Secondary homeowners insurance provides physical damage coverage for a secondary home you own that is not considered your primary residence. Examples of secondary homes include a weekend house, a cottage, summer home, vacation home, recreational residence, a cabin, or a condo in the city you use to stay at after attending sporting events or concerts. A secondary home can also include a home that you allow your children to occupy on a full-time basis.
A standard home insurance policy offers coverage for your primary residence. Your primary home is the house you reside in most often and regularly. A secondary homeowner’s policy may also be for a residence that is routinely occupied but less often than your primary home.
You will require secondary home insurance if you own a second home, whether it be a house, condo, or cottage that you occupy in addition to your primary residence.
Your primary homeowners insurance policy will not provide coverage for a secondary residence. Many insurance companies do not require a new policy to be purchased in order to receive coverage for your secondary home. The insurance company can add your second home to your existing homeowners insurance policy. If you have a secondary home, make sure to update or complete a new home inventory list to include the items at your secondary residence.
It is important to be aware that you are not able to purchase better coverage for your secondary residence in comparison to your primary home.
Secondary home insurance can cover you for physical damage to the dwelling and outbuildings such as a shed, coverages for your personal property and the loss of use of the dwelling. The condition, use, and location of the secondary home are among the factors that determine insurance coverage for your specific property.
There are three main policy forms available to property owners; Fire and Extended Coverages, Broad Form Coverages, and Comprehensive Coverages.
Some additional home insurance coverages to consider adding to your policy include sewer backup coverage, overland water coverage, identity theft coverage, and by-law coverage.
Secondary home insurance may be more expensive than your primary homeowner's insurance. The reason is the probability of a loss is higher for a residence that isn’t occupied full time.
You could potentially not visit your secondary home for days or weeks, during which you could have suffered a loss and not be aware of it. Typically these kinds of losses are catastrophic if there is no one at the residence to prevent further damage.
Prevention is vital when you own a property that you are unable to occupy daily. Having a home alarm system or, at the very least, having a friend or neighbor monitor your home and notify you of any potential issues are good preventive measures.
Secondary home insurance can cost you between $1,000 and $2,400 a year. There are many factors that determine the cost of your secondary home insurance including the condition of the residence, location, use of the property, and fire protection proximity. Ensure that you disclose all necessary details of your second home to your insurance broker so your property can be properly assessed for the best secondary home insurance coverage.
You can save on your secondary home insurance by having home insurance discounts applied to your policy, or by increasing your deductible. Some discounts you may be eligible for include claims-free discount, multiple-property discount, and monitored home alarm discount. Below is a list of more discounts available.
It is important to discuss all the details of your secondary home with your broker, not only to insure it adequately but to also be sure all possible home insurance discounts are applied.
You can get secondary home insurance from an insurance broker. An insurance broker will ensure you have the proper coverages for your second home at the best value.
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This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.