If you have not done it already, now is the time to close your summer vacation home. This includes turning off the water, cleaning out and unplugging the refrigerator, unplugging all other appliances, and setting the thermostat to vacation mode.
Of course, if your vacation place is in a warmer climate, now may be the time to prepare for a visit.
Wherever your second home is, you want to have the proper Homeowners Insurance to cover it.
Vacation Home Insurance Protects Your Investment
A vacation home is an investment. In addition to its monetary value, it provides a getaway for you and your family. It is a place where treasured memories have and will be made.
So, just as you buy Homeowners Insurance to protect your primary residence, you need a policy for your home away from home. Choosing the right policy does not have to be hard.
Our friends at Realtor.com report that all lenders require insurance on mortgaged property. The amount and type of coverage depend on how the place will be used.
If you plan to use your vacation home only for personal use, a standard policy will do. Unfortunately, your existing Homeowners Insurance likely is not enough for a second home. You need a second, separate policy for second home.
However, plans to rent your second home for non-family stays increases liability. The type of policy you need depends on your planned use. These include:
- Short-term, one-off cases may be covered by your existing policy
- Brief, occasional rentals may only need a policy rider
- Rentals for financial gain may require a commercial policy
If you have an Umbrella Policy on your primary residence, make certain to notify your agent about your second home. However, if you do not have an Umbrella Policy, now is a good time to contact an agent. To protect all that you have, review your current net worth and the kind of asset protection that is right for you.
Whatever your plans for your second home, know that the Keating Agency has been your local, independent insurance agency for more than 50 years. As an independent insurance agency, we work with more than two dozen companies. This allows us to shop around to find the right policy at the right price for you.
At the Keating Agency, we always have your best interest at heart. Give us a call.