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Getting the Right Insurance for Your Second Home

Here’s what you need to know about securing the right insurance for a second property.

If you have a second home, such as a vacation home or rental property, it’s important that it has the proper insurance coverage, just as your main home does. However, securing this additional coverage isn’t necessarily the same as getting insurance for your primary home. Here’s what you need to know about insuring your second property.

What Coverages Do You Need?

Essentially, your second home requires the same insurance coverages that you have for your primary residence. This means property coverage, personal liability coverage, personal property coverage, additional living expenses coverage, and so on. Keep in mind that if you live in an area prone to natural disasters such as floods, earthquakes, hurricanes, and so on, you will likely have to secure a separate policy to cover the damages stemming from these events.

You May Already Have Coverage

In some cases, your existing homeowners insurance policy (on your main home) will extend coverage to any secondary properties under your ownership. Obviously, if your policy offers this additional coverage, there’s no need for you to secure a separate policy on your second home. However, if this is not the case, you will have to look into securing an entirely new policy for your secondary properties.

Securing Coverage

Contrary to what you might believe, getting insurance for a secondary property is not actually the same as insuring your primary home. This is largely due to the fact that insurers consider second homes as more risky to insure. This will translate into higher insurance rates for you; so, it’s important that you take advantage of any discounts or reduced rates that you might qualify for.

This is what you need to know about insuring your second home.  Do you have further questions regarding your homeowners insurance?  Then don’t hesitate to contact the experts at Scautub Agency in Scotia, New York.  Our dedicated team is eager to assist you with all your coverage needs today.

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