Whether you own a beach house that you use for extended summer vacations or a cabin in the mountains for seasonal use, it’s important to protect your second home with the right insurance coverage. Muller Insurance – serving New Jersey, New York, Connecticut, Pennsylvania, and other states – offers coverage that can be tailored to ensure you get the summer home insurance you need based on your unique risks and what you do with the property when you’re not enjoying it yourself. Here are some of the special considerations to take into account when purchasing insurance for your home away from home.
Understanding Named Perils Insurance
Depending on the insurance company, policies on a second home may be written on a “named perils” basis, which means the policy will cover damages from specific events that are written out in the policy. When this is done, it’s usually because a second home does not need coverage for items like collectibles and other valuables that you would generally keep at your primary residence. Because the property coverage of named perils policies can be limited, covering only a portion of what it costs to replace an item, it is important to assess whether you may need additional coverage for certain items or circumstances, such as extra coverage for a boat or extra liability coverage if you have a pool or are on the waterfront.
Extra Protection with Flood Insurance
Many summer homes are located on or near water, offering myriad ways to relax and enjoy some summertime fun. Because of their location in these desirable areas, however, they come with added risk. If your vacation home is located in a designated flood zone, in a coastal region, or on a river or lake, it is important to consider your need for flood insurance.
Umbrella Liability Coverage for the Added Risks
If your summer home is a waterfront property or has a swimming pool, or if you own a boat that you use at your second home, you may be at greater risk of being sued if someone is hurt on your property. You might want to consider an umbrella liability policy, which can provide greater coverage than a standard homeowner’s policy. This could protect you from losing everything in a costly lawsuit.
Separate Coverage for Renting Out Your Summer Home
It’s not uncommon for people to rent out their summer home for the part of the year they won’t be using it. If this is what you plan on doing, you may need separate coverage that is tailored to your individual use of the property. For instance, if you rent out to various people throughout the year, you may be required to carry business insurance. If you rent to someone long-term, you may need landlord or tenant-occupied dwelling insurance.
Muller Insurance Will Help You Find the Right Summer Home Insurance
Muller Insurance is an independent agent, which means we work with premier insurance partners, including Chubb Insurance, Plymouth Rock Insurance, Travelers Insurance, and The Andover Companies, as well as a long list of top-quality insurance providers, to bring our clients the best, most affordable coverage options throughout Atlantic, Cape May, Monmouth, and Ocean Counties in New Jersey, as well as in New York, Connecticut, Pennsylvania, and other states. Owning a summer home is a wonderful investment that can be enjoyed by you and your family for many years. Let us help you protect it with summer home insurance that’s tailored to match your unique requirements. To learn more, contact us today at 201-659-2403 to request a quote.