Buying a second home can be exhilarating. You now own a private destination for escaping the bustle of everyday life — or a financial investment toward exponential wealth as you lease the property.
But with every new property comes the inevitable risks of ownership, too.
Talk to an insurance agent about options that will guarantee that your second property stays covered against bad weather, vandalism and other threats.
Curious about those options?
- Dwelling Coverage: Accidents happen. Get dwelling coverage, also known as home structure coverage, to insure your investment property against potential fires, lightning, hail and other hazards. Note that it doesn’t cover floods or earthquakes, which is something to keep in mind based on your property’s location.
- Landlord Insurance: No matter how much screening and interviewing you conduct upfront, you can’t know how your tenants will behave until they’ve stayed in your home. To protect your home (and wallet) against potential property damage, liability costs and loss of rental income, landlord insurance is a smart choice.
- Vandalism Coverage: It’s a homeowner’s worst nightmare: someone intentionally causing damage to your home or property. Fortunately, you can get insurance against this type of malicious behavior. Vandalism insurance helps you recover from deliberate damage to your property.
- Umbrella Insurance: Most forms of insurance cover people and situations that are out of your control: weather, vandalism, general property coverage and more. But what if your original policy is exhausted based on something you did? That’s where umbrella insurance comes in for extra liability coverage.
Owning an investment property can be a little bit more work than a primary residence, but you can also reap great rewards. Reach out if you’d like a referral to a trusted insurance agent, or if you’re ready to start looking for a new space.