Because a vacation home sits empty for much of the year and only receives sporadic or seasonal use, it has different property insurance requirements than a primary home. When buying coverage, let your agent know how often and how long you occupy it so that they can help you find the right policy. Here are some factors to consider when insuring your vacation home.

A Brief Guide to Vacation Property Insurance

Increased Cost

The cost to insure a vacation home is normally higher than it is to cover your primary residence. This is because the risks of a claim are greater. Because it is empty much of the year, it could become a target for thieves.

With nobody home, if there's a fire, it’s possible that no one will call the fire department. Because you aren't there to mitigate problems, if it suffers storm damage while you're gone, the damage won't get repaired promptly and—without someone to board up broken windows or patch a leaky roof—could even worsen. 

Renting It Out

Some people like to offset the cost of ownership by renting out their vacation property while they aren’t using it. If you intend to do this, you should understand this requires different property insurance than leaving a home vacant.

Landlord coverage protects the structure of the home and any equipment used in maintaining the property, but it does not cover tenant belongings. If the property suffers a covered hazard, you will recover the cost of household repairs and, depending on the policy, may even be able to recover lost rent due to the home's uninhabitable condition.

Ways to Lower Costs

You can reduce vacation property insurance costs by installing monitored burglar and fire alarms. Also, it may be financially beneficial to bundle this coverage with that of your primary home and auto insurance. If you’re looking for vacation property, try to choose a home in an area with less risk, such as away from a location that’s prone to flooding and storm damage.

To discuss your vacation property insurance needs with a friendly, experienced agent, contact Pella Mutual Insurance Company in Marion, WI. This local insurance agency has served Shawano County for more than 140 years. They also specialize in homeowners, tenants, commercial property, and farm insurance. Visit their website to learn more about their services or call (715) 754-5039 to request a property insurance quote.