Buying a second home isn’t something to take lightly. In addition to being an added expense, it comes with its own unique responsibilities and requirements. Whether it’s a lake property to retreat to during the summer or a place down south to visit in the winter, you need to take care of it even when you’re not living in it. 

That’s not to say you shouldn’t get a second home. Having another residence that you can escape to for vacations and retreats can be a wonderful thing. It’s just important to know what you’re signing up for. 

One of the many things first-time owners of secondary homes aren’t sure about is insurance. Just like your primary residence, a second home will need to be covered. While there may be a chance your primary policy can be extended to cover a second address, you will most likely need a separate insurance plan for it. 

Second Home Insurance 

The type of coverage needed can depend on how the second residence is used. Vacation homes are often seen as riskier properties to cover, as they’re often along bodies of water, and they tend to be left alone for extended periods of time. Because of this, it could actually cost more to insure your second home than it is your first.  

To maximize the value of their second home, many people look to rent it out when they’re not using it. 

If you’re doing this, you may need some form of landlord coverage on the property. These policies are designed to provide liability coverage for people who are paying money to stay on the premises, while also protecting against catastrophic events. They can also include rent loss protection. 

Even if you’re only renting it out occasionally, you should check your policy and make sure it’s covered.  Many traditional home insurance policies do not provide coverage for situations involving someone who is paying to stay in your home. 

Saving Money While Getting Proper Coverage 

It’s very important that you get an insurance policy that covers the risks your second home faces. If it’s near water, you’ll want to make sure you have flood protection. If it’s in a place that can experience earthquakes, you’ll want coverage for that. 

The best way to ensure you get the appropriate amount of coverage for the best price available is to work with an experienced insurance agent. At Link-Hellmuth, we work with all major insurance providers to make sure you get the best coverage at the best price. Regardless of how many properties you own, we make the insurance process as simple as possible. 

For home insurance in Springfield, Ohio, contact Link-Hellmuth today!