Vacation Home Insurance

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Whether your second home brings you to the ocean, the mountains, or a tropical retreat during New England’s winter months, your primary goal is the same: relaxation. As a part of our high net worth (HNW) household insurance specialty, we routinely help families get the best coverage for their coastal houses, condominiums, and other seasonal properties. Because we have relationships with a variety of premium carriers, we can often deliver more options and better rates than the average agency. What’s more, our dedicated, knowledgeable team will work to stay ahead of your evolving coverage needs. So you can… well, relax.

Vacation Home Insurance Basics

We all know it makes sense to bundle your insurance policies with the same company whenever possible. Carriers often provide discounts for loyalty and/or multiple policies. That said, not every insurance company is licensed in all states. Further, not every company is equipped to deal with high-risk property insurance, which often comes into play with coastal homes. At C&S, we have access to dozens of premium carriers, so we can help you build a strategic program for your primary and secondary residences no matter where they are located.

Supplementing a “Named Perils” Policy

According to the National Association of Insurance Commissioners, “homeowners insurance for a secondary home can have significantly different terms than your primary home’s insurance policy. How a secondary property is used and how often it is occupied during the year determines the type of coverage. Insurance for these properties is typically written on a “named perils” basis.” Named perils usually include lightning, smoke, windstorms, and hail. With coastal homes, however, windstorm coverage may be excluded. And liability/personal property limits may be inadequate. Optional coverages (endorsements) and/or a personal umbrella policy might make sense to fully protect your investment.

Flood Insurance for Vacation Homes

Flood damage is excluded from most home insurance policies, so owners should be prepared to purchase flood coverage separately–especially if their property is near the water or otherwise at risk. Since 1968 the National Flood Insurance Program (NFIP), administered by FEMA, has helped homeowners in and around high-risk areas get prepared for damaging flood events. Recently, more private insurers are offering flood insurance programs as well. Learn more about the variables you should weigh when purchasing flood insurance in Massachusetts (or elsewhere)–including protection amounts, availability, rates, wait times, and more.

Considerations When Renting Vacation Property

Luxury home rental is growing in popularity every day. Sites like Airbnb, VBRO,  and We Need a Vacation make it easy to share your vacation space when you’re not using it. Unfortunately, home-sharing insurance implications aren’t always clear. And although the major sharing platforms do offer some protection, it’s not comprehensive by any means. Let our team guide you through the different exposures while recommending the appropriate coverages and limits.

Ready to talk vacation home insurance? Call our team at 508.339.2951!