Don't leave any aspect of your financial well-being to chance; protect yourself with the right insurance coverage for all your needs.
Secondary Home Insurance
Owning a second home—whether a vacation retreat, weekend getaway, or rental property—is a rewarding investment. But with the joys of a second home come risks. Secondary home insurance provides the protection you need for property damage, liability, and loss of income, helping you enjoy your getaway worry-free.
What is Secondary Home Insurance?
Secondary home insurance is a homeowners-style policy designed for properties not occupied as your primary residence. It covers damage, liability, and personal property, and can also protect rental income if you lease the home.
Types of Secondary Home Insurance Coverage
Property Damage
This coverage protects if your property is damaged due to fire, theft, vandalism, or other covered perils.
Liability Coverage
This coverage provides protection in case you are found responsible for causing injury or damage to someone else while on your property.
Personal Property
This coverage protects your belongings inside the secondary home, such as electronics, appliances, and furniture.
Loss of Rental Income
This coverage protects lost rental income in case your property is damaged and unable to be rented out for a period.
Flood Insurance
Depending on the location of your secondary home, you may need additional flood insurance coverage to protect against flood-related damages.
Benefits of Secondary Home Insurance
Protects your investment
A secondary home can be a significant financial investment, which is why insurance coverage is essential to protect your investment.
Provides peace of mind
With comprehensive insurance coverage, you can know that your property is protected from unexpected accidents and damages.
Meets lender requirements
If you have a mortgage on your secondary home, your lender may require you to have insurance coverage to protect your investment.
Covers personal belongings
Secondary home insurance policies can provide coverage for your belongings inside the home, which can be essential in case of theft or damage.
When a house isn’t your primary home, more often than not, it’s left unoccupied. Empty houses carry a higher risk of unreported (or late-reported) dangers, like leaks, fires, and vandalism.
Solution
The house owner should consider secondary home insurance to cover any unexpected perils.
Increased threat of theft coverage
Risk Factors
Houses that are even temporarily unoccupied carry a greater risk of theft. If you’re renting the home out to guests for part of the year, visitors may also pose a risk.
Solution
The house owner should consider secondary home insurance to cover any theft-related property loss.
Environmental perils coverage
Risk Factors
The features you appreciate most about your vacation home, like the waterfront view or resort location, could increase the chances that your property is affected by a natural disaster, like a hurricane, earthquake or wildfire.
Solution
You may need to purchase additional insurance coverage to protect the structure and your belongings from these types of disasters. Secondary home insurance can be opted for the same.
Potential Guest issues coverage
Risk Factors
Do you like to host guests on your property? There can be possibilities where a drunk guest injures himself or damages your neighbor’s property.
Solution
Liability insurance is included in the policy you purchase for your secondary home and protects you from accidental bodily injury to another person or damage to their property. It’ll help cover medical expenses, legal fees if you’re sued, or paying for the damage you cause to another person’s property.
Property in your vacation home coverage
Risk Factors
You work hard for everything that makes your secondary home a comfortable and entertaining place to visit. However, if any of your property is damaged, you need to pay the repair costs from your pockets.
Solution
Personal property coverage is one way to ensure you’ll have the means to repair or replace them if they’re damaged by a covered loss, such as theft, fire, lightning, and more.
