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Vacation Homes – Get the Coverage You Need

By August 18, 2009Insurance

Vacation HomeWhen you insure a home, any home, you secure two types of coverage: property protection, which guards the home itself, surrounding property, structures and contents; and liability protection, which offers coverage against a claim or lawsuit resulting from bodily injury or property damage to others caused by an accident on your property or as a result of your personal activities anywhere.

While a separate policy will be needed to insure property damage to your vacation home, an endorsement on your primary homeowners policy usually is enough to extend the liability coverage.  However, keep in mind that having a second home increases the value of assets you have at risk.

You’ll want to work closely with us to make sure you have adequate coverage.  In fact, you may want to consider purchasing extra liability insurance, also known as a personal umbrella policy.  A PUP can increase the liability coverage on your home, vacation home or auto in increments of $1 million or more.

A vacation home doesn’t have to be an exclusive, eight-bedroom villa on the shore.  A camp cabin or even a permanently parked tariler are considered vacation homes that should be insured.

Whether you use it year-round, all summer, or only on weekends, you want your vacation home to be as well-protected as your primary residence.  Also, it would be nice if you didn’t go broke trying to insure it.  We can help.

LOCATION, LOCATION, LOCATION
Location is everything.  Those sunset views on the beach are lovely, but they also are the source of some particular insurance issues.  Insurance underwriters don’t consider the subjects of their coverage in a vacuum.  It’s not just three bedrooms, two baths, 2,500 sq. ft.; it’s three bedrooms, two baths, 2,500 sq. ft. on the coast.

For much of the Northeast, it’s particularly important to see if you have proper coverage for hurricane or windstorm damage.  Many homeowners policies may provide limited coverage on hurricane damage or windstorm protection.

Also, give us a call for information on flood insurance.  Homeowners policies do not provide flood coverage and the National Flood Insurance Program, which writes most flood policies, requires a 30-day waiting period before coverage takes effect.

If you want to discuss insurance to cover your vacation home, personal umbrella coverage, or flood insurance, please give us a call at 856-935-0845, or visit our website at www.hdyoung.com.

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Henry D Young Inc is a Trusted Choice® Insurance Agency

The information in this article is meant as a guideline only.  There is nothing in this article that alters the coverage or interpretation of any specific policy.  Because some statements are generalizations, and because different companies’ policies contain slight differences, please refer to your specific policy.  Call our office before making any judgements or decisions concerning your particular situation and coverage that may, or may not, apply.