Your hard work and accomplishments translate into risks that go beyond typical homeownership. Vacation homes, otherwise known as a secondary residence, need special considerations when it comes to protecting them with an insurance policy.  

​

Your insurance considerations will largely depend on what type of property you have.

​

Apartments

​

An apartment is probably the easiest type of secondary residence to care for because renters insurance policies focus on two basic issues:

​

• The contents of the apartment (your personal possessions)  

• Your liability for accidents due to your actions or negligence 

 

Renters policies are affordable and can be placed rapidly. The key is having an inventory of your belongings and their value so you get adequate coverage.

​

Condos

​

With a condo, the structural risks are handled by the condo owners association’s (COA’s) master policy. It’s important to coordinate your condo owners insurance with the master policy, though. Otherwise, you could be left with surprise costs in the case of fire, wind or water damage. 

​

Your insurance agent can read through the COA’s policy to make sure your possessions, your financial assets and any upgrades you make to the living space are covered.

​

You may be especially interested in loss assessment coverage. This type of coverage steps in when there is a shared financial liability that the COA’s master policy does not adequately cover. Your agent can advise you on what it will and won’t cover based on your COA’s insurance policy and the terms of your loss assessment coverage.

​

Townhomes and single-family homes

​

Townhouses and single-family secondary homes require homeowners insurance. If you own one of these types of homes, you have important clauses to consider — especially regarding vacancy. A home that is left unoccupied for months at a time is considered a higher risk than a primary residence. 

​

If your home is only occupied part time, you may need “unoccupied home” coverage to make sure your insurance doesn’t lapse. Note that vacant-home insurance is often meant for properties that have no furnishings, such as those up for sale. Unoccupied-home insurance may be a better term for seasonally or periodically used dwellings. 

​

Coverage for cabins also falls under homeowners insurance for secondary residences, but note any wildfire exclusions or restrictions.