Coverage for your second home.
Buying a second home, whether it’s a vacation getaway or a rental endeavor, is a lot like purchasing a primary residence. You’ll need to make sure that your new property has the right amount of insurance protection in place in case disaster strikes. You may see your second home as more of a risk than your primary residence because it is vacant for weeks, maybe months, at a time, or there are strangers renting out the space. As a result, homeowners who have just bought their second home face unique risks. Here’s what you should know about finding the right insurance policy.
- Second home policy should provide ample coverage.
The amount of coverage you’ll need for your second home will depend on how you use the property. If you are going to rent the property out, you might need a more comprehensive insurance policy that will cover higher limits of liability in the event someone is injured and sues you. You should also have rent loss insurance, which covers the loss of rental income after a serious incident.
- Consider worst-case scenarios.
However you’re going to use the home, it’s wise to ensure that you have enough personal liability coverage. If you feel you’re lacking on protection, an umbrella insurance policy will do the trick. Also, you may need to supplement your policy with coverage for incidents like hurricanes, floods, and earthquakes, as these are typically excluded from standard home insurance policies.
As you should with every insurance policy, read the fine print. Know what is included – as well as excluded – so that you can protect your second property in the best way possible. For reliable homeowners insurance, contact Perry & Carroll to get started.