Question : How the home insurance for secondary home different from primary home insurance?
I am renting my home for 4 months and that's why I need to convert my Primary home owner's insurance policy to Land lord policy. But after 4 months I can't change the insurance of my home to Primary home owner policy. But I will have to get the Home owner's insurance for the secondary home which is more expensive then the primary home. I do not live in this house. So is it okay to go for a landlord policy for 4 months and then to secondary home - insurance policy? Is there a risk of very high premium on Secondary policy, could I change the policy back to primary home owner's policy? What are the drawback of a secondary home insurance vs primary home insurance policy. Please help. Thanks.
- asked by Cosmos
All Answers:
Answer #1
A risk of high premium?? Are you kidding? Howabout a risk of your property burning to theground and being denied coverage because you weretrying to save a few premium dollars by notdisclosing the use of the house to the insurancecompany (I think they call that insurance fraud). One of my properties had a major fire (read aboutit on my blog) if you don't think it can happenyou'd be wrong. Make double sure to match theproperty coverage policy to the use of theproperty. If you're living there it's a HO policy,not living there full time a second-home or'vacation' property policy, renting it a landlordpolicy, have it open for whatever reason, avacancy policy. Don't be premium rich andcoverage stupid.The differences between a primaryhome and secondary (vacation house) policy vary alittle by company. Some companies sell a policywhere primary liability and personal property iscarried on the HO policy, others keep everythingseperate. Get a sample policy from your insuranceperson.
- answered by ernesto_tig
Answer #2
If you're not living in the second house, then youshould be able to get a dwelling policy.Especially if your goal is to rent it out. YourHO3, if it's a single family detached structure,should be the one for the house you will live in,as it includes personal property coverage.Are youtalking with your homeowner's insurance agent atall?
- answered by Miss V
Answer #3
Why not just go to an online site that will giveyou bids from multiple agencies. It's quick andyou're not at any risk, and it will give you aballpark figure to work with and decide what isright for you.
http://insurance.deal4-you.com.
- answered by MartinM
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measure and fulfill your financial needs
