Second Home: Protect It Too!

Home Sweet Home! There is nothing like it. Having a second home may make it even sweeter. Leave the day to day to enjoy life in another enjoyable setting. Maybe it’s on the lake and provides a get way for the weekend. It could even be the home you live in a portion of the year to be in warmer climates. Whatever the situation, having your second home properly insured is important!

One of the most frequently asked questions we receive is…

Can you provide insurance for my (insert name of second home) that is located out of state?

Be it a lake house, a hunting property, or a wooded retreat, the simple answer is typically, YES!  Of course, there are a ton of variables to each home or property. For many of these properties, we have a solution for you.  Here we will touch on some important coverages to consider and answer common questions in regard to insuring second homes.

Why a second home?

With our home office being in Northern Ohio, we have many customers who have purchased lake homes in Michigan or Indiana.  It’s a natural progression for Ohio residents to look for lakefront property in Michigan. Ohio residents are in close geographic proximity, and the State of Michigan has close to 65,000 inland lakes. There are a lot of second home options within a 3-hour drive, and the homes can be affordable compared to properties located on one of the great lakes.

Can you insure our second home?

Our agency holds direct appointment licenses in Ohio, Michigan, Indiana, Arizona, and North Carolina. We also represent a market access provider that allows us to insure properties in all 50 U.S. States. So, technically, we really have no state boundary limitations. Consequently, we have a solution for almost any home across the United States.

Let’s answer some of those frequently asked questions.

Can you insure my second home that is located outside of Ohio?

The typical answer is yes! Most of the time we get this question from current customers. The situation might look like this. We insure their primary home that is located in Ohio and they are looking for second home coverage in another state. The opposite could also be true. As stated before, we can look at personal lines insurance in all 50 states. This can include your homeowner’s insurance, your auto insurance, your personal umbrella insurance, and almost any recreational vehicle insurance.

How do the insurance premiums in other states compare to Ohio?

This can be a difficult question. Ohio, in general, is a very competitive insurance state. The regulations are fair compared to other states. Typically, property insurance is slightly higher in surrounding states, and we see auto rates that are sometimes double or triple that of Ohio. Most of the high auto rates are seen in Michigan as it is a no-fault state.

Can my local lender work with out of state properties?

In most cases, they can. We typically see local banks helping our customers with properties located out of state.

We are considering renting our property out to others. Does my secondary home insurance cover this?

Not typically. You would need to purchase a commercial policy that covers the structure and the rental exposure. Renting it short-term or long-term does not make a difference. A commercial policy is needed.

Are coverages for a second home the same as a primary home policy?

There are a lot of similarities between a primary home location policy and a secondary home location policy. There may be subtle differences due to the type of occupancy. Please talk to your agent specifically about the difference in the policy you select. Each insurance provider has different coverage options.

Can we extend liability for a hunting property or vacant land at a secondary location on our main home insurance policy?

Yes, almost always. The exception is really large land tracts. The pricing on this is reasonable as well. You are looking at as cheap as $20 per location. Ask this specific question to your independent agent!

My current agent can’t help me because they’re not licensed in Michigan or Indiana. Can you help me?

Certainly! We picked up these licenses and carrier appointments to further assist our customers and provide them with a solid insurance option for out of state properties. This eliminates having to work with someone you don’t know.

If you can’t help insure my out of state property (for whatever reason), do you have a network of trusted insurance professionals you can refer me to? 

Of course! We always look back to our agency promises. If we can’t find a good coverage solution, we will find the right agency that can. We have connections with over 5000 independent agents all over the United States and Canada.

Does it help to insure my primary home and auto insurance along with the secondary location?

YES! The pricing will reflect on all the insurance policies. We highly recommend using the same insurance carrier for all lines of insurance! How does a 10-20% discount on each policy sound? That’s one reason to do it! Most insurance carriers like to see everything under their roof, especially if they’re offering an umbrella policy. Although we have options for a stand-alone umbrella policy, we like to see them packaged with your other lines of insurance for a number of different reasons!

Congratulations on your second home! Enjoy the time you get to spend there. Just as you make sure it has all the right appliances, electronics and decor, also make sure it has proper insurance coverage!

We’re glad you found us. We would love to hear from you! Reach out via phone, email, text, Facebook, Twitter or Instagram. Better yet! Click on the link below to get started with a quote. We have so many solid carrier options for primary and secondary homes. It’s likely we can find a solid solution for you.