Buying a second house or property can be an exciting prospect, but have you researched the best type of homeowner insurance for this property? A lot of second homes are around coastlines and are in the line of fire for tropical storms or hurricanes which can be damaging. Second home insurance is vital to protect an individual’s investment from the after-effects of a storm. A local insurance agent will be in the best position to recommend the type of insurance policy that will work perfectly for a second home.
Homeowner Insurance for a Second Home
A second home may sometimes be covered under the current homes’ insurance policy. Nothing extra is needed, although some policies may only protect the second property up to a particular amount.
A policy such as a dwelling fire policy can protect a second home from windstorms, fire, hail, lightning, riot, explosions, or civil commotion, as well as damage to a vehicle or an aircraft. This coverage is extensive and does not cost as much as a standard independent home insurance policy.
Liability Coverage for a Second Home
The crucial aspect of home insurance policies is often the liability aspect of the insurance coverage which will always extend to the second home, whether there is a separate policy for that property. You can rest easy when you are aware that your beach home in any exotic location is covered under your existing home insurance liability. Even though you decide to take out a separate home insurance policy for the second home, liability coverage extends to wherever you live in the world.
A few things should be considered when researching insurance coverage for your second home, and these include, the location and the risks associated with this location. The cost of any policy is based on a lot of factors, but location is the most important of them all. Some other factors include:
- Lowering this cost by installing an alarm system.
- Saving money by residing in a gated community.
- Blending all your insurance policies under a single local, professional agent can also help reduce costs.
- Some insurance agents may also advise you to take out an excess liability policy or an umbrella policy to cover your assets. Some of these policies typically extend the coverage up to $1 million or even a lot more.
Insuring a second home is necessary to protect the property against any impending loss that might occur. Getting a local, professional insurance agent to help is a perfect way to get all the details required. They will let you know whether you need another policy — such as when your second house is in an apartment building or a condominium. They may also assist you in getting discounts from different providers.
If you would to like to discuss your options for homeowners’ insurance, please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.