Coverage

July 13, 2022

Insurance For Your Second Home

Written by:
Bob Phillips
Reviewed by:

Owning a second home is a dream come true for many of our clients; our job is to keep that dream from turning into a nightmare.

Just like you would never think of under-insuring or cutting corners on the homeowner’s insurance you have in place for your primary residence; you don’t want to take the risk of a catastrophic financial loss at your second home because you bought low-budget, mass-marketed coverage.

Your Second Home Should Have First-Class Homeowner’s Insurance

There are several reasons you need second-home homeowner’s insurance coverage from an insurer who understands the unique needs of high-net-worth families:

One reason you should have high-quality second home insurance is the location of many vacation homes makes them strong candidates for an insurance claim. Whether it’s due to wildlife, weather (hurricane-prone areas), or topography (such as a vacation home in a forest that may be subject to wildfires), the same rugged or raw landscape that makes a location desirable can add an element of potential danger. 

Another reason to purchase good vacation home insurance is that an unoccupied home can suffer tremendous damage from an ordinary incident. For example, if a pipe leaks at your principal residence, or the sewer or drain backs up, the odds are good that you’ll notice it before there is a catastrophe. But, in an unattended structure, that same leak or backup could mean ruined floors, mold in the walls, and destroyed furnishings. 

A third reason you may have increased liability concerns at a second home or vacation home: “toys.” Jet skis, ATVs, golf carts, motorboats…having toys like these at a vacation home means your family or friends could be injured due to an accident. You’ll want to be sure you have adequate liability protection to protect them, and you, if the unexpected happens. 

Kelly Klee can quote second home insurance from several companies that offer smart alternatives.

One alternative is having a homeowners policy that covers multiple dwellings; you’ll pay one premium to cover your primary residence, second home, third home, etc. These comprehensive policies cover everything from the cost to rebuild and replace your belongings up to 200% of the value of each dwelling, to landscape and land restoration coverage. 

Nationwide Private Client insurance offers another alternative. You can either take out a separate policy for your second home or, if you are only concerned with liability at your vacation home and not the structure itself, you can extend the liability on your primary homeowner’s policy to cover liability at your second home. 

Ask Kelly Klee

Helping affluent families insure multiple homes is something we’ve been doing for years. We take the time to ask questions about the property’s location, composition, contents, and other factors which will help us recommend the carrier that is best suited to offer the right coverage for your situation.

And, we make it easy to do business with us. Just complete this brief form online, let our experienced advisors provide you with several options and recommendations, then you select the coverage you want.

Of course, you can always give us a call at (844) 885-1600. Either way, we’re happy to help.

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