If you’re planning a trip to a vacation home, it's a good idea to think about insurance coverage before you go. Whether you plan to vacation in a second home or visit a time share, a rental property, or a home exchange, the National Association of Insurance Commissioners (NAIC) offers useful vacation home and property insurance considerations.
It's a good idea to check your policies to be clear about the extent of what they will and won't cover while you are traveling and staying in some type of temporary lodging - generally, a Homeowners policy will extend some coverage for your personal belongings. Also, be sure to review any trip or travel benefits or coverage that might be available from your credit card.
If you have a second home for vacation use, the insurance issues require more consideration. Homeowners coverage for a second home can vary significantly from the terms in your principal home’s insurance policy and requirements may be different if you are in a different state or a different area. Your coverage needs will vary depending on how often your home is occupied and whether the home is for your own use - owner occupied - or whether you rent it to others. You may need additional coverage if your vacation home is a waterfront property or if it is located in an area that is subject to natural disasters such as hurricanes or floods. You may also need additional coverage such as boat insurance or "named peril" insurance.
We often don't think about insurance until we need it - and then, it can be too late. If you haven't considered the insurance issues related to a second vacation home or to temporary vacation lodging, you might want to give your agent a call.