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Vacation Home Insurance

tony • August 3, 2018

Vacation Home Insurance – Is it hard to get?

Generally speaking vacation home insurance is the same insurance you would find on your primary residence.  The difference is that vacation homes pose a greater risk to the insurance company, so the premium is generally higher.  Often coverage can be restricted for certain things as well – like jewelry, for example.

Anything I should know?

Here are a couple of things to remember if you’re in the market for a vacation home and are shopping for insurance.  First, the home must be furnished and suitable for year-round habitation.  If the home is unfurnished, then the carrier will consider the property vacant.  This would typically deem the home ineligible for vacation home coverage.

The next thing to consider is how often you expect the home to be unoccupied.  If the home is going to be unoccupied for more than 3 consecutive months (some carriers will allow up to 6) the insurance company will generally require the home to be a secured residence to help mitigate their risk.  If the home is unoccupied for more than 9 months, the residence will generally become ineligible for admitted markets and will require surplus lines coverage.

What is a secured residence?

This could include one or more of the following: a gated community, a guarded entry to the community, monitored fire/burglar alarms, the home to be managed by a professional management firm, or a reputable party to oversee the residence on a regular basis who lives within 50 miles of the home.

Can I rent a vacation home?

Renting a vacation home would generally be a different situation altogether.  However, some carriers will allow you to rent your vacation home so long you are renting to friends or family and the home is rented for less than 60 days per year.

Want more tips like this?

Click Here for an article that explains screen enclosure coverage or Here for a guide to help you shop for home insurance quotes.

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