Everyone loves vacation. But, vacationing in your own seasonal home? Even better.
However, there’s a lot to consider when it comes to protecting your investment in a vacation
home, and you definitely want to protect it. We here at JVM Insurance can help by making
sure you have the insurance coverage you want.
To that end, here are four things that may impact the coverage you choose and how much you’ll
pay for it.
Separate Policy: Your seasonal home won’t be part of your primary property policy. It needs
its own policy, and you can expect it to be similar to the one for your primary residence.
However, you do need to watch out for “named perils” coverage, under which your policy
explicitly lists the perils it will cover. If a peril isn’t listed, no coverage. We typically steer
homeowners away from this type of coverage, in favor of broader coverage.
Location and Occupancy: The “where” of your vacation home is no doubt among the primary
reasons why you bought it. But, it will also impact your insurance costs. Rural areas are hard
for emergency responders to reach, and waterfront homes are prone to flooding. These added
risks can mean added insurance costs, such as the need for a separate flood policy. If the
home is unoccupied or rented for much of the year, there are even more insurance
Personal Property: Establishing and maintaining a separate inventory of the things you keep at
your vacation home will help you select an appropriate level of personal property coverage. If
it’s filled with expensive skiing and snowboarding gear, for example, you may need increased
coverage or to schedule some of the more valuable items separately.
Extra Liability Protection: If you plan to regularly host guests at your summer or winter
retreat, you should consider an umbrella policy, which will help to increase your liability limits in
case someone is seriously injured on your property. This can go for invited and uninvited guests
We know you want to relax and enjoy your chosen spot in the sun – or snow. Having the right
insurance coverage helps you do just that, so give us a call and let us help!