Home insurance for your second home is just as important as it is for your primary residence, no matter how often you use your second home. While your second home insurance coverage is similar to that of your main home, there are unique risks that come with insuring your vacation home. Below is what you need to know about homeowners insurance for your second home.
Home Insurance Risks of a Vacation Home
Second homes are considered more risky to insure because they can be vacant for a good amount of the year. This can leave your home more vulnerable to break-ins or sustained damage in the event of a fire or leak. Whether you’re renting out your home when you’re not visiting or it sits empty for a good amount of the year, home insurance for your vacation home can be a smart investment to ensure your property and belongings are protected whether you’re physically there or not.
What kind of homeowners insurance coverage does my second home need?
You’ll likely want the same basic types of home insurance coverage for your second home as you would for your primary home. There are four basic types of home insurance coverage:
Dwelling
Dwelling coverage is one of the main components of home insurance coverage. This is the portion that can help pay to repair or rebuild the physical structure of your home in the event of a loss in which you have no control, such as fire, wind, theft and vandalism.
Personal Liability
Personal liability is a financial protection for you and your family in the event of property damage and bodily injury sustained by others for which you or covered residents of your household are legally responsible.
Personal Property
Personal property coverage covers belongings such as furniture, sporting goods, clothing or electronics in the event of a covered loss.
Loss of Use & Additional Living Expenses
Loss of use and additional living expenses coverage helps pay for lodging, meals and other expenses in the event that you are unable to stay in your home due to a natural disaster or other unpredictable events over which you have no control.
Damage as a result of flooding is typically not covered under a standard home insurance policy. Flood insurance is an important consideration not only for your primary residence but your second home as well.
An umbrella insurance policy is also something to consider when it comes to your vacation home, as it can give you additional coverage that will protect you and your assets when you’ve exhausted the limits of your home insurance policy.
Tips to Save Money on Your Home Insurance Coverage
Although the cost of home insurance for your second home is subject to factors that may look different from your primary residence, there are potential discounts and ways to save money on your policy for your vacation home. Installing a security system or risk protection systems such as water leak sensors can help make your home insurance costs more affordable. Also, bundling your insurance policies is often an easy way to save money.
Let SelectQuote Help You Find the Right Vacation Home Insurance for You
Having the best home insurance for your second home will give you peace of mind, regardless if you’re there or not. By working with SelectQuote, we can provide home insurance quotes from some of the most trusted carriers in just minutes and find you a policy that ensures your second home and assets are adequately protected.
