When you choose to purchase a vacation home, the decision comes with many other decisions. Our team at Strategic Insurance Agency would like to help you with your insurance questions.
New to Owning a Vacation Home?
Just like owning the home you live in, it is vital to have insurance on a second home as well. Natural disasters and other things can happen to a second home the same as any other structure. For a home that is vacant, it may be more prone to break-ins and be targeted. A security alarm may help deter this and also reduce your premiums.
Insurance prices on a second home can sometimes be more expensive. This is especially true for a home that may not be used as much, like a vacation home. We have put together some information that may help you when deciding the type of insurance you need for a second home.
Does Your Homeowners Insurance Cover a Second Home?
Make sure to check your insurance policy and find out if your current homeowner’s insurance covers a second home. There are some policies that cover an additional home or investment property. If you already have this in your policy, a new policy isn’t needed. If your current policy doesn’t cover beyond your current home, you will want to purchase a second policy.
What to Look for When Covering a Second Property
When you are thinking of purchasing a second property, there are some things to think about. The insurance should definitely be at the top of the list. Not only will you want to make sure the structure is covered, but also your inside belongings as well.
You may also want to add an additional policy that will cover your property in the event of a flood or fire. Some disasters are not covered in the original policy. Pay particularly close attention to your insurance premiums and what all is covered.
More Limited Coverage
For the reasons above, additional coverage is recommended. Some insurance agencies would consider a vacation home a “peril” due to not being occupied as often. This name comes from the NAIC.
Named perils policies may also be more restrictive with other protections. For example, the NAIC says, other structures on your vacation home property, such as detached garages, sheds, or boathouses, may have more limited coverage. This may not be provided by a conventional homeowners property.
Ways to Save on Vacation Home Insurance
We always want to save money, right? Here are some ways you can save on insurance for your vacation home:
- Install an alarm for fire and burglary
- Choose a property that is near a water source
- Raise your deductible
- Ask about the umbrella coverage offered
- Ask your agent about additional discounts. There are times you can bundle.
Saving money is just something everyone wants to do! Every little thing you can do ensures having that much more memories to be had at your fantastic vacation spot!
Keeping up with maintenance can also help save you money. Make sure you use minimal utilities and keep everything in good, working shape. Keep your roof and appliances in good shape. Lighting is also important. You want to have good lighting for safety.
Give One of Our Agents a Call
When you are ready to insure your vacation home, our team at Strategic Insurance Agency will be here for you. Insuring your vacation home in the New Jersey area is what we are here for! Give us a call and we will get you the answers you need. We are looking forward to your call!