Protecting Your Second Home

The reality is that you may pay more for a homeowners policy on your second home than you do for your primary residence. Why? You pay more simply because you're not there as much. Vacation properties often stand empty and are therefore considered vulnerable to damage and theft. If your house is in an area often traumatized by weather, like a beachfront community, you'll pay even more.

To keep your insurance premiums on your second home down to a manageable level, protect your property as much as possible. Install smoke detectors, for example, as well as an alarm system. Here are a few more helpful tips to consider:

Combine Your Policies
Your first step in seeking coverage for your second home should be to the agent who sold you coverage on your first home. You should be able to save up to 10 percent by insuring your second home with the same company. In fact, many insurance companies have package policies that include home, auto, personal recreational vehicle coverage and even personal umbrella insurance. In this case, you may be able to save even more.

Protect with an Alarm System
A central alarm system that detects both fire and burglaries can cut as much as 20 percent off the top, insurance companies say. A basic system costs around $200 to install, depending on the number of zones and sensors in your system, according to alarm company ADT. Expect to pay $60 and up for service each year.

Extra Protection
Owning a home in a gated community often means savings and for homes in more rural areas, proof that the local fire department has access to a stream, lake or other water source can reduce premiums as well. And it's not a bad idea to hire a caretaker to check in on the place from time to time. Insurance companies might not offer you a discount for having one, but it may make them more inclined to accept your business if they know how often someone will be checking in on the property.

Don't Forget Your Umbrella
If you didn't have an umbrella liability policy before you bought your second home, you have enough assets to warrant one now. An umbrella policy will extend the liability limits on your homeowners, auto and even boat policies for a reasonable sum. Insurance experts recommend a minimum of $1 million in umbrella liability for people who own two homes.

Request a no-obligation quote for second home insurance policy.

See also:

• Preparing for Disasters
• Protect your home against wildfire damage
• Four Steps to Fire Safety
• Are you prepared for a Hurricane?
• Home alone - protecting your home
• Power surges: How to protect valuable electronic equipment
• How to handle a kitchen fire
• Know what to do if a hailstorm strikes
• Watertight ways to avert water damage
• What to do after a severe storm

You might also consider :

• Second Home insurance