If you own a second home in Illinois, you have additional considerations when buying home insurance. Protecting a second residence is different from insuring your primary one. Second residences have additional risks that your insurance must cover. Green Family Insurance Inc., serving Illinois, Florida, and Missouri, can help you select the right insurance policy to protect a second home.
Why Secondary Home Insurance Is Different
Second homes frequently remain unoccupied for long periods. This circumstance makes them vulnerable to theft, vandalism and undetected damage, such as leaking pipes. Standard homeowners policies generally do not provide sufficient protection. Because of these risks, you cannot place your second home on the same policy as your primary residence. Both homes will need separate policies, although you may be able to bundle them to save money on your premiums.
Risk Factors Affecting Premiums
In addition to long periods of vacancy, other factors affect your insurance needs and ultimately your premiums. Second homes typically have different characteristics. Your second home may be located on a waterfront or face flood or wildfire exposures that increase premiums. The property’s condition and whether you use it as a rental will also affect premiums. You may need specialized coverage or umbrella insurance to address those risks adequately.
Crafting Your Second Home Policy
The policy for your second home may be more expensive than for your primary home. Nevertheless, getting the correct coverage is paramount. Work with your agent to assess your unique risks. If your second home is in a high-risk area for flooding or other hazards, consider adding endorsements. Owning a second property also increases your liability risk. Consider increasing your liability limits for sufficient coverage.
The staff at Green Family Insurance Inc., serving Illinois, Florida, and Missouri, can help you customize a home insurance policy for a second residence and reduce premiums through bundling. Contact our office to get started.
