Factors for Secondary Dwelling and Rental Insurance

Owning a secondary dwelling could be a magnificent way of wealth accumulation in the future, as well as providing a home for vacation during summer. However, second homes come with inherent risks such as theft because most times, they are unoccupied compared to the houses occupied regularly. Most Blue Ridge, GA residents concentrate more on acquiring a primary residence, but it is also an excellent option to own a secondary dwelling. Secondary dwellings can generate income through renting or future appreciation of price. Therefore, if you own a secondary residence, it’s prudent to get a prolific secondary dwelling & rental insurance policy from The Insurance Mart as soon as possible.

Factors That May Impact Secondary Dwelling & Rental Insurance Premiums

The homeowner’s insurance policy for your second home from The Insurance Mart will offer similar coverage to that of your primary home insurance. Still, the following factors will impact the premium costs:

Available amenities: Does your second home have pools and hot tubs for leisure activities? Suppose your secondary dwelling is equipped with these or other unique amenities. In that case, they may attract payment of high insurance premiums, forcing you to incorporate additional liability protection, which will automatically increase your insurance costs.

Location: The location of your second home determines the cost of homeowners insurance. If your second dwelling is in an earthquake or flood-prone area, it may require separate coverage, increasing insurance costs. The locations that are regarded as desirable for your second home may increase the insurance costs. For resistance, if you locate your second home near a beach, it becomes more prone to storm surge, and if you locate a ski house in remote or mountainous terrain, it could be susceptible to wildlife fire. These risky locations, therefore, attract high insurance premiums and deductibles.

Property: Factually, the age and type of building materials for your second dwelling will directly affect the insurance cost. Is your second home a condominium, single occupancy, or a townhouse? The type of occupancy may impact the insurance costs. For resistance, a condominium may attract a lower insurance premium rate because of the inclusion of the homeowner’s association.

Are you a second homeowner in Blue Ridge, GA, seeking secondary dwelling & rental insurance? Please call or visit us at The Insurance Mart today and secure your secondary residence as soon as possible.