Vacation Time: Insuring Your Seasonal Home
For most, summertime means vacation time and many enjoy the luxury of a seasonal lake or beach home. It is important, however, to remember that assets like these require great care and proper measures should be taken prior to kicking up your heels and relaxing. Seasonal homes are not like full-time residences so insurance requirements do vary. Here are some of the tips to insuring your seasonal home:
Various home elements and amenities can affect your policies and premiums. While a beachfront property obviously has its perks, it also can be subject to increased insurance premiums. Likewise, amenities like a hot tub or outdoor fire pit can also affect your insurance policy. Sit down with your insurance agent to discuss your must-haves in regards to location and amenities and what measures can be taken to reduce additional insurance costs.
Make sure you have some sort of liability insurance coverage if you intend to rent your vacation home or entertain family and friends regularly. You are liable for whatever accidents happen on your property whether or not you are present when the incident occurs. Liability insurance protects both your assets and finances.
There are additional measures you can personally take to help ensure the safety of your home.
- Keep an eye on your seasonal home and protect your assets with a home security system. Many smart home systems now have Wi-Fi capabilities that allow you to check the status of your residence through smartphone apps. Invest in additional security software like video cameras to get real-time alerts to any activity happening on your property.
- Just like any asset, taking proper care of your vacation home helps to keep it safe and hold its value. Have inspectors check your seasonal home regularly to ensure the home’s integrity and safety as you would your full-time residence.
- Prepping the home prior to staying or entertaining guests is also a good practice to ensure everything is in working order. Minimize your risk and that of your loved ones, and be on alert to any potential dangers an unkempt home may be hiding.
- Depending on where your vacation home is located, you may want to consider taking out named peril coverage. If your mountain home will be susceptible to harsh blizzards or your beach home flooding, work with an insurance agent to cover the potential damages that may occur in various geographical locations.
You worked hard over the years to acquire valuable assets like a vacation home. Special care should be taken to properly insuring your seasonal home to fully enjoy it with friends and family. With over 86 years of industry experience and insurance know-how, Penny Insurance Agency specializes in securing custom insurance plans for all your luxury assets. The first step to relaxing at your vacation home is giving us a call. Contact us today!