With the median vacation home costing approximately $200,000 it is important to ensure your property is adequately protected. Many people may be unaware of the various factors that need to be taken into account when insuring their vacation homes. The following are a few things to take into consideration when purchasing insurance.
- Property Crime
- Vacation homes are a temporary home-away-from-home and typically only used by families during certain parts of the year. This leaves the premises unoccupied for most of the year, especially if vacation homeowners do not rent out their property- making it susceptible to theft. Click here for tips on securing your home from burglary. Also, speak with your agent to make sure your homeowners insurance policy is up to date and consider performing a home inventory so you know the proper amount to secure.
- Condominium or Single-family?
- The type of property you own determines the type of insurance needed. Your condo association may already provide coverage- although the coverage they have may only protect the structure not your belongings. It is important to discuss with your agent the risks you may face and protection you need.
- Flood Insurance
- Flooding is among the most destructive natural disasters and can happen in a wide range of regions, no matter the time of year. Flooding damage is not covered by a traditional homeowners insurance policy. In order to keep your property safe, it is wise to take preventive action against the risk of flooding.
- Vacation homes often come equipped with various amenities including swimming pools, hot tubs, trampolines, etc. Because accidents are possible with these kinds of recreational items, you want to speak with your independent agent about the liability portion of your insurance policy and your liability limit to ensure your assets are protected in the event someone is injured on your property and files a lawsuit against you.
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Don't have an independent agent? Call Capstone Insurance Group at 215-542-8030 to discuss the services we offer.