Homeowners Insurance Policies For Multiple Properties
Homeowners insurance policies provide individuals and their families with confidence in their biggest investment’s security. However, if you have a vacation home or second property, you will likely need more than one homeowners insurance policy in order to be adequately protected. Insuring a second home is simple, once you understand what coverage is needed.
The standard homeowners insurance policy provides you with coverage for four basic necessities. The four essential types of insurance coverage that you receive through a standard homeowners insurance policy includes:
- Your home’s structure
- Your personal possessions (for a limited amount)
- Liability coverage
- Additional living expenses should your home become inhabitable
The standard homeowners insurance policy also comes with exclusions, including:
- Flood Damage
- Maintenance Damage
- Sewer Back-Up
When insuring a second home, you cannot count on the coverage on your primary living space to cover both properties. Depending on the location, use, and vacancy of your vacation home, you will either need to obtain a separate policy altogether or a homeowners insurance endorsement. Combining policies so that you receive the multi-policy discount is the most recommended route. When you hold multiple insurance policies with us, we reward you with a homeowners insurance discount.
While you may think that there is no reason to insure your second property because it is only used a couple times a year, it is important to note that the prominent vacancy puts your vacation home at a higher risk for disaster. This is because you may not become aware of a problem or disaster until it is too late and the damage is extensive. For example, if a water main breaks and causes a leak but you do not visit your home until summer time, the water will continue to accumulate until you arrive, causing an extensive amount of costly damages.
Rather than leaving any of your properties vulnerable to harm, allow us to help you secure the most optimized homeowners insurance policies.