It is nice to have a vacation home. Of course, a vacation home also needs to have home insurance. There are special considerations that come up for those who have both a primary residence and a vacation home. It is important to discuss the specifics with your agent at Young Insurance Associates Inc, serving Raleigh, NC and the surrounding communities. This helps when making decisions about how to have adequate insurance coverage for both properties.
Things to think about and talk about with your agent include:
- Occupancy: Insurance coverage requirements will be different depending on how each home will be occupied during a full year. Homes that are left vacant for part of the year have a different risk profile than homes that are always occupied.
- Regular Maintenance: Unoccupied homes may suffer from neglect if they do not receive regular maintenance. Landscaping, exterior finishes, and the general condition of the property all need to be maintained properly, especially if the home is not occupied.
- Rentals: If either your primary residence or your vacation home will be rented to others for part of the year, this affects the type of home insurance coverage needed. Renting a property creates a commercial use of the home, which requires different insurance.
- Benefits of Insuring with a Single Underwriter: Sometimes there are benefits that come from using the same insurance underwriter for both homes. Ask your agent to explain the particulars.
- Home Security: Alarms, video surveillance systems, and security companies that watch a property are beneficial in protecting the property and may have a positive impact on the insurance coverage.
- Caretakers: For luxury properties, having a professional caretaker, whose background has been checked thoroughly, may be desirable. Be aware that having an employee means the property may need commercial insurance. Ask your agent about this issue before hiring a caretaker.
Contact your agent Young Insurance Associates Inc in Raleigh, NC for all of your home insurance needs for a primary residence and a vacation home.