Most people have a primary residence where they permanently stay in a home for the majority of the year. The primary residence is usually where a person receives their mail and where they garage their vehicles. In addition, some people may own a seasonal home such as a cabin, cottage, or vacation home. It is important to purchase insurance for your seasonal home to protect your investment. If there is a mortgage on the seasonal home, mortgage lenders will most likely require there to be a separate home insurance policy.
What type of insurance coverage do you need for a seasonal home?
Similar to having a primary home insurance policy, a seasonal home should carry these coverages below:
- Dwelling Coverage: Coverage for your home and any attached structures such as a garage or a deck
- Other Structures: Coverage for structures that are detached to your home such as a detached garage, pole barn or fence
- Personal Property coverage: Protection for your personal belongings inside your home from damage, theft, and loss
- Personal Liability coverage: Protection if you hurt someone or damage someone’s property
How much does Seasonal Home insurance cost?
Seasonal home insurance prices may be higher than a primary home insurance policy. Factors that affect the rate for seasonal home insurance is where the home is located, the amount of time the home will be occupied during the year, as well as the type of property you are insuring whether that is a condo or a singe family home or a townhouse.
Nonetheless, there are ways to help lower the cost of seasonal home insurance. Bundling your primary home and auto with your seasonal home with the same company can help lower your insurance cost. In addition, choosing the location area where you plan to purchase your seasonal home can help reduce your premium rate. Some companies often offer a discount for installing a security system or having a central monitoring alarm system with a security company to prevent losses to the home.
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