Insurance for Seasonal Homes
Owning a seasonal home can be a wonderful way to ensure you always have a retreat you can go to for rest, relaxation and recharging. Seasonal homes run the gamut from woodsy cottages to beachside condos. In each case, they should be protected with insurance. After all, even though they might not be occupied year-round, they are still at the mercy of humanmade and natural disasters.
What Is Seasonal Property Insurance?
Not surprisingly, seasonal or vacation home insurance policies look a lot like regular homeowners’ insurance policies. However, they typically have special exclusions or inclusions that make them applicable for their intended purpose, which is as a second home.
For instance, some seasonal properties are not new. In fact, they might be very old, as in the case of an early 20th-century cabin. Although the cabin has tons of character, it also has pre-existing issues that could make comprehensive coverage on it impossible.
Rather than pay tons of money in premiums or try to fix a sagging foundation or porch, a basic insurance policy could be a better bet. This would cover something like fire and smoke damage, but not many structural concerns.
What Factors Determine the Right Seasonal Property Insurance?
Plenty of factors come into play when choosing the right insurance carrier for a vacation property:
- Location. Where your seasonal home is located will determine the insurance you need. For example, seaside and beach homes may require hurricane and flooding insurance riders on their policies as a matter of local or state law.
- Age. In some cases, secondary homes older than 60 or 80 years of age are not required to be insured. However, it’s always a good idea to protect your investment, even if it’s just at the minimal level.
- Condition. A falling-apart, ramshackle shed that you visit for weekend fishing trips might not be worth any insurance. Before you make your decision, take photos of the property and bring them to your local insurance agent for a professional recommendation.
Other considerations may also affect your policy and the annual or monthly premiums.
Yes, Personal Liability Is Included on Most Seasonal Property Policies
Just as personal liability is a point of coverage in homeowners’ policies, it’s available in seasonal property policies as well. Personal liability covers damages done to people within your seasonal home. This could mean anything from a traveling companion breaking his foot on a loose floorboard to your dog biting the neighbor or postal carrier.
Ask about the amount of personal liability coverage and be certain it’s adequate for your needs.