Things To Know About Homeowners Insurance And Your Vacation Property
You have worked hard your entire life and you are proud that you have a vacation property to show for it. Vacation homes, though, can suffer damage from theft, fire, or weather-related events just like any other. It is always devastating any time your property suffers damage, but the aftermath is even more complex when the damage involves a vacation property. Below, our Daytona Beach residential and commercial property damage lawyer explains what you need to know.
You Must Purchase a Separate Policy for Separate Properties
It is a common misconception that the insurance policy you have on your main residence will cover damage to your vacation home. If you do not have a separate policy for your vacation home, you will not have any protection if it becomes damaged. Worse, if injuries are sustained on your vacation property and you do not have insurance, you may be personally liable for paying damages.
For example, if you rent your vacation home out while you are not using it and someone becomes hurt, your insurance policy will cover the damages. If you do not have insurance, the injured party can file a lawsuit against you directly.
Insurance for Vacation Properties is Often Higher
Many people also mistakenly believe that the insurance premiums for their vacation home will be similar to the cost they pay to insure their primary residence. Unfortunately, this is not the case. Insurance policies on vacation properties often cost two to three times higher than they do on primary residences. This is because vacation homes are often left empty for long periods at a time and so, they are more susceptible to damage.
For example, a criminal may realize that the property is a vacation home and so, it is vacant. They may then break in and if you do not realize this right away, it can lead to further damage. If the criminal broke a window, for instance, the property is then susceptible to wind and rain damage, and wild animals may get in and cause further destruction to the property. Insurance companies are aware of these risk factors and so, they charge more to insure vacation properties.
Renting the Property Can Cause Further Problems
It may seem as though renting out your vacation property is a good idea. You will be alerted to damage right away, and it could even help you earn a little extra spending money. However, renting your vacation property can cause additional problems with the insurance company. They may argue that you incurred additional risk by allowing strangers into the home and use this as a reason to deny or reduce your claim.
Call Our Residential and Commercial Property Damage Lawyer in Daytona Beach for a Free Case Review
If your vacation home has sustained damage and the insurance company is not paying the coverage you deserve, our Daytona Beach residential and commercial property lawyer can deal with them on your behalf. Call Bundza & Rodriguez now at 386-252-5170 or contact us online to schedule a free consultation.