Once you reach the financial and lifestyle goal of owning a vacation home, you’ll naturally want to assure its protection from harm year-round. Good secondary home insurance policies will protect your property against location-related risks and other unsavory factors.
Thank you for reading this post, don't forget to subscribe!This article will guide new vacation homeowners to finding the most comprehensive (and affordable) secondary home insurance.
What should every secondary home plan cover?
While vacation home/ secondary home plans may differ between providers, each option on your radar should cover the same six key areas:
- Dwelling: This is the basic component of any home policy: coverage against damages caused by natural disasters, fire, theft, or other incidents.
- Personal property: The plan should cover the belongings within your vacation home (clothes, furniture, etc.)
- Medical payments: The plan should cover medical expenses incurred during an emergency.
- Loss of use: This will cover the cost of a hotel and/or other living expenses while your home is being repaired in the event of an emergency.
- Personal liability: This will assure you are covered in the event of a legal dispute over property damage or bodily injury.
- Other structures: Finally, the policy should cover your vacation home’s surrounding structures (sheds, outdoor showers, etc.).
If these components remind you of your primary homeowner’s insurance plan, that is because the two plan types are very similar. Nevertheless, be sure to clearly communicate to your agent that you are covering a secondary home, to make any future claims processes as smooth as possible.
What if I am renting out my vacation home?
Many families choose to rent out their vacation homes whenever they are not personally using the space. In this situation, the vacation home is not just a place for the family to relax and unwind – it is also an additional source of income.
If you’re intending to rent out your secondary home, you should purchase either a short-term or long-term rental policy on top of your homeowner’s policy. Without this additional coverage, you risk losing income in the event of a guest damaging the property during their stay.
Questions to ask your insurance agent
Once you’ve determined the exact type of insurance you need for your treasured vacation home, it is time to discuss options with a trusted agent. Here are some questions to get the ball rolling:
- How does the location of my vacation home affect my premiums and deductibles?
- Is there anything that is covered under my secondary home plan that isn’t typically covered under my primary plan (and vice versa)?
- Is there a discount for working with the same provider for both of my homeowner’s policies?
Set your future vacations up for success by putting in the effort to find reliable secondary home insurance.
PA Auto Insurance Outlet is a dependable, affordable option for Pennsylvania homeowners looking to insure their secondary homes. We operate right outside of Philadelphia and see clients daily for home, life, and auto insurance quotes, as well as auto tags and notary services. Those looking for a quote can also reach us through our online consultation form – we can’t wait to hear from you!