Whether you are among the fortunate Massachusetts residents who owns a vacation home or you are an out-of-state resident who owns a vacation house here in the Bay State, you will need to be sure to cover your secondary property with the right insurance.
A local independent insurance agent can answer your questions about vacation home insurance and can help you find a reliable, yet affordable, policy to cover your property. Arrange an obligation-free consultation with an insurance agent near you to learn more.
What Is Vacation Home Insurance?
Vacation home insurance is a specialized homeowners insurance policy that is designed to cover secondary properties that are not used year round, like vacation homes.
These policies differ somewhat from traditional homeowners insurance policies because when a house is not your primary residence, it has a few extra risks that insurance companies must consider.
How Much Does Vacation Home Insurance Cost in Massachusetts?
Vacation home insurance is typically more expensive than primary home insurance because secondary properties often present more property damage risks.
When calculating your cost for coverage, insurance companies will take several factors into consideration such as the following.
- The size, age, and value of your vacation house
- The crime rate and weather risks in the ZIP code where your vacation home is located
- The distance your vacation home is from the nearest fire station and/or fire hydrant
- Whether you allow others to rent the property whenever you are not using it
- Whether your vacation home is left vacant for long stretches of time
- Whether the property includes hazardous amenities such as a hot tub or swimming pool
The only way to find out how much your vacation home will cost to insure is by contacting a few competing insurance companies and requesting customized quotes. Local independent insurance agents make comparison shopping easy.
What Does Vacation Home Insurance Cover?
In many cases, vacation home policies are what are known as “named peril” policies, meaning that they will only cover against the risks you specifically specify when you purchase the coverage.
Independent insurance agents can help research the risks you are likely to face wherever your vacation property is located and can ensure that your policy provides all the coverage you need.
Your vacation home policy can provide three different types of coverage.
- Dwelling insurance: This can cover the cost to repair or rebuild if the structure of your vacation home is damaged or destroyed by a covered event.
- Contents insurance: This can cover the cost to repair or replace the property you keep inside your rental home if it is stolen or damaged by a covered event.
- Liability insurance: The policy you have for your vacation home can include personal liability coverage. However, if you have coverage for your primary home and your vacation home through the same provider, this coverage is often extended from your homeowners insurance to cover both properties.
In some cases, your insurance company may require you to purchase supplemental or different kinds of coverage such as the following.
- Vacant home insurance: This may be required if your vacation home is left empty and unattended for several months out of the year.
- Landlord insurance: This will typically be required if you rent out your vacation home to others whenever you are not using it. If this is something you do infrequently, you may be able to purchase an endorsement on your vacation home policy instead.
An independent insurance agent in Massachusetts can help you get the coverage you need at a price you can afford.
What Does Vacation Home Insurance Not Cover?
Just as with traditional homeowners insurance, there are some exclusions to what vacation home insurance will cover such as the following.
- Flood damage: Floods pose a significant risk if your vacation home is located near water like a lake, river, creek, or the ocean. However, flood damage is not covered by vacation home insurance. For that, you will need a flood insurance policy through the National Flood Insurance Program (NFIP).
- Earthquake damage: The risk of earthquakes is low in Massachusetts, but if your vacation home is located in a risky area like California, supplementing your coverage with earthquake insurance is particularly important.
- Boat docks: Home insurance will cover a boat dock on the property of your primary residence, but most insurance companies will not cover it at your vacation home. If your vacation home’s dock is damaged, you will likely need to cover the repair on your own.
A local independent insurance agent will be happy to read your policy’s fine print and explain in simple terms what your policy will and will not cover. If you need supplemental coverage, your agent can help you find it at a great price.
An Independent Agent in Massachusetts Can Help You Find the Best Vacation Home Insurance
Whether you are looking for great coverage for your vacation home, primary home, or a rental property, a local independent insurance agent can help. These insurance professionals can answer your insurance-related questions and can help you find the right coverage at the most competitive price.
There are nearly 1,300 independent agents in Massachusetts. Contact an insurance agent near you to get more information.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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