Home Insurance for a Second Home in New Jersey

Owning a second or vacation home provides a safe haven for fun and adventure. It also represents an investment, especially if you intend to rent it out occasionally (or more).

Like your primary residence, it’s recommended that you purchase home insurance for your secondary home in New Jersey. The same risks that could damage your main house – fire, theft, weather etc. – could also impact vacation or secondary homes. Here are some factors to consider when insuring second homes.

Many who acquire a second home think that their existing homeowners’ policy on their main house will cover a vacation property. Your main home insurance likely does not cover secondary dwellings or contains an exclusion on some properties. Even if you rent your vacation home for only one or two weeks a year, it may be considered a rental property in which case you will need specialized coverage. It’s best to have a separate policy for a second home because the policy can be customized to provide the right coverage and your coverage needs may be different as well.

As mentioned previously, even if you rent your vacation home on a very limited basis, you may be liable for injuries to tenants and visitors or responsible for any damage that might occur when they use the property. If you use your place mainly as a rental property, you will probably need rental property coverage.

The location of your second home will be a major factor in the type and cost of coverage needed, particularly if the property is located in a rural area, with limited police and fire service. If the home is in a flood zone or near a river, lake or stream, it may require flood insurance. Another factor to consider is whether the home will be vacant for long periods of time. If it’s only occupied in the summer, who will check on the property for leaks, roof damage or even burglary or theft the rest of the year? This also means that any damages resulting from all of the previously mentioned risks could be higher due to an empty dwelling. It’s important to make sure you have the proper amount of coverage for your second home.

Other factors you will have to consider are your personal liability if a guest or family member, suffers an injury while staying at the home. If the vacation property has boats, snowmobiles or other recreational machinery, make sure you and your guests are covered if an injury occurs. Having insurance on your second home makes as much sense as having a homeowner policy on your main house.

We also offer other types of coverage options to customers in New Jersey. Learn more about how much homeowners insurance you need by clicking here or find out more about renters insurance or getting a home insurance quote.

Call Plymouth Rock in New Jersey at 855-993-4470 or find a local agent to see how you can save on home insurance for a second home in New Jersey and if you have any questions you can visit our Contact Us page.