Insuring Your Second Home

Learn how you can secure the proper insurance coverage for your second home.

If you own a second home, such as a vacation home or rental property, it’s important that you have the right insurance coverage for your secondary property. However, insuring a second property is not exactly the same as insuring your main home. Here’s what you need to know about securing the right coverage for your needs.

Check Your Existing Policy

Sometimes, the insurance policy you have on your main home extends coverage for secondary properties. Of course, if your policy does offer this extended coverage, there is no need to secure an entirely new policy for your second home. However, make sure you understand the limits of this coverage. If you find that your existing policy does not offer adequate coverage to protect your second home, you might need to add endorsements to get the protection that you actually need.

What Should Your Insurance Cover?

Just like your main home, your secondary home should be protected by property insurance and general liability insurance. Keep in mind that if you rent out your secondary property, you might require higher liability coverage limits than on your main home. Additionally, if your second home is located in areas prone to hurricanes, floods, or earthquakes, you will have to secure additional policies to protect against these specific damages.

How to Get Coverage

Contrary to what you might believe, securing a totally new policy for a secondary home is not the same as getting insurance for your main home. This is largely due to the fact that insurance companies view secondary properties as riskier to insure. As a result, insurance premiums for secondary properties tend to be on the more expensive side. To gain access to lower rates, take advantage of any discounts you qualify for and ask your insurer if you can bundle your existing policies.

This is what you need to know about insuring your second home.  Do you have further questions regarding your homeowners insurance coverage?  Then don’t hesitate to contact the experts at Pierce Insurance Group.  Our dedicated team is ready to assist you with all your coverage needs today.