A vacation home should be a personal paradise for a homeowner to get away from the stresses of life. Choosing the right vacation home is similar to purchasing other valuable assets. There is a multi-step process to ensuring that the vacation home you select is the right choice for you. Potential buyers should first talk to an insurance agent to learn about any risks that come with the area, as well as what type of insurance will be needed to properly cover the vacation home.

Location, Location, Location (and Risks)

The location of a home plays a huge role in its cost as well as what risks will be coming with the property. For example, water front properties are at a higher risk of flooding than homes built away from water or on a hill. Weather can also play a huge factor in choosing a vacation home. No matter if you prefer cold winter weather, warm
summer weather, or something in between there will always be risks attached.

Insuring Winter Homes

Winter weather homes, such as those found in Northern New England or out west towards Colorado will have winter related risks. These will include ice build-up, large snow deposits, and house fires. Ice build-up can wreak havoc on a home in a variety of ways.  From frozen pipes to the risk of falling icicles, to the risk of snow collapsing a roof. To stay warm, homeowners often rely on heaters, boilers, and fireplaces. These are all sufficient methods of heating up a home, however they present the risk of starting a fire. For most winter homes, fire is one of the leading causes of damage. So before choosing a winter vacation home it is important to understand the risks that come with the location.

Insuring Summer Homes

Summer weather homes present their own risks that are typically different from those of a winter home. Summer homes such as those found in California or Florida present the risk of flooding, hurricanes, and heat related damages. Most summer home owners tend to want their homes close to the beach or on a waterfront property. This presents a high risk of flooding in the event of heavy rainfall or large waves coming inland. Hurricanes and tropical storms can also lead to flooding along with other potentially catastrophic damages. This is why it is important to understand your property’s location and if there is a risk of natural disasters. Homeowners need to also be aware of heat related damages that can cause cracks in the foundation. Sweltering heat can wither away a home and without proper maintenance the damages will be very costly.

Insuring your Vacation Home

No matter where the location of your vacation home may be, insuring your home should be one of the first things you do once the purchase is completed. At H&K we offer Homeowners Insurance policies that will be sure to fit your specific needs. A proper vacation home insurance plan should include:

• Guaranteed Replacement Cost of Your Home: even if it exceeds the amount of coverage you carry on your policy. The insurance amount should equal the complete replacement cost of your home.
• Personal Property Possessions: protects against theft of personal items. In vacation homes this coverage is essential since the home is often vacant for long periods of time.
• Personal Liability: in the event of an injury due to an accident personal liability will make sure that you’re covered.
• Natural Disasters: Coverage from fire, earthquakes, and floods.

It’s vital to understand the process of selecting a vacation home before jumping straight into a purchase. There are a lot of factors that go into choosing the right one. At H&K we provide top of the line insurance policies for our customers and can help new homeowners select the right policy for them. Also if you would like to review your current policy to ensure you have enough coverage for your vacation home be sure to contact us at H&K Insurance, in Watertown, MA.