August 18, 2017
Do you own a vacation home? Sometimes, these secondary residences are covered by your primary homeowners insurance; other times they are not. Regardless, secondary residence insurance is an extremely important part of owning a vacation home and is something you should not go without. Here’s more on secondary residence insurance for vacation homes.
What is Secondary Residence Insurance?
Secondary residence insurance policies are created for properties which are not the primary place of residence for the homeowner. Typically, these types of properties have a different set of risks in comparison to primary home insurances, and as such, are priced differently. If you own a vacation home or an apartment downtown where you stay for work, you will need secondary residence insurance to insure your property is adequately covered.
Why is Secondary Residence Insurance Different?
There are countless differences between secondary residence insurance and primary residence insurance. For example, a secondary residence will be vacant fairly often and therefore at a higher risk of burglary. In addition, vacation homes are commonly further away from emergency response departments. These types of risks factor into the insurance policy and command a unique policy structured to cover the unique risks of a secondary residence.
What if I Want to Rent Out my Secondary Residence?
If you’re planning on offsetting the costs of a vacation home by renting it out a few weekends of the year, you may need additional coverage to protect yourself from liability. If a tenant is injured in your vacation home, and your insurance policy does not cover this liability it could put your finances at risk. Contact a secondary residence insurance agency to discuss your vacation home and get an insurance policy to protect against these liability issues before renting the space out.
Where Do I Get Vacation Home Insurance?
No two insurance providers are the same. When comparing insurance policies in Maryland, it’s best to consult with a Maryland insurance agency. Insurance agencies have experience comparing various insurance provider’s policies in order to get their clients the policy which best fits their needs.
American Heritage Insurance Agency, Inc. is a Maryland insurance agency with the experience to help you get the best policy for your needs without over-paying for policies you simply won’t need. For more information, give us a call at 410-552-1200 or fill out the form on our website for a free quote, today!