Whether you are a Mississippi resident who is fortunate enough to own a vacation home or you are an out-of-state resident who owns a vacation house here in The Magnolia State, you will need to be sure to cover your property with the right insurance coverage.
A local independent insurance agent can answer your questions about vacation home insurance and can help you find a suitable, competitively priced policy to cover your secondary home. Find 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 like vacation homes that are either not used year-round or are rented out to guests.
How Much Does Vacation Home Insurance Cost in Mississippi?
Vacation home insurance is more expensive than primary home insurance. In some cases, it can be two or three times more expensive than if the home were your primary residence.
This is because secondary properties typically present higher property damage risks. This may be because of the location (many vacation homes are located along shorelines or near lakes), amenities such as swimming pools and hot tubs, or because these properties are often left vacant for much of the year.
When calculating your cost for coverage, insurance companies will take several factors into consideration. These include:
- The size, age, and value of your vacation house
- The crime rate and weather risks where the house is located
- The value of the contents you typically keep inside the home
- Whether you rent the home out to others when you are not using it
- How far the home is from the nearest fire hydrant or fire station
The only way to find out how much vacation home insurance will cost for your property is by contacting a few competing insurance companies and requesting customized quotes. Local independent insurance agents can do the comparison shopping for you.
What Does Mississippi Vacation Home Insurance Cover?
The risks that you are likely to face in your vacation home depend on where your house is located. In Mississippi, top risks include hurricanes, tornadoes, severe storms, and property crimes. In other parts of the country, wildfires or freezing temperatures may be the top concerns.
You will want to be certain that the policy you are purchasing includes coverage against all of the hazards you are most likely to face. This is why working with a local independent agent can prove beneficial.
Your vacation home policy can provide you with three types of coverage:
- Dwelling insurance: This can cover the cost to repair or rebuild the structure of your vacation home if it 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 vacation home if it is lost or damaged by a covered event.
- Liability insurance: Your vacation home insurance can include personal liability coverage. If you have coverage for your primary home and your vacation home through the same insurance provider, your homeowners liability coverage can often be extended to cover both properties.
An independent insurance agent can review each type of coverage with you and can advise you about how much coverage is sufficient.
What Doesn't Mississippi Vacation Home Insurance Cover?
Just as with traditional homeowners insurance, there are some hazards that vacation home insurance will not cover. These include:
- Floods: Floods can cause a significant amount of expensive property damage. Fortunately, you can supplement your vacation home insurance with an affordable flood insurance policy through the National Flood Insurance Program (NFIP).
- Earthquakes: The risk of earthquakes is relatively low in Mississippi, but if your vacation home is located in a riskier location, like many parts of California, you will want to supplement your vacation home insurance with an earthquake insurance policy.
Talk to your insurance agent for help getting supplemental coverage for your vacation home if it is necessary.
Do Owners of Vacation Homes Need Landlord Insurance?
Landlord insurance may be required if you rent out your vacation home to others whenever you are not using it. This can cover the increased liability and property damage risks you face when you allow others to use your property. It also provides the added benefit of lost rental income reimbursement.
If renting out your vacation home is something you do infrequently, you may be able to save money by purchasing an endorsement on your vacation home policy instead.
It is very important for you to be honest with your insurance provider about whether you allow your property to be used as a rental unit. Failure to do so can result in a denied claim if something goes wrong while others are leasing the home.
An Independent Agent in Mississippi Can Help You Find the Best Vacation Home Insurance
Whether you are looking for affordable coverage for your vacation home, primary home, or rental property, a local independent insurance agent can help. These experienced agents can answer your insurance-related questions and can help you find comprehensive coverage at a competitive price.
There are more than 200 independent agents in Mississippi. Contact an insurance agent near you to start comparing vacation home insurance quotes.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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