Summer is a great time of year for making lifelong memories with loved ones, so it’s no wonder the majority of vacations take place during this time. The fast-approaching warmer weather means that the fun activities that many families have been carefully planning are almost ready to begin.
Thank you for reading this post, don't forget to subscribe!Those who choose to make their summer vacations memorable at a second home or a rental property should be able to enjoy their time without worrying about potential property damages, weather-related concerns, or guest injuries. However, all of these unfortunate things are possible no matter the time of year. Vacation homes require a separate type of insurance from regular homeowner’s insurance. This article will make vacationers aware of the benefits to securing this additional coverage.
Are there risks specific to vacation homes?
Typical home insurance policies cover the basics – property and liability coverage is a given, and tailored to handle incidents common to most residential areas. However, special considerations need to be made when creating second home plans, because owning or renting a second home comes with its own risks:
- Since vacation homes often remain unoccupied for significant periods, they are more susceptible to burglary cases.
- Vacation homes are more often located in high-risk areas than regular residencies in terms of climate, increasing the likelihood of weather-related damages.
- Many vacation homes are more expensive to purchase and maintain, which attributes to them being difficult to cover.
All of these risk factors mean that separate plans with their own terms and conditions are needed for secondary properties. Many second home plans operate through “named perils” policies, meaning that only property and elements spelled out in the contract are covered. It’s important to consult a trusted professional when investing in a second home plan to assure all of your valuable assets are protected.
Save money now – and later
The fact that secondary home insurance is separate from regular homeowner’s insurance may deter owners from making the investment. However, vacation home plans often run much cheaper than those for a primary home (since there aren’t as many assets to constantly monitor and account for). Injury is a possibility, but less likely solely due to the fact that vacation homes are only occupied for parts of the year (even rentals). Therefore, insurance companies balance risks with benefits and offer cheaper rates.
Insuring your primary and secondary homes under the same provider may allow for complementary discounts. Additionally, many plans offer lower premiums for secondary homes that include assets like security systems. The possibility of saving money on a secondary home plan should spur owners to make the jump – and prevent the possibility of serious costs later.
As always, plan terms vary from agency to agency, and the best thing to do is to get in touch with a trusted agent. This way, you’ll have answers straight from the source, and won’t be left wondering about your home’s safety throughout your vacation and beyond.
PA Auto Insurance Outlet is ready to help you this vacation season as you prepare to invest in a secondary home. Our coverage allows Pennsylvania residents to feel prepared no matter where their adventures may lead. Those taking long road trips can also rest easy by investing in our affordable car insurance options. Give us a call today or set up a consultation to learn how we can assist you year-round with comprehensive coverage.