Is your out of state homeowner insurance covering your vacation home? Do you want to cover it with a policy that isn’t quite right? Probably not, so consider Crawford Yingling Insurance who understands your personal insurance protection needs.
According to the Insurance Information Institute, “If you plan to regularly rent out your second home, you may need separate business coverage or a landlord policy.”
Maybe you have a cabin in the mountains, a lake house or a beach cottage. Whether used as a weekend getaway or a seasonal retreat, it’s a special place you want to protect.
When owning vacation home, you want to have the right vacation home insurance policy that includes property insurance and premise liability. Seasonal residences that are unoccupied for extend periods present hazards such as theft, fire, or water back up. Do not rely on your standard home insurance policy to cover your vacation home, especially when it comes to contents. Typical homeowner insurance policies will only extend 10% of your contents limits to a vacation residence. Is this enough coverage?
You want to let your independent agent know a few things that could impact your policy.
- Is the residence in an LLC, Trust, or other entity?
- Do you have boat, jet ski, ATV or other sporting equipment such as skis, or hunting equipment?
- Do you garage a car at the premise?
Here are a few tips to help reduce your second home insurance premiums and reduce losses
- Install a central station burglar and fire alarm so if something happens the police and fire department are notified right away
- Turn the water off to the home every time you leave; that way if a pipe does break, the damage will be minimal
- Maintain the heat on the home, even if it is set to 55 degrees in the winter to prevent freezing pipes and systems from seizing up.
- Having someone locally that can regularly check on the premises, either a paid property manager or a neighbor that has all of your contact information if there is an issue.
- Take precautions during storms, like hurricanes and blizzards to be sure that the property is secured and prepared.
Covered by your home insurance protection policy? It depends, are you renting it out for money? If so, it is considered a business and would be excluded under your homeowner insurance and you need to consider second home insurance.
Let us help your insurance other areas to compliment your secondary residence insurance protection program.
Talk to an independent insurance agent at Crawford Yingling Insurance who can help with your vacation rental home insurance. We write second home insurance in Maryland, Pennsylvania, Virginia and Delaware.
Other areas of personal insurance Crawford Yingling Insurance can help with
- Seasonal Home Insurance
- Car Insurance
- Boat Insurance
- Medicare Supplemental
- Umbrella Insurance