Owning a second home can be great. Whether it’s a vacation home, apartment in the city or a rental property, an extra home is often a bonus. However, homeowners need to be aware that each of their properties needs reliable and accurate insurance. When it comes to finding quality insurance for protecting your investment, seasonal homes can pose unique challenges you’ll want to consider.
Issues like the following will impact how much you pay to insure a second home, as well as the type of coverage your carrier is willing to provide.
You keep your vacation home stocked with a few necessities, whether it’s sun loungers or snowboards. You’ll want to cover as much of your personal property as possible under your vacation home policy. Create a separate home inventory for your second home and update it as you add new belongings or move items out. Knowing the value of your possessions can help you select the right level of personal property coverage on your policy.
It makes financial sense to rent our your property while you are not using it to generate some extra income. However, your insurance carrier may not cover damage while the home is being occupied by anyone other than yourself. Before you list your vacation home for rent, be sure you understand whether or not you’re covered. In some cases, you may need to purchase additional coverage.
When you’re not living in your property, you aren’t there to check up on it often to ensure all is well. For this reason, you may want to purchase additional cover in case something does happen – and it gets quickly out of hand. For example, a flood or earthquake can damage a property within minutes. These two perils are often excluded from standard coverage so be sure to take out separate policies to protect your property.
Need help finding adequate insurance? Contact Abatelli Group, Inc., serving Whitestone and neighboring cities in New York with the right and reliable coverage.