If your second home is typically unoccupied for periods of time, it's worth investing in items that create insurance discounts to offset the cost of your premiums. This includes smoke detectors, fire extinguishers, deadbolts and a central alarm system for burglaries and fires that contacts an outside service.

Cost Considerations

Second homes generally cost more to insure. This is because premiums are based on a variety of factors such as the amount of time it will be unoccupied, its location and the liability for renting the property. 

Coverage Options

At a minimum, your lender will require that you carry hazard insurance to protect your property against damage from theft, fire, flooding and windstorms. It is also a good idea to add liability insurance which covers you and members of your household for accidental injuries to your visitors. 

Since most homeowner policies require occupancy as a condition of insurance, the fact that you visit infrequently may prelude you from obtaining full homeowners coverage. Dwelling fire insurance is an alternate coverage option utilized in insuring residential rental or non-owner occupancy property, including vacant property. Dwelling fire policies offer coverage for a home and other structures for perils named in the policy. This typically includes damages by fire, collapse, lightning, wind, hail explosion and smoke. 

The qualities that attracted you to your second home, such as its location, often are the same ones that can make insuring it more costly. Depending on the location and features, the risk of natural disaster or even the presence of a pool it may be difficult to find the right coverage. Contact Carriage Trade Insurance to learn more about our Homeowners Insurance and Renters Insurance options.

Enjoy your second home with the easy of knowing you are properly covered.