You vacation home is your getaway, a great place to relax and unwind. You certainly don’t want to have to worry about whether your home away from home is adequately protected. We specialize in helping our clients with vacation homes with their insurance protection. Generally vacation home insurance costs more than primary residence insurance. This is primarily 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 as well as umbrella liability coverage.
- Condos: Many second homes, especially if they are located in a resort area 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 your unit and its contents as well as liability for accidents inside of your unit. We are happy to further explain specialized protection for condos.
- Renting your second home: Many second home owners choose to rent their properties out, either short term, or for extended periods of time. It is important to note that this may increase the premium on your insurance. The reason is 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 that 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 at our offices in Nanuet, Clifton Park, or Hauppauge, New York, today for a review of your situation.