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Four Things to Consider When Insuring a Vacation Home

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.

To that end, here are four things that may impact the coverage you choose and how much you’ll pay for it:

  1. 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.
  2. Location and Occupancy: The “where” of your vacation home is no doubt among the primary reasons 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 considerations.
  3. 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.
  4. 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 alike.

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 don’t hesitate to reach out to your agent at O’Connor Insurance at 314.434.0038.

1 Comment
  1. My wife has been talking about looking into some vacation homes for sale, and I think that considering all the costs that go into something like that are necessary, including insurance. I’m glad that you talked about being able to have a separate policy for vacation homes, and how you could select the amount of coverage that you want on the property. I’m going to have to make sure that my wife understands that there are more costs with vacation homes for sale than just the home, and that we need to think about things like insurance as well! Thank you!

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