Vacation Home Insurance Guide: What You Need to Know about Cabin Insurance
If you just bought your Northern Wisconsin vacation property, the next step is to protect it with insurance! Most people who buy a second home do not have experience with vacation property insurance. Here are the basics of what you need to know to get started.
What is Vacation Home Insurance?
Vacation Homes are designated as your second property. Vacation property insurance is designed to cover a home you only live in part-time. Because of this, your cabin will likely be considered a higher risk because these properties are not being occupied or monitored as often. Risk of theft and vandalism, or electrical and plumbing malfunctions are more likely to cause severe damage when you’re not around.
What Does Vacation Home Insurance Cover?
Vacation property insurance is a little different than for your primary home. It will likely not be a comprehensive cover and only include event-based issues such as fire, theft, explosions, lightning, etc. Location will also affect what your insurance will and won’t cover.
How Much Does Vacation Home Insurance Cost?
The short answer is – it depends. Your insurance company will take a look at the property’s location, its age, the type of property or structure, and any other important factors for your area. Sometimes you might also need a separate policy for specific needs. For example, If your cabin is on a lakefront property, you will likely need to take out an additional flood insurance policy.
How Do I Purchase Vacation Home Insurance?
The best way to start is with the current provider of your primary home insurance. It’s possible they will have discounts for multiple policies or bundles that will save you money. It could also benefit you to shop around and get quotes from other insurance companies as well. Ask your friends, colleagues, and neighbors for their experiences and preferences as well.
At Vacation Land Properties, we don’t just want to buy or sell your property. We want to be your partner in your entire vacation home experience. Check out our other blogs to read more about cabin living and vacation property tips!