Why do I need home insurance for a second home?


Owning a second home is a privilege for anyone but it is also a great responsibility. Your second home is exposed to risks of loss to the same degree as your primary residence, and especially more so, if you leave it vacant for longer periods of time.

Treat Your Second Home as It Is Your First

You have probably worked hard to purchase your holiday home and you wouldn't want to see your efforts and money go to waste only because you have failed to protect your dwelling from perils, such as theft, fire, or damage. If you don't want to see this happen, you should treat your second home as if it was your primary residence, and insure it properly.

Unfortunately, your homeowners insurance on your primary home does not cover any additional dwellings located off the primary residence premises. If you have a second home anywhere in the world, away from your primary residence premises, you will need to purchase separate coverage to protect it from any risks of loss.

You can obtain insurance for your second home from the few home insurance providers that offer the coverage, also known as "dwelling policy" or "vacant home insurance". The coverage has some considerable drawbacks but it is still a good idea to obtain it.

First of all, the causes of loss covered under a dwelling policy are very limited. Second home insurance premiums are typically considerably higher than the premiums of regular home insurance policies but this shouldn't discourage you from getting the necessary protection for your home. Better be safe than sorry.

An experienced and skilled home insurance agent should be able to advise you as to how to find a good insurance coverage for your second home for a fairly reasonable premium.

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