Insurance Expert: Condo Insurance and Your Vacation Home

Condo Insurance and Your Vacation Home
Getting The Best Condo Insurance For Your Vacation Condo

By Meha Ahmad, Staff Writer

Home insurance costs are rising, which means second-home owners are feeling the financial strain twice as much. When it comes to keeping a getaway condo for vacation times, it’s important for owners to maintain a strong and long-lasting condo insurance policy. To get a better idea of the cost related to insuring your second home you can call around to various condo insurance agents and then compare multiple condo insurance quotes or you can take the easy route. Get condo insurance rates free, using our quick online form. Compare & save.

Here are six ways to get sufficient and affordable condo insurance:

1.Call your condo insurance agent.

This is preferably the same agent that handles your other policies (auto insurance, home insurance, health insurance, etc.). That way, they will be more familiar with your coverage needs and can find you a sufficient condo insurance policy at a rate that fits within your budget.

2.Compare condo insurance quotes.

By obtaining multiple-multiple! That means more than two. Find as many as possible-condo insurance quotes, you can compare rates and the coverage offered by each insurer.

3.Research local factors.

. Find out what factors are affecting homes and condos in your condo’s area. Do you need extra coverage to guard against severe local weather, like hurricanes or floods? Be sure to ask your condo insurance agent if you need to update your condo insurance policy.

4.Look over the Master Policy’s details.

Does your condo association policy carry coverage for the condominium building and common grounds? Your association dues/fees are going to paying for that condo insurance, so make sure you know what your master policy covers (remember: the master policy does NOT replace your own condo insurance policy!).

5.Don’t forget liability coverage.

You have liability coverage on your home insurance policy, and your auto insurance policy. Why wouldn’t you need the same coverage for your condo insurance policy? Liability coverage will protect you from damages, medical and legal expenses if someone is injured on your property. The coverage extends to renters, if you choose to rent your condo to others.

6.Try to Get Discounts.

Because a vacation home is not regularly used (unless you’re renting it out), you are less of a risk and liability to insurance companies. As such, check with a condo insurance agent to see if you can get lower premiums due to the condo being an unoccupied or vacant home for a significant part of the year.

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