Insuring Your Vacation Or Secondary Home
With Spring approaching, we start thinking about vacation home buying. When investing in a vacation or second home, you should be aware that it probably won’t be covered under your homeowners insurance policy. A secondary home usually requires a second insurance policy. Different risks, different coverage. Sometimes your primary homeowners insurance may cover some liability on your secondary home. If you are going to have a mortgage on your vacation home, your bank may require a separate insurance policy. 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 premier insurance for secondary homes.
What Impacts The Cost of Vacation Home Insurance
Some factors that may affect the cost of vacation home insurance are:
The location of a secondary property makes a difference in cost. If it is in a flood-prone area you may need flood insurance.
Type of Property
Depending upon whether your vacation home is a stand-alone house, condo or townhouse makes a difference in coverage. If the property is maintained by a homeowners’ association providing some security, this could lower your insurance risk. The age and building materials used in the construction are also factors.
If you purchase a second home with a pool or hot tub, you could have added liability.
You Can Save Money On Vacation Home Insurance
Choose a location with lower risk of flood – farther from the beach for instance. Insuring the second home with the same insurer that covers your primary home may save money. This is known as “bundling” policies. Installing an alarm system – one that detects both fire and break-ins – might lower the cost. Of course, it always makes sense to shop around for the best quote on second home insurance.
Consult an Expert
Bogle Agency Insurance will give you sound advice on the best coverage and lowest price to insure your vacation home. Our professional insurance agents offer coverage to Bergen County NJ residents including Business Insurance, Health Insurance, Professional Insurance, Auto Insurance, Bonds, Umbrella Insurance, Disability Insurance, Life Insurance, Home Owners Insurance, Property Insurance, High Value Asset Insurance, and more.
It is our goal to make you confident about coverage, for the lowest cost. When you have made the decision to buy a vacation home, call Bogle at (201) 939-5378 for a consultation on the best way to insure it.