Insurance for Seasonal Homes

2019-08-07

Insurance for Seasonal HomesHaving a seasonal home in your favorite vacation spot is part of the American dream for many families. But a seasonal home requires maintenance and protection, which is difficult to do when you're not there most of the time. Since second homes and vacation homes often sit unoccupied for months, they can be a target for theft and vandalism. Plus, if a problem occurs, you might not be around to catch it before the damage becomes serious. For these reasons, second homes often carry more risk from the perspective of an insurance company. But that doesn't mean a second home can't still be a great investment. Here's what you should consider when purchasing and insuring your seasonal home.

Before you buy:

It's a good idea to figure in added insurance costs before you purchase a second home. In addition to the unique risks mentioned above, there are certain property features--such as location or having a pool, for example--that could increase your risk and therefore your insurance costs. How the property is used also makes a difference: if you plan to use your second home as a rental, you may also need to purchase a landlord policy. Before you buy, talk to Executive Insurance & Financial Services about what your costs might be, so you truly know what you're getting into.

Purchasing insurance for your seasonal home:

Oftentimes, you can insure a second home through the same company that provides your homeowner's insurance. The alternative is to find an insurer that specializes in seasonal homeowner's insurance--but some of those will have a "primary residence requirement," meaning you must also purchase your primary homeowner's insurance through that company in order to get a second policy on your seasonal home. Executive Insurance & Financial Services understands the different risks that come with a second home or vacation home. We can get yout the right type of coverage for your property and circumstances.

Minimizing your risk:

There are things you can do to keep your second home safe while you're away that might also lower your insurance costs. Make sure the home has a quality alarm and security system, and consider hiring a property manager to regularly check on the house and perform upkeep while you are absent. Property managers can take care of snow removal and landscaping, handle vacation renters, and, most importantly, can be on the premises quickly to assess any damage--whether an alarm goes off or after a severe storm.

For all of your home insurance questions, call or contact Executive Insurance & Financial Services today.

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