Everyone loves a vacation. But, vacationing in your own seasonal home? Even better. However, there’s a lot to consider when it comes to protecting your investment in a vacation home, and you want to protect it. We here at JVM Insurance can help by making sure you have the insurance coverage you want.
To that end, here are four things that may impact the coverage you choose and how much you’ll pay for it.
Separate Policy
Your seasonal home won’t be part of your primary property policy. It needs its policy, and you can expect it to be similar to the one for your primary residence. However, you do need to watch out for “named perils” coverage, under which your policy explicitly lists the perils it will cover. If a peril isn’t listed, no coverage. We typically steer homeowners away from this type of coverage, in favor of broader coverage.
Location and Occupancy
The “where” of your vacation home is no doubt among the primary reasons why you bought it. But it will also impact your insurance costs. Rural areas are hard for emergency responders to reach, and waterfront homes are prone to flooding. These added risks can mean added insurance costs, such as the need for a separate flood policy. If the home is unoccupied or rented for much of the year, there are even more insurance considerations.
Personal Property
Establishing and maintaining a separate inventory of the things you keep at your vacation home will help you select an appropriate level of personal property coverage. If it’s filled with expensive skiing and snowboarding gear, for example, you may need increased coverage or to schedule some of the more valuable items separately.
Extra Liability Protection
If you plan to host guests at your summer or winter retreat regularly, you should consider an umbrella policy, which will help to increase your liability limits in case someone is seriously injured on your property. This can go for invited and uninvited guests
alike. We know you want to relax and enjoy your chosen spot in the sun – or snow. Having the right insurance coverage helps you do just that, so give us a call and let us help!
