Like most vacation property owners, your vacation condominium, cottage, or timeshare is your home away from home, or your happy place. 

But have you ever wondered what you would do if something happened to your vacation home?

What if someone broke in while you were away? 

What if a tree fell down and smashed into your roof? 

Vacation homes are often higher risk because they are vacant regularly. While we never want to think about worst-case scenarios, sometimes we have to. 

Read on to discover all of the important considerations to have when you apply to get vacation property insurance:

It is Better to Be Safe Than Sorry 

Vacation property insurance applies to the building and contents and liability at the vacation home, such as a summer cottage or winter cabin. 

Some vacation home insurance can also apply to sheds, boathouses, or guest cabins on the property. 

Vacation property insurance protects you and your property if contents are damaged, destroyed, stolen, or lost due to perils such as fire, explosions, burglary, falling trees, or severe weather.

Vacation Homes Are Most Vulnerable When Vacant 

The main reason to get vacation property insurance is to ensure your valuable investment is protected from potential loss due to fire, weather or theft. 

Whether you are just running into town for supplies or living at your main property for most of the year, your vacation property is vulnerable when vacant.

With the right property insurance, you can rest easy when you are miles away from your vacation home. 

Bad Weather Can Cause Big Problems 

As most vacation properties tend to be near water, surrounded by forests, or in tropical storm hot zones, these properties are vulnerable due to potentially catastrophic weather which is happening on a regular basis. 

You need protection from mother nature’s wrath from heavy rainstorms to flooding. 

It is always better to have a crisis game plan in place, and an insurance representative who is just a call away.

The Cost of Not Having Vacation Property Insurance Is Too High 

If you do not have vacation property coverage and damage occurs, you will need to pay for repairs out of your own pocket. 

Without insurance, if someone were to break into your vacation property and steal electronics, arts, or other precious goods, you would not receive any reimbursement. You would have to replace these items yourself. 

If someone is injured while on your property, you may also need to cover their medical bills, as well as other fees.

In short, if you do not have vacation home insurance and something goes wrong, you will be responsible for replacing items and repairing damage at your own cost.

Renting Vacation Properties Can Be Risky 

If you are planning to rent out your vacation home on Airbnb, for example, there are plenty of risks involved. 

While full-time renters usually carry a tenant’s insurance policy, short-term or weekend renters are not. This leaves a gap in coverage should something happen to a person or persons and their possessions while they are staying at your vacation property. 

In most cases, the person renting from you will be protected by their own insurance policy. However, if they do not have insurance, you and your property may become involved. In this case, it is essential that you have additional insurance coverage for short-term rentals.

Protecting your property is vitally important – especially when renting to strangers who may not care for or respect the property in the same way that you do. 

Airbnb Does not Cover Everything During Temporary Rental

Companies like Airbnb build in some protection automatically for hosts when they sign up for the platform. However, these protections are often not enough. 

It is important to understand what Airbnb and other rental companies cover and where there might be gaps in your coverage through the platform.

Time Shares Need Insurance Too 

If your vacation property is a timeshare, it is a smart idea to purchase extra insurance above property and general liability. 

Why? Because your timeshare contract may not cover you fully. For example, there are often special limits on theft coverage.

To find out what your particular timeshare provides for insurance coverage, read your timeshare agreement thoroughly and contact your insurance provider. 

Vacation Property Insurance Is Expensive but Fair 

Vacation property insurance is often more expensive than primary home insurance. 

However, this cost is relative to the home’s age, condition, amenities, and location. 

In other words, the cost is high but warranted. 

Contact BKIFG For Vacation Property Insurance 

Insuring your vacation property is just as important as insurance your home. Get in touch with our team to learn more about your options for coverage today.