As spring approaches, we start thinking about vacation home purchases. When investing in a vacation or a second home, you should be aware that it is probably not covered by your homeowner. A secondary home usually requires a second insurance policy. Different risks, different coverage. Sometimes your primary homeowner's insurance may cover some liability for your secondary home. If you are going to have a mortgage on your holiday home, your bank may require a separate insurance. This is mainly to cover the structure and contents against fire, flood and theft. Bogle Agency Insurance offers our NJ clients coverage with leading carriers, such as Chubb . Chubb provides primary insurance for secondary homes.
What Affects the Cost of Vacation Home Insurance
Some factors that can affect the cost of vacation home insurance are:
The location of a secondary property makes a difference in the cost. If it is in a flood prone area, you may need flood insurance.
Type of property
Depending on whether your holiday home is a detached house, apartment or terraced house makes a difference in coverage. If the property is maintained by a homeowners' organization that provides some security, this can reduce your insurance risk. The age and building materials used in the construction are also factors.
If you are buying a second home with pool or hot tub, you may have added liability.
You can save money on holiday home insurance
Choose a place with a lower risk of flooding – for example further away from the beach. Insuring the second home with the same insurer that covers your primary home can save money. These are known as "bundling" policies. Installing an alarm system – one that detects both fire and burglary – can reduce costs. Of course, it always makes sense to shop for the best deal on other home insurance.
Consult an Expert
Bogle Agency Insurance will give you good advice on the best coverage and lowest price to insure your vacation home. It is our goal to make you secure coverage at the lowest cost. Once you have made the decision to buy a holiday home, call Bogle at (201) 939-5378 for a consultation on the best way to insure it.