The kind of policy you require to protect your vacation home depends on how you use it and how frequently you’re there. Regardless of how you use your property, it’s typically more costly to insure a second home than a primary residence because of different risks.
For insurers, a second property is always riskier than your primary residence. To begin with, if nobody lives in your vacation property, there’s a higher likelihood of vandalism or burglary. Secondly, if renters or friends occupy it in your absence, there’s an increased liability from an insurer’s perspective. If you’re thinking of owning a vacation home, here’s what you should know when it comes to insuring it.