Vacation Home Insurance Myths

Owning a vacation home can be an excellent investment in both your financial portfolio and your overall wellbeing. Yet, in order for that investment to remain a good one, you need to maintain the property and reduce the risks potentially associated with it. It’s quite common for homeowners to look for inexpensive forms of home insurance for these properties, especially if they are vacant most of the year. Before you make any buying decision though, consider a few key facts about this type of home insurance.

Myth One: You Don’t Need Coverage

If no one is living in the vacation home, it qualifies as a vacant home. Unlike what most people think, these homes are actually at a higher risk of damage than those where people reside on a routine basis. Don’t forgo insurance on your vacation home even if you do not use it often. You should maintain property coverage to protect the investment.

Myth Two: You Can Rent Your Home Without Additional Coverage

Rental properties, such as vacation homes that you may only use for a few months a year and then rent out, require additional coverage. You may need to add more liability coverage to these types of properties because of the increased risk of claims filed against you for accidents occurring on the property.

Myth Three: Rural Buildings Require Less Protection

Again, as a vacant property, you need insurance. Even rural properties, such as vacation cabins tucked into the woods, need this type of protection. Fires, animal damage, theft and vandalism are just a few of the risks associated with these properties. More so, they tend to lack emergency supplies and fire hydrants, making them harder to protect overall.

It’s a good idea to work with your insurance carrier to find the most affordable, but highest quality coverage possible for your vacation home. Second homes like this are often well protected by basic home insurance plans, but you need to ensure the policy limits are high enough to cover the increased risks associated with vacant homes. Specialized policies are available in most cases to help you to do this.

Get the right coverage for your needs. Call Key City Insurance at (866) 466-2109 for more information on Victorville home insurance.