12 Dec Should I Get Insurance For My Vacation Home?
Vacation homes in Florida have long been a prized and popular getaway for people all over the country. However, our great state presents unique weather and environmental conditions that can result in serious damage or destruction. Learn why insurance is necessary for any Florida vacation home, and how you can save some extra money on insuring it.
What Insurance do I Need for a Vacation Home?
Whether or not you need insurance for your vacation home is not a question of ‘if.’ More specifically, it is a question of how you use your vacation home, and the dangers to which it’s exposed. Asking yourself these fundamental questions will help you and your insurance agent determine the type of coverage you need.
To start with, any property should have either homeowners or landlord insurance ‒ many may have both. These are important, since one protects your home if it is ever owner-occupied, and the other protects it when it is tenant-occupied. Knowing this distinction is important, or your may put your property at risk of improper coverage. Even trickier, some policies offer limited property and liability coverage, for “occasional” rentals. Understanding the limits of the language in any policy is crucial. If you rent “regularly” versus “occasionally,” your property may be considered a business, and therefore require business insurance.
It is highly recommended, that you go over your insurance options and the selected policies with an agent. They will be able to answer your questions, and make necessary recommendations. This includes any gaps, or coverage you may have unknowingly doubled up on. They can also clarify the language used in a policy, so that you understand its limits in the event of an accident or damages.
How to Save on the Cost of Insurance for a Second Home
It never hurts to utilize savings where you can. Fortunately, most insurance savings are possible when personal safety is your priority. As you hunt for a vacation home, understand that any choices you make to protect yourself also protects the insurance agency ‒ a choice they will reward you for. Try to select a property with a central fire alarm system, security cameras and other similar safety measures.
If your insurance provider offers coverage in areas outside of vacation homes, ask about bundling policies. This is a great way to receive a discount, even more so if you pay your premium on time, or in advance. You may then go on to compare prices with additional agencies. It is recommended that you get at least three price quotes before making a final decision. After all, purchasing anything as serious as insurance should never be rushed.
The Risks of Getting a Vacation Home
Owning a vacation home is not a simple as a primary residence. It presents a unique set of risks that must be addressed in your insurance.
Consider the following factors, and whether you are adequately covered.
• Location – The physical location of a property is one of the largest factors of the type of insurance and how much it will cost. This will factor in how prone the property may be to withstand floods or natural disasters. If it is rural, they may consider how quickly help could arrive due to the property’s isolation.
• Type of property – The significance of the age, building materials and security of a property are often overlooked by homeowners. However, to an insurance company, all of these impact the likelihood of damage, likelihood of a break-in and more.
• Amenities – Everyone loves amenities, like a pool or hot tub, but these add an extra liability to your home that must be addressed. Accidents can happen to anyone and should be anticipated so preventive actions can be taken – for example, installing a swimming pool fence.
• Occupancy periods – Similar to being in a rural location, a frequent lack of occupancy can mean that no one is there to address emergencies. For example, a fire, leaking pipes or even a burglary.
At Strassman Insurance Group, our talented team is dedicated to providing a plan tailored to your needs, at a competitive price. We help you protect all the things that make vacation a relaxing getaway, including flood insurance and boat insurance. Contact us today to speak to an agent!