What to Know About Homeowner’s Insurance and Vacation Properties

If you own a vacation property, you may need a home insurance policy specifically designed to protect your property and its contents. Renting out your vacation property throughout the year can get a bit more complicated. Thankfully, the team here at Compass Insurance is here to help Centennial, CO residents determine exactly what coverage type they need for their second home.

Do you need a second policy for a vacation home?

Similar to when you purchased your primary home, the mortgage lender will require a certain level of insurance coverage on your vacation home to protect their investment. Once the property is paid off, you’ll want to continue insurance coverage as you would on your primary residence. This ensures you aren’t stuck paying for repairs out of pocket should a significant event affect your property.

Insurance for Renting Out Your Vacation Home

If you plan to rent out your second home to part-time or full-time vacationers, you’ll want to invest in an additional policy, such as a landlord or business insurance policy. This will help cover any damage to the property while the home is being rented for an extended period by the same party or by multiple people as a side income. By having the correct insurance coverage in place, you can have peace of mind knowing that your property is protected whether you’re there or not.

Keep Your Vacation Property Safe With Help From Compass Insurance

When you need insurance coverage for your Centennial, CO property, contact the team at Compass Insurance! Since 2002, we’ve been helping homeowners find the right policy for their needs by comparing the best plans at the best rates from the top carriers in the country. Don’t wait to protect your investment. Give us a call today!