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Just as with a primary residence, vacation homes should be covered with a homeowners insurance policy to help shield against financial loss. While this coverage may seem familiar, you’ll find that insuring your second property may be more costly due to the unique risks involved. To help you avoid high costs without sacrificing protection, here are five tips for purchasing vacation home insurance.   

5 Tips for Insuring a Vacation Home

1. Research Risks

Vacation homes tend to be in areas that may be more prone to perils that aren’t covered under a standard homeowners insurance policy, such as floods. While you can always purchase additional insurance to cover these dangers, you can save more by purchasing a property that isn’t located in a high-risk area. You might also be able to reduce your rates if you choose a home that’s made from durable and energy-efficient building materials or is part of an HOA.

2. Adjust Coverage

Renting out your vacation home when you’re not using it can be a great way to recoup your investment. Keep in mind, however, that these tenants can increase the risk of property damage and liability charges from injuries. Since standard homeowners insurance generally won’t have limits that are high enough to cover these risks, it may be necessary to invest in an additional landlord policy.

3. Automate Security

homeowners insuranceWhen you’re not staying at your vacation property, you may leave the home more vulnerable to damaging incidents, including burglary and vandalism. This increased risk will usually mean an increase in premiums. However, you may be able to save on your policy if your property is equipped with tools that can automatically detect and respond to safety and security threats, including break-ins, fires, and emergency plumbing leaks.

4. Relocate Valuables

If you store expensive art, furniture, appliances, or vehicles at your vacation home, you can expect your personal property limits to go up. You can keep this coverage need low by opting to place more valuable items at your primary residence or in a secure storage unit.

5. Bundle Coverage

Most insurance companies will offer discounts to policyholders who purchase multiple types of coverage. To enjoy these savings, consider bundling all your policies, including motorcycle or car insurance plans, under the same carrier.

 

Providing personalized care to High Point, NC, Zimmerman Insurance Agency is an ideal resource for vacation home insurance. Whether your second property is located at the beach or near the Blue Ridge Mountains, these experienced professionals will design a policy that fits your home’s specific risks. They will also compare options from different carriers, so you can select the plan that is right for your budget. To learn more about their complete homeowner’s insurance services, visit this local agency online, or for a quote call (336) 883-6512.

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