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Choosing The Right Insurance Policy For A Second Home in NJ

siadmin June 27, 2019 Home Insurance Insurance

Are you thinking about buying a second home in New Jersey? This investment offers many perks, such as tax savings, rental income, and an additional place to spend with family and friends. But, just like your primary home, a second property comes with risks that must be accounted for. In fact, insurance for second homes is usually higher because they are more vulnerable to perils, burglary, and vandalism.

To ensure that you get the best insurance policy for your second home in NJ, it’s best to work with an independent agent who can obtain multiple quotes for you. This way, you can compare apples to apples and make sure you are getting the best coverage for the price. In the meantime, here are some tips to follow.

Check Your Primary Homeowners Insurance

Check with your primary homeowners policy first, as some policies will cover a second home. If your insurance does extend to another property, you may not need to take out a second policy. However, this is rare. You will probably find that you need a separate policy, as vacation homes carry their own set of risks.

Know the Coverage You Need

The amount of coverage you need for your vacation home depends on a few things, such as where the home is located, how it will be used, and its risks. Aside from covering the structure of the property, you should also have enough personal liability coverage. Also, if you plan on renting out a second home, or the home is located near water, you’ll want to talk to your insurance agent about rental insurance and flood insurance.

Ask about Discounts

Generally speaking, premiums on second homes are higher than on primary homes. But, there are ways to save money, so talk to your insurance agent about how to get the most from your policy. For example, a home security system can protect your home when you’re not there, reducing the risk for theft and vandalism. Also, bundling insurance policies can reduce your rates.

Shop Around for the Best Coverage

Insurance on a second home varies from carrier to carrier, so be sure to get several quotes and compare coverage and price. The Soden Agency does this automatically for our clients. We work with many insurance companies and are able to find our clients comprehensive and affordable coverage options.

Insurance is essential for protecting your secondary or vacation home. If you are thinking about purchasing another property, the Soden Agency will be happy to run a few quotes for you. Let us find you great coverage at a great rate. It’s what we do!