Whether you own a small getaway cabin or a spacious secondary home, protecting your seasonal or secondary home with the proper insurance coverage is not something to be taken lightly. While your getaway property may have more of an intrinsic value than a monetary value, it is important that you insure it so that it can be replaced in the event of a loss.
What Types Of Coverage Can You Get?
You can choose the level of coverage you need, whether you want to be covered from just a selection of named perils or a broader range of losses. All policies cover fire and lightning, and damage from windstorm is a common covered cause of loss. You can purchase a policy that will cover a lot more so make sure to discuss your needs with a professional insurance agent.
You can also purchase a policy that has liability coverage in case anyone is hurt on your property, or if someone else’s property is damage due to your negligence. You are seasonal or secondary home insurance policy will pay an attorney to defend you if you are sued, and it will pay damages on your behalf if you are found legally liable due to a negligent act.
How Much Will Your Policy Pay?
You can obtain a replacement cost policy that will pay the full cost to repair your home or you can obtain a policy that will pay on an actual cash value basis, which means that any claims will be adjusted for depreciation. The limit you set should be the full value of the home and this is an important item to discuss with your agent.
The liability section of your policy will pay up to the policy limit, but not more than that so it is very important to purchase as much liability coverage as you can reasonably afford in order to protect your assets.
Every seasonal or secondary home is unique, and your insurance needs will never be identical to someone else’s so be sure to speak to a qualified professional about your insurance needs.