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.

Insurance Tips

  • 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.

Maintenance Tips

  • 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.

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