Types of Home Insurance Coverage for Vacation Homes

You’ve found the perfect slice of paradise that you’ll be calling a second home. So, what’s next? Finding insurance. When you own a vacation property, you need to buy a separate home insurance policy. Fortunately, there is such a thing as vacation home insurance, also known as second home insurance. Here are all the types of vacation home insurance coverage and how they work. 

Dwelling Coverage

This coverage applies to the physical structure of your vacation home. Some policies specifically name what events are covered, and others specifically name what is not covered. Which type you buy depends on your insurance needs. 

Other Structures Coverage

If your detached shed, garage, fence or other structure is damaged in a covered event, this type of coverage will pay for the repairs or replacement. 

Personal Property Coverage

Clothing, furniture, appliances and other personal items are included under this type of coverage. This type of coverage pays to replace these belongings if they’re damaged or lost in a covered event. 

Loss of Use Coverage

Also known as living expenses coverage, this can pay for additional living expenses, such as hotel bills and parking fees, if your second home becomes uninhabitable during a covered event.

Personal Liability Coverage

If someone gets injured at your home and you are found at fault or if you cause damage to someone else’s property, this type of coverage will pay their medical costs. It may also cover legal fees if they sue you.

Medical Payments Coverage

This type of coverage covers the cost of a guest’s medical bills if they get injured on your property but you’re not legally liable.

Rental Property Insurance

This only applies if you rent the properties to others as a vacation rental or renting on a platform like Airbnb. It’s a standalone short-term or long-term policy that will need to cover the time that the property is rented.

Just like your primary residence, your second home needs to be covered by insurance. If you’re in the market for second home insurance, shop policies from over 50 top-rated insurance carriers today by using Nsure.