Is your home a vacation home? That depends on its location and how often you occupy the home during the year. Both of these factors come into play when classifying your home as a vacation home and determining insurance rates.
Why would these factors apply? For several reasons.
When it comes to location, vacation homes tend to be located either in rural areas or in areas prone to flooding. This means they are often more susceptible to damage by Mother Nature, and sometimes have more limited access to emergency services.
With regard to how long it is occupied each year, homes with long periods during which they are not occupied are more prone to theft, vandalism, and natural damage that goes undetected for a long period of time (which can exacerbate the damage).
Because of these factors, insurances rates for your vacation home will differ from your primary home.Though these factors can impact your rates, costs can be alleviated through the creation of an umbrella policy. To learn more about this type of insurance and how it might fit into your life, contact JF Murray today to schedule a consultation.