Roberts Insurance Group Blog
When it comes to insurance, there are a few different things to consider that differ from insuring a primary home. Why is that? Because the risks are going to be slightly different.
Depending on how your vacation home is used, there are going to be some risks associated with it that are not relevant for your primary home.
Personal Use Only- Extended Vacancy
If you have a second home that is solely used by you and your family, chances are it is vacant a majority of the time. With the increased vacancy, there is an increased risk for burglary, vandalism, and unnoticed damage. For instance, if there is a water leak from an appliance or plumbing fixture, it could be several weeks before you notice it. Whereas, you would probably notice it right away with your primary home. Insurance companies take this increased risk into consideration when determining your policy premium.
Intentions Of Renting
Many Georgians with vacation homes will often make them available for short term rental, like on Air BnB or VRBO, when they are not staying there. This helps create an additional income stream and/or a way for the home to "pay for itself". If you're doing this with you vacation home, you'll need to have your policy set up slightly different. For instance, it would be a good idea to have coverage to cover your lost income or lost rents in the event of a loss. If there's damage to the home that makes it unavailable to rent-out until repairs are made, the loss of rent or income coverage will ensure that your additional income stream is not interrupted.
In addition to loss of rent, Georgians who rent out their second home need to consider the added liability that comes with short term rentals. With so many people that are coming and going and are unfamiliar with the property, the likelihood of someone getting injured on the property is increased. This is a great reason to consider adding a liability umbrella policy.
How Much Does It Cost To Insure A Vacation Home In Georgia?
This depends on so many different factors including how the home is used, the location, the size of the home, the age of the home, the age of the roof, your claims history, whether you need flood insurance, and more. However, you should expect to pay slightly more than you do for your regular home for the same coverage limits. To make sure you're getting the very best value on the insurance for your vacation home, we recommend consulting with an independent insurance agent. An independent insurance agent will have access to dozens of different carriers to help you find the best value for your particular situation without trying to push you to buy one specific product from one specific company.
Get A Quote Today
Contact us today by calling 678-250-8133 or by clicking below to get a quote on your vacation or secondary home. Our licensed independent agents have insured vacation homes all over Georgia and have the knowledge and carrier access to get you the very best value for your property.
The Roberts Insurance Group is a Georgia Insurance Broker specializing in commercial and personal insurance for our clients throughout the state of Georgia. We help our clients lower their cost of insurance with our superior claim and risk management expertise and our extensive carrier access. We are in the business of building relationships with our clients to help them grow and succeed. Contact us today to see what we can do for your family or business.