Insurance for Vacation Homes: Protecting Your Second Property

Vacation homes present special risks that come along with a property that’s frequently unoccupied. At BK Insurance & Financial Services, we know what’s at stake, and we’re here to help, with comprehensive insurance solutions to put your mind at ease, whether you’re relaxing on vacation or hard at work.

Vacation Homes And Risk

As is obvious from its label, vacation home insurance helps to protect your second home against loss or damage, much like the policy you hold for your primary residence. But your standard home insurance policy will not extend to your vacation home. And because you and your family aren’t always living in this home, the range of risks at play will vary.

To start with, vacation homes and any residential property that sits unoccupied for long portions of time are naturally open to a greater risk of theft, vandalism, and internal damage to the home, say from burst water pipes that go unnoticed for some time. There are often location-based risks to account for as well, such as flooding, hurricanes, and storm damage if your home is in an area prone to these weather events, such as near a coastline or large body of water.

Coverage needs to match these risks. Whether you own a vacation home for personal use or if you also rent it out to guests, there is a lot to know and protect against.

A vacation home insurance policy typically includes coverages for:

• Main dwelling
• Other structures
• Personal property
• Personal liability
• Loss of use

Additional coverages worth considering could be flood insurance, a personal umbrella policy, and landlord or rental property insurance if you plan to rent out your home. You’ll face more complex risks as a landlord, and you’ll want to work directly with our expert agents to ensure proper coverage and protection. A specific unoccupied home insurance policy is another coverage option to look into if your second home will regularly be left unoccupied for several weeks at a time.

Factors That Impact Vacation Home Insurance Cost

As is always the case, predicting the cost of an insurance policy for your vacation home is next to impossible without some key details in hand. Here are some of the most common criteria used to determine cost:

• Location: this is true for any insurance policy, and especially so when it comes to residential property. Potential for floods, earthquakes, wildfires, high winds, or storm surge in the area will require additional coverage, beyond just a home policy
• Property: as is true with your primary dwelling, the age of the home, types of building materials used, and whether the dwelling is a single-occupancy house, condominium, or townhouse will all directly impact the cost of insurance, as certain locations may be more cared for or monitored for security than others (HOA, etc)
• Belongings: remember too that all of your belongings kept at this residence will need to be provided for in your policy–that includes amenities like pools, hot tubs, and other nice-to-have features that allow for peak relaxation but can also pose unique risks to your family and guests, along with additional liabilities

Thankfully, there are some ways you can bring costs down a bit. These can include setting up an alarm system to detect break-ins and fire, bundling policies, scheduling regular maintenance checks, and choosing a less risky location if you haven’t yet purchased your vacation home property. 

Vacation Home Coverage From BK Insurance & Financial Services

Whether you’re newly financing a second home for personal use or as a source of rental income, your lenders will want to know that their investment is protected–that’s where insurance comes in. Even if you own your property outright and have for some time, the cost to replace or repair after theft or a severe weather event could put a serious dent in your savings. Vacation home insurance is a way to know that your property (and your investment) is protected.

Get peace of mind even when you aren’t on vacation, with insurance from your trusted local agents at BK Insurance & Financial Services. We’ll get your assets protected and be right here when you need us. Contact our team today to learn more and set up your own vacation home insurance policy!

And if you’re looking for car insurance, life insurance, and home insurance in Kent, or small business insurance in Ohio, we can help with that too–reach out with your insurance needs today.