Condo Insurance for Vacation Homes

Owning multiple properties can be a wise investment but can also come with challenges. Not only are you responsible for the upkeep of these properties, but you must also ensure they are adequately insured. It can seem even more complicated when one of those properties is a condo. Understanding the coverage you need for a vacation home is an essential part of being a responsible property owner.

Secondary Home Insurance for a Condo

If your secondary home is a condo, you will need condo insurance, which is slightly different from homeowners insurance. Condo insurance typically focuses on the unit’s interior and the personal property within, while homeowners insurance typically covers the entire structure. Condo owners usually rely on their association’s master policy to cover the exterior and common areas.

Do Secondary Homes Need Additional Insurance?

No matter what kind of home your secondary or vacation home is, you may need additional coverage. For example, if your second home is in an area that is susceptible to floods, earthquakes, wildfires or other severe weather, you may want to invest in additional coverage or endorsements.

Ways to Keep Your Vacation Home Safe When Unoccupied

Consider the following tips to prevent costly incidents at your vacation home:

• Install security alarms and cameras.

• Use smart home devices, such as water leak sensors, smart smoke alarms and doorbell cameras.

• Have someone check in on your property regularly when you are away.

• Put interior lights on a timer to make it appear occupied.

• Set the thermostat to at least 55 degrees.

• Shut off the main water supply.

Learn More

Contact Wilkinson Insurance Agency to discuss your insurance portfolio today.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.