Is Your Vacation Home Covered By Your Homeowners Insurance? - PowerPoint PPT Presentation

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Is Your Vacation Home Covered By Your Homeowners Insurance?

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You might be curious as to whether the insurance policy you hold for your primary home, can help protect your second, or vacation home. In some cases, homeowner’s insurance can extend to more than one residence, in others, you might need to purchase a separate policy. – PowerPoint PPT presentation

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Title: Is Your Vacation Home Covered By Your Homeowners Insurance?


1
Is Your Vacation Home Covered By Your Homeowners
Insurance?
2
  • You might be curious as to whether the insurance
    policy you hold for your primary home, can help
    protect your second, or vacation home. In some
    cases, homeowners insurance can extend to more
    than one residence, in others, you might need to
    purchase a separate policy.
  • Insurance policy Q and As for your vacation
    home
  • If I want to ensure that the structure and
    contents of my vacation home are always
    protected, do I need a separate insurance policy?
    In most cases, the answer is yes.
  • Will my lender require me to insure the mortgage
    on my vacation home? Yes, this often the case.

3
  • Can the liability coverage portion of my existing
    homeowners policy be extended to my vacation
    home? Yes, some insurers may allow this.
  • As with any questions you may have about your
    existing homeowners insurance policy, and/or
    your vacation home, its best to check with your
    insurer, who can give you the most up to date and
    accurate guidance.
  • Is insurance for your vacation home any different
    to that of your primary residence?
  • In general, vacation homes are deemed to be of a
    higher risk than primary residences, and this can
    be due in part to their location.

4
  • For example, many vacation homes are situated
    beside lakes or on the beachfront, placing them
    at a higher risk of such occurrences as flooding
    or even theft if theyre in an isolated area
    naturally, this can mean that coverage costs are
    also higher.
  • Are there any limitations upon vacation home
    coverage?
  • As most vacation homes are not occupied all year
    round, the insurance is typically written on a
    named perils basis. This means that your
    vacation home would only be covered against
    events that have been specifically named in the
    policy, such as lightning, damage or theft.

5
  • If your vacation home, or any of the items inside
    it, are damaged by some peril that has not been
    listed in your policy, then it will most likely
    not be covered. While the perils that may be
    covered in a standard homeowners policy, are
    likely to be far broader.
  • Its important to note that the limited perils
    coverage may also apply to any other structures
    that are on the same property as your vacation
    home, such as sheds, garages or boathouses.

6
  • How can you increase the coverage on your
    vacation home?
  • You might want to consider adding personal
    property insurance to your coverage on your
    vacation home, to enable you to replace certain
    items should they become damaged or stolen. Be
    certain to check the policy carefully though, as
    some personal property may not be covered.
  • Talking to your insurer about flood insurance or
    extended protection for a boathouse or similar
    structure on the site of your vacation home,
    might be a good idea if you have a lake or
    seaside home.

7
  • Neglecting the insurance coverage on your
    vacation property, and not ensuring that youre
    adequately protected whether youre in it, or
    not, could end up costing you thousands of
    dollars. To avoid this, talk to your insurer
    today and protect your precious vacation home
    from as many potentially costly outcomes as
    possible.

8
  • We Insure Miami was founded on the principle that
    every individual and business, big and small,
    have assets and valuables that need to be
    protected and insured against forces outside of
    our control. We offer Auto, business and
    homeowners insurance in Miami FL. Our agents
    understand that you work hard every day to
    protect your car, home, business and family. WE
    are passionate about Insurance and passionate
    about serving you. If you are looking for auto or
    business or home insurance in Miami FL, contact
    us for a quote or a complimentary review of your
    insurance policies.
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