Every homeowner knows they need a full range of homeowner’s insurance coverage to protect them from the many contingencies that could befall them, from liabilities related to trip hazards, fire, theft and weather events. What about vacation homes? Do these second or seasonal homes need special or heightened types of insurance protection?
According to our sources at Selective Insurance Group, there are a few things to take into consideration to properly protect your vacation home.
Property crime – If your vacation property is only used during certain parts of the year, and you don’t rent it out, periods when it is unoccupied leave it susceptible to break-ins. Although property crime—including burglary—fell between 2016 to 2017, it’s still cause for concern, the folks at Selective say. Burglary still accounted for almost two of every 10 of the estimated 7.9 million property crimes in 2016.
Single-family or condo? If you own a condominium versus a single-family residence, your condo association may already have coverage—but does the association insurance only protect the physical structure of the condo, not your belongings? Selective advises condo owners to look into this with their insurance agent.
What about flood insurance? Flooding can happen in a wide range of regions, no matter the time of year or local weather patterns. While some areas are more likely to see flooding than others, many regions can experience devastating flooding. Are you as protected as you should be?
Amenities – With various amenities from swimming pools or hot tubs to trampolines, accidents are possible, so consider reviewing the liability portion of your insurance policy and your liability limit to ensure assets are adequately protected in the event someone is injured on your property and files a lawsuit.
Value it right – Property insurance premiums are determined by how much it would cost to rebuild your residence from scratch should it be destroyed. Your independent agent and insurance carrier can work with you to determine the appropriate amount of coverage you might need for a vacation home.
If you want to protect yourself and your home away from home, consult with a certified insurance professional before another vacation season exposes you to an unnecessary loss.