Do I need insurance for a second home?
If you have a secondary home that’s occupied six months or less each year, you’ll need second home insurance to cover it. Standard home insurance doesn’t usually cover a property that’s left vacant for that amount of time, and that makes secondary home insurance essential for protecting your assets.
Please note: Most home insurance policies also limit coverage for perils like theft, vandalism, broken glass, and interior water damage if a home is left vacant for shorter time frames – usually 30 or 60 days.
What does secondary home insurance cover?
A second or seasonal home insurance policy offers a variety of coverage similar to an HO3 policy on a primary residence, which means it typically covers:
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Damage to the dwelling (Coverage A).
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Damage to other structures on the property (Coverage B).
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Damage to your personal property damage (Coverage C).
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Additional living expenses (Coverage D).
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Your legal expenses if someone is injured or suffers property damage and sues you (Coverage E).
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Medical payments for guests injured on your property (Coverage F).
How does Kin cover vacation and seasonal homes?
In Florida, Kin offers a special secondary home endorsement that extends coverage to seasonal homes. This is available for both home insurance and condo insurance policies.
How much does second home insurance cost?
The cost of seasonal home insurance varies widely based on a number of factors. Every case is different, so the best way to determine the cost is to get a quote.
Here are some of the biggest factors impacting the cost of second home insurance.
Location
Your seasonal home’s location is usually the biggest impact on the price of your policy. Generally speaking, homes close to the coast cost more to insure because they face a greater chance of experiencing a named storm or hurricane.
These homes – or really, any home near a body of water – may also require flood insurance. A standard home insurance policy doesn’t cover flood damage, and neither does our seasonal home endorsement.
Location can also increase your risk for other perils. Increasingly, homes in California – especially those near canyons or places with a lot of trees or brush – may cost more because of their wildfire exposure.
Occupancy
If you use your second home as a vacation home, the time it sits vacant can be a real risk. Unoccupied homes face a greater chance of:
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Burglary.
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Vandalism.
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Unaddressed damage, like fires, leaks, and infestations.
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Liability from trespassers who are injured on your property.
As you might have guessed, all these factors may increase your second home insurance cost. On the other hand, if your vacation home is in a secured community where someone is around to keep an eye on your property while you’re away, your rates may be lower.
Age & construction
Depending on how and when your seasonal home was built, your rates may increase or decrease. For example, homes built before 2001 in Florida may not be as resistant to hurricane winds, and that can increase your premium. Homes built after may cost less to insure because they are built according to a stricter building code that prioritizes wind mitigation.
Special features
If your vacation home has a swimming pool, it may cost more to insure it. That’s because pools pose liability risks for a homeowner if someone is injured in or near them.
On the other hand, vacation homes that have security and safety features, such as a centrally monitored security system, water leak detection system, fire alarm, and fire and wind mitigation systems, may have significantly reduced rates.
How to get second home insurance quotes
While not every insurance company offers coverage for second and seasonal homes, Kin is excited to offer this option for Florida members. Simply note that the home is occupied for six months or less each year, and we’ll help you get the appropriate coverage.
Here are a couple tips to make sure you get the best coverage if you decide to shop around:
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Don’t compare on price alone. You want to consider both coverage and premium when comparing policies.
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Invest in security features. It’s a great way to keep your second home safe and help you save on your insurance.
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Consider any occupancy or vacancy limitations. Know what they are and take them into account when getting quotes.
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Compare exceptions. Make note of any exceptions to coverage or requirements of maintaining coverage. For example, does a management company have to regularly check on your property?
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Read reviews. A good company will issue a good policy. A great company will treat you as though they were insuring a family member’s home.
To learn more about getting second home insurance from Kin or get a quote, call us at 855-717-0022 or enter your address.
