Protecting Your Home Away from Home

Wednesday August 07, 2013

Shelley600px"Don’t forget all the “toys” you have at your seasonal house.  They may not be covered under your homeowners policy, or the liability for those toys may only be for on your property and not off premises. Talk to us about coverage for your boats, golf carts, and ATVs." Shelley Miller | Coverage Options At a minimum, your lender will require that you carry hazard insurance to protect your property against damage from fires, earthquakes or severe storms. It is also a good idea to add Liability insurance, which covers you and members of your household for accidental injuries to your visitors.  Opting for Property plus Liability insurance adds up to a standard Homeowners Insurance package. For an extra layer of protection, a Personal Umbrella Liability policy extends your liability coverage for properties named in the policy. Dwelling Fire Insurance Since most homeowner policies require occupancy as a condition of insurance, the fact that you visit infrequently may preclude you from obtaining full Homeowners coverage.  Dwelling Fire Insurance is an alternate coverage option utilized in insuring residential rental or non-owner occupancy property, including vacant property. A Dwelling Fire policy continues to offer coverage for a home and other structures (detached sheds or garages, for example) for perils named in the policy.  Named perils listed in a typical Fire Dwelling Policy protect against damage caused by fire, collapse, lightning strike, wind, hail, explosion and smoke. For more coverage, consider adding Personal Property Protection and Liability Insurance to a Dwelling Fire policy. Renting out your home to others? Whether your second property is an apartment unit or a family home, if you are renting the property, you will have little control over the physical damage that can occur in or on it. To mitigate your risks, Tenant-Occupied Dwelling Insurance will cover the costs incurred by damage, including fire, storms, burglary and vandalism. It does not cover your tenant’s personal property. Renting your property furnished or unfurnished also has insurance coverage implications. If you are renting your property furnished, make sure to let us know.  We can advise you on the best coverage options and whether you need to consider requiring longer-term tenants to carry additional Renter's Insurance. As with all Homeowners Insurance, it is important to be sure that there is enough coverage to protect all of your property values and assets when purchasing coverage. Top Ways to Save on Your Premium:
  • Consider raising your deductible
  • Invest in a home security system
  • Update exterior locks to dead bolts
  • Install smoke alarms
  • Select an automatic payment method
  • Monitor your credit rating
  • Ask about our multi-policy discounts