Secondary Homes

Secondary Homes

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The weather is getting warmer and if you are a New Englander you get excited when the temperature hits 50 outside! 50 in Connecticut with the sun out is a gorgeous spring day and many of us look forward to it. We start planning our summers and our trips or weekend getaways because now with spring here summer is next in line.

For those who own a secondary home this is the time we start renting out our homes to people looking to vacation or we use it for ourselves. Having secondary homeowners insurance is very important. A secondary home is something of a luxury and you should be able to enjoy it without any worries of anything happening to it.

According to Smart Money secondary homeowners insurance offers some tips:

  • Most second-homeowners rent their properties furnished, but if you rent empty, make sure to let your insurer know; you’ll get a break on contents coverage.
  • Insurance experts recommend a minimum of $1 million in umbrella liability for people who own two homes. That’ll run about $300. For landlords, umbrella policies are especially crucial.
  • For homes in rural areas, proof that the local fire department has access to a stream, lake or other water source can mean a break of 25%.

You took the time to make the decision to own a second home, now take the time to make sure you have the secondary homeowners insurance it deserves!