The more general term for a vacation home insurance is a secondary residence insurance. This is the type of policy you may need especially if the property owned is not the primary one. This is also true if your home is not lived in most of the time. A secondary home is a vacation home usually because its owner uses it quite a few times during the year.
Unfortunately, not all homeowners insurance policies ensures that your second property is protected. A vacation home insurance is a policy that covers just that.
Since this policy is for a second residence used seasonally, it is unlike the usual home insurance policy. Vacation homes are usually seen as a riskier property. That’s the reason why policies for this type of home insurance are more expensive than usual. This is especially true if it’s located in areas that are prone to natural disasters. Also, note the fact that it’s left vacant most of the time.
The coverage of this policy is really much dependent on how the homeowner is planning to use the property.
If your second home will be rented out during times when the you’re not using it, then insurers may require a separate policy for this because an insurance policy for a second home may not cover damage that occurs while the home is being rented out.
A policy for your secondary home that’s used as a vacation property may have the following coverage. But this depends on what you and the insurance company agrees upon. It’s also dependent on other factors such as location, condition and age and the type of property.
This coverage insures physical damage to dwellings and personal property but doesn’t insure liability or medical payments exposures.
This insures structures on the premises of the home but are separated form the dwelling, either by a utility line, an open space, a fence or any related connection.
This inclusion covers the value of damaged or lost possessions such as furniture, electronics, clothing, etc.
The loss of use allows homeowners to receive payment for additional living expenses during times when the second home is being repaired.
The coverage of this insurance policy, if found legally responsible, will include financial losses from personal injuries to others.
This part your policy can cover payment for medical expenses to persons who are accidentally injured on your insured vacation property. Or, it can also cover medical expenses for those accidentally injured by your activities as an insured, resident employee, or an animal owned by your or in your care.
This is a property insurance that covers loss caused by perils specifically listed in the coverage. This contrasts with coverage for all risks which is applicable to loss from ALL causes that are NOT specifically listed as not covered.
If you need an insurance policy for your second home, scroll up, select home insurance quote and enter your zip code to request for a vacation home insurance quote and we’ll get back to you as soon as possible. Or you can visit our home insurance page to request a quote now!