Insure your vacation property

Even if you don’t live there year-round, it’s a good idea to have good coverage on your vacation property.

For the most part, insurance coverage for a vacation home works the same as coverage for your primary residence. However, there are some key differences in the type of coverage you can select for a second home based on how often and for what purpose you use the property.

Some things you’ll want to consider when deciding what coverage is right for you include:

1. Do you only use the property during the summer months?
2. Do you make regular visits on weekends?
3. Do you rent to other occupants throughout the year?

Keep in mind:
1. Unlike the comprehensive policy on most primary residences, insurance coverage for a vacation home generally includes coverage for specified perils rather than comprehensive coverage. This limited coverage only insures against the risks specified in the policy, such as fire or windstorm.
2. Many insurers will require you to insure your primary residence with them before insuring a vacation home.
3. Because you only occupy your vacation home part of the time, you’ll likely pay more for coverage against risks like water damage, theft, or vandalism.
4. Typical Vacation Ownership Insurance Exclusions

The following items are generally not covered in an insurance policy for your home away from home:
1. Sewer Backup
2. Perishable foods stored in the freezer
3. Fence and garden equipment
4. Landscaping elements such as trees and plants.
5. Choose the right coverage

Four types of coverage to consider for your vacation home include:
Personal Liability Coverage

Protecting yourself against accidents that may happen to people on your property is the primary function of personal or third party liability coverage. This coverage also protects you if a fire breaks out at your vacation property and spreads, causing damage to surrounding property.

content coverage
This coverage protects any items you have in your vacation ownership. Any items you transport back and forth from your primary residence to your vacation property would be covered under your primary home insurance policy. This type of coverage may be automatically included with your secondary home insurance package, but if your belongings exceed the value of that coverage, you can purchase this additional coverage. The risks insured for your vacation property will generally be less inclusive than those for your home.

Separate Private Structure
Structures separate from your vacation home, such as garages, sheds, or boathouses, may have limited or no coverage in your vacation home insurance package. This additional coverage will help ensure that you have adequate coverage for these structures.

replacement value
This coverage allows you to replace covered items at current market prices with no deduction for depreciation.

If you have any questions about insuring your vacation property, don’t hesitate to give us a call.