Buying a second home either as a rental property or a vacation getaway is just like buying a primary residence. For instance, you will have to make sure that your second home has the right amount of home insurance coverage.
Your second home is likely your most valuable asset hence getting the right insurance coverage is critical. StraightEdge Insurance Agency brings you the most client-friendly second home insurance in Austin, TX. Sometimes, finding comprehensive home insurance for your second home can be difficult since most insurance companies consider it a high-risk property since they are left for more extended periods.
Getting a Second Home Insurance
Buying home insurance for your second property isn’t the same as buying insurance for your primary home. Pay attention to the rate of premiums as you shop around for your second home insurance. Keep in mind that the overall cost of insuring your second home can be a little bit higher than what you are currently paying for your primary home.
Consider installing security systems in your residence if you hope to keep the premiums low. Alternatively, talk to your provider and request a discount if you’re combining your second home policy with another insurance coverage.
What is Covered Under Your Second Home Policy
Typically, the amount of money that you will need to insure your second property will depend on how you are going to use the home. Will you rent it or are you planning to use it as a vacation house? For instance, if you are renting it, then you may need to purchase a comprehensive policy that will cater for the entire cost of replacing it if it’s destroyed beyond repair.
You can also consider getting extra coverage for rent loss which will cover the loss of your rental income in case a catastrophe occurs. You may also need to supplement your second home insurance with a separate flood and earthquake insurance.
Do you own a second home in Austin, TX? Talk to StraightEdge Insurance Agency today for insurance on your second home.