Category: Vacation Home
Does Your Vacation Home Have the Right Insurance?
Vacation homes are often used in one of three ways: owner occupied, as a rental, or unoccupied. Many people carry either a homeowners or landlord insurance policy, both of which often have significant coverage gaps. You will want to make sure youre covered for all three situations. If you vacation home is in the path of a named-storm, such as a hurricane, its possible that your home insurance deductible will increase. Many named-storm deductible clauses work by requiring a deductible thats a certain percentage of a homes value, which can be anywhere from one to ten percent. The hurricane deductible is designed to offer lower premiums, so the first thing you can do is to put aside that savings for damages. Be aware that hurricane deductibles only take affect if the homes damage results from a storm officially named by the National Weather Service. Remember, no insurance is perfect and so it is usually a good idea to have an umbrella insurance policy. They fill in any gaps in coverage
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