Whether you’re enjoying the nightlife of the French Quarter or a quiet refuge on Lake Austin, your vacation home should be the place where you escape the stress of the everyday. Investing in vacation home coverage ensures you won’t have to worry about your home away from home.
Generally, vacation home insurance costs more than primary residence insurance because vacation homes are often unoccupied and a vacant house represents a higher risk.
Some considerations when it comes to insurance for your second home:
- Bundling can save you money - You will generally get better pricing if you “bundle” your insurance on your vacation home with the insurance protection on your main residence. In many cases, this can mean a savings of up to 5 or 10 percent. If you own multiple properties, ask us about “package policies”, which are designed to handle multiple residences, your cars, boats and umbrella liability coverage.
- Condos - Many second homes, especially if they are located in resort areas, are condominiums. From an insurance standpoint, the master policy of the homeowners association generally covers many of the risks. However, you are generally responsible for both your unit and its contents as well as accidents inside of your unit. We are happy to further explain specialized protection for condos.
- Renting your second home - Many second homeowners choose to rent their properties out, either short-term, or for extended periods of time. It is important to note this may increase the premium on your insurance. Having strangers in your home creates a higher risk than having owners there. On the flip side, having the property occupied is often better from a risk standpoint than having a vacant property. That is why it is important to discuss your individual situation with us, so we can provide the right protection for you.
We take the time to review your entire situation and take a holistic look, reviewing all your insurance programs to ensure you are adequately protected, without having duplicate coverage.
Contact us today for a review of your situation.