Vacation homes serve as sanctuaries from the daily stresses of life. The question is, are Americans properly protecting their fortresses of solitude? With the median vacation home costing approximately $200,000, these investments are significant.

If you own a vacation home, the following are a few things to take into consideration to properly protect it.

Property crime
If you’re like most vacation homeowners, your home-away-from-home is only used by your family during certain parts of the year. If you don't rent it out, that leaves lots of time where it's unoccupied - making it susceptible to theft. Although property crime - including burglary - fell from 2016 to 2017, it's still cause for concern. Burglary still accounts for 19.1% of the estimated 7.9 million property crimes reported in 2016.

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Click here for tips on securing your home from burglary. Also, make sure your homeowners insurance policy is up to date by speaking with your agent. You should also consider performing a home inventory so you know the proper amount of coverage to secure.

Condominium or single-family?
When it comes to insurance, the type of property you own helps determine the policy that's best suited for your needs. For instance, if you own a condominium rather than a single-family residence, your condo association may already have coverage. At the same time, the insurance that the association has may only protect the physical structure of the condo, not your belongings. Be sure to look into this before you consult with your independent agent.

Do you have flood insurance?
Simply put, flooding can happen in a wide range of regions, no matter the time of year or the local weather patterns. While some areas are more likely to see flooding than others, many properties can experience a devastating flood.

Flooding is among the most destructive natural disasters. It can ruin homes, destroy businesses and take lives. As a homeowner, keeping your property safe is a top priority. And that includes taking preventive action against the risk of flooding. But many property owners don’t realize flooding damage isn't covered by a traditional homeowners insurance policy. Check with your independent agent to help determine what risks you face and protection you need.

Vacation homes often serve as getaways from the stresses of life. As such, it's not uncommon for owners to have various amenities, be it a swimming pool, hot tub or trampoline, among others. Because accidents are possible with these kinds of recreational items, you may want to speak with your independent agent about the liability portion of your insurance policy and your liability limit to ensure your assets are adequately protected in the event someone is injured on your property and files a lawsuit against you.

Your vacation home's value is an additional factor that can help you assess your insurance needs.
Property insurance premiums are determined by how much it would cost to rebuild your residence from scratch should it be destroyed. Your independent agent and insurance carrier can work with you to determine the appropriate amount of coverage you might need.


If you have any questions about this article, please feel free to contact Heather Duffy at (732) 256-3420.


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Article and photo courtesy of Selective Insurance.