Top 4 Reasons Why Vacation Home Insurance Is Crucial

Top 4 Reasons Why Vacation Home Insurance Is Crucial

You've made it to a time in your life where you can afford to buy a vacation home. Not only do you have a place to take the family, you may even be considering renting it out during part of the year to recoup some of your investment. Buying your vacation home is just part of the fun and people choose to invest in a second home for a variety of reasons.

According to Economists Outlook:
The primary reasons buyers cited purchasing vacation homes were to use for vacations or as a personal and family retreat (42 percent), for future retirement (18 percent), and low real estate prices or good deals (12 percent).
Here are the top four reasons why vacation home insurance is crucial to protect your investment whether you use it solely as a place for you and your family or rent it out part-time or year round.

Liability Coverage

Liability coverage is imperative because it protects you financially. This coverage is for property damage and bodily injury sustained by others for you or covered residents of your household who are legally responsible.
In more simple terms, if someone gets hurt at your vacation home, it helps pay medical bills, wages, pain and suffering, and legal costs, which can cost a fortune if you were to pay it out of your pocket.
Even if you are not renting your vacation home, you may have guests over and accidents can happen on your property - even through no fault of your own.

Personal Property Damage, Vandalism, or Theft

Whether you rent your vacation home or not, you are vulnerable to property damage, theft, and vandalism. If a renter damages your appliances or steals a piece of artwork, for example, this is the type of coverage that allows you to be compensated.
With this being your second home, you are typically not there all of the time and with a vacant home, vandalism is a possibility to be aware of. You may help minimize some of the risk of adding a security system and combined with insurance coverage, you have a better chance of risk mitigation.

Mother Nature

Wildfires, tornadoes, earthquakes, and other types of natural disasters are rarely predictable and can cause significant damage. You need to be protected in case a natural disaster happens so you do not lose your investment or have extensive repairs that are unaffordable. 

Rent Loss

In some cases, you can get a Rent Loss rider that protects you in case you lose rental income due to unforeseen circumstances such as a serious incident or catastrophe. 

A Customized Solution

 
Here at Su Casa Valley Insurance, our personal and professional agents help you navigate your needs for coverage on your vacation home. You'll have peace of mind and the best policy that is specifically tailored for you - from professionals who care.
Whether your vacation home is just for you and your family, or you plan to recoup some of your initial costs by renting it out, vacation home insurance is a must in order to protect your investment.

 

Contact us today at (559) 328-5999 to find out more about vacation home insurance from our California locations in Visalia, Tulare, Selma, Hanford, and Fresno.