3 Factors That Could Make You Pay More To Insure Your Second Home

When asking about home insurance, agents at Florida property management, and elsewhere, will be sure to inquire about whether or not this is your primary residence. It might seem to you to be an unnecessary question, but your answer is actually important as it will determine what type of policy will need to be observed at this residence. Here are 3 of the main factors that will cause you to pay more to insure your second home:

● The location of the home
Is your second home located in a vacation spot? If it is, then this could mean that you might need to take out an additional policy to cover the chances of flooding or hurricane damage since most vacation locations are near to the coast or near to a body of water, whether it be a lake or the ocean. In addition to regular home insurance, you will therefore need to take out a flood insurance policy.

● Renting
If you rent out your home for part of the year, then you will need to get a landlord policy. This could cost you 10% to 20% more than standard coverage.

● Unoccupied premises
Home insurance providers place great emphasis on whether or not a home is unoccupied for extended periods of time. These providers believe that any damage, such as a break-in, to a home will be exacerbated by the fact that the premises is unoccupied. This is often a primary reason why insurance premiums for second homes are higher than first.

Source: zillow.com