Your Vacation Home or Rental Property
While owning your own vacation home has many advantages, it also carries its own unique responsibilities. Whether you use it year-round, all summer, or only on weekends, you want your vacation home to be as well-protected and well-cared for as your primary residence. If you frequently rent or loan a vacation home, understanding your insurance coverage will protect your home and preserve your relationships in the event of an accident when you're not there.
- Make sure that a homeowners policy covering your primary residence extends liability coverage to your vacation or rental property. You may have to purchase a separate policy.
- Check the amount of liability insurance to make sure that you have adequate coverage. There is a higher risk of accidents associated with a rental property than with your own home.
- Consider purchasing extra liability insurance, also known as a Personal Umbrella Policy (PUP). This can increase the liability coverage on your home or auto up to $1 million or more.
- Check to see if you have proper coverage for hurricane or windstorm damage if you own a home near the coast. Many homeowners policies may provide limited coverage on hurricane damage, and may or may not provide windstorm protection.
- Call your insurance company for information on flood insurance from the National Flood Insurance Program. Most homeowners policies do not provide flood coverage and the national program requires a thirty day waiting period before coverage takes effect.
- Don't keep valuable items in your rental property or vacation home.
- Provide helpful phone numbers and information for guests or renters (for example, trash pickup, beach stickers, appliance directions, and emergency numbers).
- Keep utilities on minimum coverage, even if you are gone for an extended period of time.
- Check on your property frequently, even if you have a management company rent or clean the property on a regular basis.
- Maintain a checklist of house contents.
- Make sure that walkways and stairs are free of clutter.
- Check porch and deck railings for loose boards.
- Check outside lighting and all electrical appliances.
Take a few minutes to get a free, no obligation homeowners insurance quote, and see just how affordable our rates can be.