Whether it’s to get away from the cold winters, spend summer weekends lakeside, or have a place to call home as you travel for work, owning a second home can have tremendous appeal. But just like your main place of residence, it’s important to ensure the property is protected with home insurance.

Insuring a second home may pose challenges for homeowners, given their risks. Muller Insurance is an independent insurance agency that has available markets for secondary home insurance and operates in more than 30 states across the country. Here, we explain what you need to know when trying to find coverage for your second home.

When Two Separate Policies Are Needed

If you’re unfamiliar with the insurance industry, you may be wondering if your current insurance policy for your main residence extends to your second home, or if you will need a separate policy. Most likely, you will need to purchase a separate insurance policy for your second home if you want to protect its structure and your belongings inside. According to the National Association of Insurance Commissioners (NAIC), you may be required to insure your second home with a policy of its own if have a mortgage on it.

In some cases, homeowners can extend liability coverage of their existing homeowner’s policy to their second home. This is beneficial in scenarios where someone sustains injuries at your second home and you are deemed liable. Your primary home’s insurance policy can possibly help pay for any medical payments or legal expenses you may encounter.

A trustworthy insurance agency can help you sort out these details and answer your questions.

Second Homes Typically Are Considered Riskier

When attempting to obtain coverage for your second home, you may find it to be a little different from the primary residence’s policy, most notably in terms of cost. There are reasons for this. For example, a waterfront location makes a home very appealing, but it also makes it riskier in the eyes of an insurance provider. Another factor that can make a second home riskier is the fact that it might be vacant for a good portion of the year, making it more susceptible to break-ins or vandalism. For these reasons and others, a second property can cost more to insure than a primary home.

Additional Insurance Coverage

While second homes may be deemed riskier, there are things you can do to better protect your home, including additional coverage. Homeowners with shore properties may want to consider additional coverage that includes flood insurance. You also may want to think about adding a personal umbrella insurance policy, which will provide you with greater liability protection.

Renting Out Your Second Home

If you choose to use your second home as rental property during times you’re not there, the insurance policy on your second home may not cover damage that occurs. Furthermore, if you plan to lease your second home to a tenant for an extended period, you may be required to purchase a landlord insurance policy.

Our Homeowners Insurance Partners

We are pleased to partner with reputable insurance companies that provide this type of coverage, such as:

Find the Right Second Home Insurance Policy at Muller Insurance

Homeowners with multiple properties can find the coverage they need at an affordable price with help from the team at Muller Insurance. Licensed in over 30 states, including New York, New Jersey, Connecticut, and Maryland. Our independent insurance agency makes it convenient for people who own properties in separate states that need second home insurance. Contact us today at Muller Insurance to learn more about second home insurance or to get a quote on our policies.

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