Your primary home insurance provides financial security by insuring your house, possessions, and assets. Homeowners’ insurance for a second home does the same.
The primary distinction is that second homes typically have higher home insurance rates due to a higher risk of claims.
The same coverage is included in homeowner’s insurance for second homes as for your primary residence, but due to the higher risk of insurance claims, vacation homes are typically more expensive to insure.
Compared to all the time and effort that goes into buying a house or apartment, many homeowners tend to leave the question of insurance on the backburner. However, picking the right kind of coverage is crucial for safeguarding your assets in the case of a major disaster or burglary.
Additionally, if you’re going to be taking out a loan to purchase your new home, mortgage companies will require you to have some form of coverage.