When buying a second home or a vacation home, there are special considerations for insuring a home that is not your full-time residence. Discuss the insurance needs with your agent at ALLConnecticut Insurance serving West Hartford, CT and the surrounding areas.
Here are some of the considerations to talk with your agent about:
- Review Existing Home Insurance: When making a decision about covering a new piece of property with insurance, it is a good time to review the existing coverage for your primary residence to make sure it is adequate. In some cases, adding a second home to an existing policy may be possible or you may need a new policy for the new home. Ask your agent to be sure.
- Different Needs for Renting a Home: If the second home will be rented out to others for some part of the year, then the insurance requirements are different. Ask your agent for recommendations about replacement cost insurance and for coverage of the loss of rental income, while the home is being repaired, if the home is damaged. Renting out a home is a commercial activity and your agent can also give recommendations about additional liability coverage and suggestions about an umbrella insurance policy for the extra risks of having renters use the property.
- Special Risks: Depending on where the second home is located, it may be wise to consider having hurricane, flood, and/or earthquake insurance for extra protection against potential natural disasters.
Getting insurance for a second home differs from insurance coverage for a primary residence because the second home will either be left vacant for part of the time or rented out to others. For these reasons, a second home is considered a riskier property to insure than a primary residence. Contact your agent at ALLConnecticut Insurance in West Hartford, CT to get a quote for adequate insurance coverage for a second home or a vacation home.