Property crime
If you’re like most vacation homeowners, your home-away-from-home is only used by your family during certain parts of the year. If you don't rent it out, that leaves lots of time where it's unoccupied - making it susceptible to theft. Although property crime - including burglary – dropping 7.7% in 2020, it's still a cause for concern.
Make sure your homeowners insurance policy is up to date by speaking with your agent. You should also consider performing a home inventory to help you know the proper amount of coverage to secure.
Condominium or single-family?
When it comes to insurance, the type of property you own helps determine the policy that's best suited for your needs. For instance, your condo association may already have coverage if you own a condominium rather than a single-family residence. At the same time, the association's insurance may only cover the physical structure of the condo, not your belongings. Be sure to look into this before you consult with your independent agent.
Do you have flood insurance?
Simply put, flooding can happen in a wide range of regions, no matter the time of year or the local weather patterns. While some areas are more likely to see flooding than others, many properties can experience a devastating flood.
Flooding is among the most destructive natural disasters. It can ruin homes, destroy businesses and take lives. As a homeowner, keeping your property safe is a top priority. And that includes taking preventive action against the risk of flooding. But many property owners don’t realize a traditional homeowners insurance policy doesn't cover flood damage. Check with your independent agent to help determine what risks you face and the protection you need.
Amenities
Vacation homes often serve as getaways from the stresses of life. As such, it's not uncommon for owners to have various amenities, be it a swimming pool, hot tub, or trampoline, among others. Because accidents are possible with these kinds of recreational items, you may want to speak with your independent agent about the liability portion of your insurance policy and your liability limit to ensure your assets are adequately protected in the event someone is injured on your property and files a lawsuit against you.
Your vacation home's value is an additional factor that can help you assess your insurance needs. Property insurance premiums are determined by how much it would cost to rebuild your residence from scratch should it be destroyed. Your independent agent and insurance carrier can work with you to determine the appropriate amount of coverage you might need.
Check out the Insurance Information Institute's website for some additional tips on how to save on insurance for your vacation hideaway. Also, if you rent out in the off-season - or anytime you're not there - the III has information on that as well.