Having a second home, whether it serves as a rental for extra income or is used as a seasonal vacation spot, can be a good real estate investment. However, whether you live in the home year-round, part-time or not at all, you still need to get MA homeowners insurance. While your basic New Bedford home insurance policy only covers your primary residence, your agent can help you find solutions that will protect everything you own.
It is important to get the right kind of coverage for your second home, as there are risks associated with owning a vacation home or rental property, that are not applicable to your primary place of residence. Your New Bedford insurance agent can explain all of the differences to you and help you choose which policy is best to protect your home and your investment. In some cases, you may need a specialized type of MA homeowners insurance that is designed for your particular situation.
Separate Policies for New Bedford Home Insurance
Even if you have a policy that allows for a second home to be added, it is in your best interest to get separate policies for the best overall coverage. Because there are so many differences between a primary and secondary home, regardless of the way you use it, you will want to make sure that the coverage you receive for both homes is the right type and amount. The best way to do that is to make sure that the policies are separate.
Some of the risks associated with owning a second home can include:
- empty house problems – if leaks, fires or burglaries occur, no one will be there to see them and do something about them, unless you hire someone to monitor the situation on your behalf
- isolation issues – many vacation homes are off the beaten path, located near the a lake, up in the mountains or out by the ocean; even if you are there when an accident or incident occurs, the emergency response time might be slower than you think
- tenant or guest problems – whether you decide to rent the home out to a stranger or allow friends and family to use your home when you aren’t there, you run the risk of someone causing damage to the property and having to pay for repairs
What is Umbrella Insurance?
When it comes to insuring your primary residence and any additional properties that you own, your New Bedford insurance agent has a wide range of policy options available that you can use to protect your investments. An umbrella coverage acts as a secondary insurance policy that covers you from liabilities that go above and beyond your basic MA homeowners insurance protection. Examples of situations that might qualify for this would include injuries sustained by a tenant or other incidents that threaten your assets.
Other types of insurance that you need to consider adding include contents insurance, guest medical protection and dwelling coverage, especially if you won’t be present at your secondary property all the time. This covers guests, family members and tenants who may become injured at your property or for damage and losses sustained while you are not there. This is especially valuable if you rent out your second home. Speak with your New Bedford insurance agent about the best options available for you and your unique situation.
Ways to Save on MA Homeowners Insurance
Just like with any other type of home insurance policy, there are ways to save on insurance for your secondary home with insurance companies in New Bedford, MA. The best way is to work proactively to protect your home from potential dangers and hazards. Install a fully monitored central alarm system that will contact authorities for burglaries, fires and other emergency situations. Purchase a property that has a water source for the fire department to use if there is a fire – many remote locations do not have proper access for emergency services.
You should also ask your New Bedford insurance agent when you contact them about MA homeowners insurance if there is anything else you can do to qualify for discounts. Safety features, paying insurance early or on-time, using a preferred payment method, or working in a specific field, are just some of the qualifications used for insurance discounts by insurance companies in New Bedford, MA and the surrounding area. You never know how much you could save if you just stop to ask.
Contact Borden Insurance to inquire about MA homeowners insurance policies. Your local New Bedford insurance agent can help you find the best deals on insurance to help protect your assets. Home, auto and business insurance is available through our local office. Give us a call at 508-999-3636 to speak with one of our knowledgeable and friendly agents.