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Tips Real Estate Property Insurance for vacation or second homes
According to the Insurance Information Institute, second or vacation homes can cost more to insure than primary homes because they often remain empty for long periods of time and are often located in vulnerable coastal areas.
Fire, theft, and water damage are usually covered, assuming appropriate precautions are taken. Vandalism, however, may not be covered for a home that is vacant for more than 30 days (in insurance terms, “vacant” home usually means it is also without contents).
If your second home or vacation home is in a flood plain or located on the coast, a flood insurance policy may be needed. In addition, many states now use percentage deductibles on homeowners insurance policies as opposed to a dollar deductible. If you live in an earthquake-prone area, a separate policy would also be required. Living in dense, wildfire areas may also cost more to insure.
When both the primary and second or seasonal homes are in the same state, the second location usually can be added by an endorsement. Otherwise, a separate policy must be issued.
Check with your insurance agent or company to determine how the two-home lifestyle will affect your homeowners policy or landlord policy.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Tips on obtaining real estate property insurance for vacation or second homes is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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