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Family outside houseThere's nothing better than being able to escape for a weekend getaway after a long, hard week at work. With home values falling and interest rates more affordable, many people are purchasing second homes. Whether you have one along the coastline or tucked into a mountainside, vacation homes need protection just like your primary home does. Sometimes, owners will put less coverage on these homes because they are less frequently used. However, that could pose a problem in nearly all cases.

Purchase Two Policies

In some situations, you may have two properties under one policy. It's best that each home has its own insurance plan, though. You'll want to ensure both homes have policies that fit their specific needs based on:

  • Specific risks in the local area
  • Home value
  • Asset value
  • Liability risks
  • Mortgages

In some cases, second homes need additional insurance if you plan to rent them out and earn an income from them. It's important to cover all aspects of ownership based on how you use that property.

What Types of Coverage Do You Need?

There are two main components of home insurance that apply to both primary and secondary homes. Both need property insurance. This protects against risks to your property, such as a tree branch breaking a window or a fire causing damage. It's often best to talk to your mortgage lender to ensure you have the right amount of replacement home coverage.

Second, you'll need liability insurance. Even if you are not at the property and someone is hurt on it, he or she may be able to file a claim against you, putting your home and your financial well-being on the line.

Other Considerations

It's also important to talk to your insurance agent about how you will use this plan and key factors that could indicate a lower or higher insurance premium:

  • Do you go long periods of time with no one living in the home or visiting? This could mean things like leaks or break-ins are a higher risk.

  • Rural isolation is another component of many plans. If the home is hard to get to, police and fire officials may find it hard to access.

  • Tenants and guests may require additional liability insurance as well.

Go for the second home and start relaxing. You'll feel more at ease, though, if your home has ample home insurance to protect it from various types of risks.

Protect your property, wherever it may be. Call Budget Insurance Agency at (478) 788-9188 for more information on Augusta homeowners insurance.

Do you prefer to get away during winter or summer? Tell us about your journeys in the comments section below.

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