guests or getaways, you may be pleased to discover there are multiple options for insuring that property and any liability that goes with it.

There are off-the-shelf policies that meet most second-home owners’ basic needs, and there are customizable policies that can be tailored to specific circumstances, such as high-value homes and properties you intend to rent out to others. There are even policies for homes you don’t plan to use at all but want to keep, such as inherited family properties.

In some cases, your vacation house can piggyback on your homeowners insurance policy; in other cases, you will have to purchase separate coverage. Though you might not be required to carry any kind of insurance coverage other than property — the kind of insurance that pays to repair or rebuild a structure that is damaged by fire, storm, burst pipes, falling trees and other perils — you will probably also want liability insurance, especially if you are going to rent the home out or lend it to others. Ask your insurance agent to make sure medical payments are covered under liability. General contents insurance should also be considered to cover the loss of or damage to belongings permanently kept in the house, according to the National Association of Insurance Commissioners.

Does your second home have detached buildings, such as sheds, garages or boathouses? What about pools, gazebos, docks and fences? A homeowners policy for second homes might not automatically include these in coverage, so ask your Trusted Choice Agent such as Michigan Insurance Group.

Because seasonal homes are often vacant, they can be susceptible to vandalism, theft and other losses that primary residences don’t experience as often. Protection in case of such damage can be added to your dwelling property policy. You can even extend coverage by purchasing “umbrella” insurance, which is very important if you will be renting the property out.

Lastly, it’s important to consider the chance flood or a hurricane will damage a vacation property since flood insurance is an entirely separate undertaking and windstorm coverage is limited in some coastal areas. Really relax with confidence by talking to your Trusted Choice insurance professional and getting the insurance best suited to your second-home needs.

Author: Jennifer Burnett
Original Content from MAIA The Mix