Buying a second home for a vacation or rental property can be an exciting time for you and your family. Because of the size of your investment, you want to do everything in your power to protect your interests. While you no doubt have insurance coverage for your primary residence, you need to consider different factors when selecting the right kind and amount of insurance coverage for your second home.
Insurance Coverage is Imperative for Second Homes
All of the disasters that can damage your primary residence can also damage your second home, as well. Robberies, fires, and other events can happen and damage or destroy a second home just as easily as a first home. In fact, if you do not stay in your second home very often, you may not even be aware that a pipe has burst, a fire has started, or that anything else has damaged your home for some time, which can lead to more damage than might occur if you were always living there.
Can You Combine Home Insurance Policies?
Certain insurance companies will allow you to purchase one policy that covers both your primary residence and your second home. However, simply because this may seem like the most convenient option, it is not always the one that will best protect your second home. This is because you may need additional coverage for a vacation home, depending on the circumstances.
For example, many people decide to rent out their second homes on Airbnb or similar sites to help cover the costs of the home while they are not using it. When you do this, you can open yourself up to additional liability should a renter be injured during their stay. You may also want to purchase umbrella insurance for additional coverage in this situation. In addition, many vacation homes are by the ocean, which puts your home at additional risk of flooding or storm damage. You need to ensure you have the right type of coverage for all of the relevant risks.
Call 203-367-7704 today for a quote.
When you buy a second home, purchase another car, change jobs, have another child, or experience any type of life changes, the insurance agents from Berliner-Gelfand Insurance are here to help. We can review your situation and recommend the insurance products that make the most sense for you. For more information, please call Berliner-Gelfand & Co., Inc. today.