How Much Will it Cost to Insure My Rental Home?
Insuring a short-term or vacation home rental is usually more expensive than insuring your primary home. If your rental home is significantly smaller or located in a low-cost area, premiums could be lower. But in most cases, you can expect your premiums to be a bit higher.
The primary factors on which your vacation rental home insurance premium is calculated usually include:
- The state in which the vacation rental home is located
- The home’s condition
- The type of home
- Your claims history
- The amount of coverage you need or want
- Your deductible
Here are some other factors Insurers consider when calculating your premium:
- Whether the home is in a disaster-prone area (for floods, hurricanes, earthquakes, wildfires, mudslides, etc.)
- Whether the home has a pool or hot tub
- The number and condition of outbuildings (sheds, detached garages, etc.)
- Whether a waterfront home has a boat and/or a boathouse
- How far away the home is from services like fire stations
Your insurance agent can discuss these factors in more detail. If you don’t know where to start, the best first step you can take is to talk to an independent insurance agent. They know which questions to ask and are happy to take your information and provide a quote for you.
Additionally, your insurance agent knows how to protect your interests when you rent your vacation home on either a short- or long-term basis.
Put your mind at ease about insuring your second home. Talk with an experienced insurance agent today. They understand that you want the best possible coverage at the most reasonable price.