Vacation Home Insurance in Waynesville, NC Gatlinburg, TN and surrounding areas
Protect Your Home Away From Home.
Overbay Insurance Services is committed to helping every client get quality insurance benefits that will protect them in all parts of their lives. If you‘re investing in a vacation or second home, then you must adequately insure the property with a home insurance plan that is customized to fit your precise needs.
As with all homeowners insurance, it is important to be sure that there is enough coverage to protect all of your property values and assets when purchasing coverage. We can help you sift through the numerous policy options available from our carrier network, and provide you access to a range of top-rated policies. Together, we’ll find you the perfect coverage solutions.
Common Vacation Home Insurance Questions
What Is Vacation or Second Home Insurance?
A home is one of the most important and expensive investments that you will ever make. That value alone is worth protecting, and homeowners insurance will help you do so.
If you plan to buy a second or vacation home, you’ll most likely need another insurance policy to protect that additional investment. Vacation home insurance is a type of homeowners insurance policy that covers a home you own, but don’t live in full time. It is separate from your standard homeowners policy for your permanent residence.
Vacation homes are typically viewed as being higher risk by insurance companies because they aren’t occupied all of the time. You never know when a hazardous event—like a house fire, break-in, severe storm—might occur in your home, cause damage and put you in a very tricky situation. That’s even more of a concern for second homes, which are likely unoccupied a majority of the time. Homeowners insurance will pay your recovery costs on your behalf. That way, you can rest assured that you will be able to move on from life’s challenges without costing a small fortune.
What Does Vacation Insurance Cover?
A vacation home insurance policy isn’t identical to traditional homeowners insurance, as the home isn’t being lived in full time.
Instead of covering all the things that a typical homeowners policy might cover, a vacation home insurance policy may be built around named perils only. This means the policy for your second home will list a specific set of events that are covered, which may include damage from:
Fire and smoke
Keep in mind that a vacation home may also require secondary coverage depending on where the home is located. For example, beachfront homes may need a separate flood policy. Additionally, if your vacation home is at risk of damage from hurricanes, you may need a hurricane policy as well.
Can I Rent Out the Second Home to Others?
Whether your second property is an apartment unit or a family home, if you are renting out the property, you will have little control over the physical damage that can occur in or on it. To mitigate your risks, tenant-occupied dwelling insurance will cover the costs incurred by damage, including fire, storms, burglary and vandalism. It does not cover your tenant’s personal property.
Renting your property furnished or unfurnished also has insurance coverage implications. If you are renting your property furnished, can advise you on the best coverage options and whether you need to consider requiring longer-term tenants to carry additional renters insurance.
What Does Vacation Home Insurance Cost?
Whether your second home is reserved for your private use or shared as a rental, it costs more to insure than your primary residence.
Multiple factors could influence the cost of your vacation home insurance, including:
The home’s location
The home’s age
The home’s condition
How Do I Insure a Vacation Home?
If you are looking to insure a vacation or second home, your insurance needs are unique. Overbay Insurance Services can help explain what is (or isn’t) covered and any exclusions due to the property or location specifications. Call us at 828.452.4699 or request your free quote now.