Milwaukee home insurance experts have been receiving a lot of questions regarding summer house insurance policies, as more people are looking to either purchase or rent a vacation residence for the summer season.
Summer homes offer a perfect retreat from the city and they need to be protected just as much as a primary home.
Still, homeowners insurance for a secondary home can have significantly different terms than your primary home’s insurance policy, mainly in terms of how it is used and how often it is occupied during the year. Here are some important tips Milwaukee home insurance agents want to share with their vacationing clients.
The first step in successfully insuring a summer house is to consult your primary Milwaukee home insurance company to see if they can cover it. This can be favorable, as insurance carriers sometimes offer special discounts when insuring a second property, especially during this time of year.
If you get a negative response from your coverage agent, contact an insurance provider in the area where the summer house will be purchased or rented.
Translate all insurance factors to consider on your primary house to your summer place. Is it in a flooding-prone area? Can a fire easily start around the house? Does it have a swimming pool?
If your summer place does have a pool, is important to ask your Milwaukee home insurance company if the policy covers it. Regular homeowners insurance may not provide enough coverage for a pool, and some policies may even exclude them.
Pools can be dangerous, so they increase your liability risk because you stand a greater chance of being sued or having to pay someone’s medical expenses. Experts advice on an umbrella-type insurance for a total coverage.
If you are planning on making a little extra money and rent out your summer palace, first review your insurance policy. It may be wise to purchase additional liability, bodily injury and medical payment insurance to cover your risk when you are not in the home.
Also be aware that your homeowners’ coverage might not extend to damage caused by a renter and/or their guests.
If your vacation home has a mortgage, your lender may require homeowners insurance just as it would for your primary residence. However, there may be additional policy stipulations as you only reside in the home for part of the year.
For additional information about insurance considerations for vacation houses, please contact your Milwaukee home insurance company so you can enjoy a safe and relaxed summer vacation.