Your secondary home is more vulnerable than your primary residence because you likely spend less time there. From fire and natural disasters to vandalism and beyond, a lot can go wrong to cause damage or destruction to a house.
Dwelling protection
Optional add-on coverages can extend your secondary home protection beyond the standard policy.
Sewer Backup Coverage
Protects against damage caused by the overflow of a sump pump or backing up of water through plumbing systems (toilets, sinks, bathtubs)
Protects against damage caused by freshwater sitting on top of ground and entering your home, from torrential rains or spring thaw
Bylaw Coverage
Covers additional costs of rebuilding to current local bylaws following a total loss
Additional liability insurance accessed once main liability limits are reached
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Who Needs Second Home Insurance?
You will require second home insurance if you own a second home, whether a house or condo, that you occupy in addition to your primary residence. A home, whether it's your primary, secondary, or beyond, is a huge investment, and you need to protect yourself against major financial setbacks so you can rest assured that your investment will stand the test of time and can be rebuilt or repaired if disaster strikes. It is also important to note that if you have a mortgage on your second home, your mortgage lender will likely require that you have insurance on the property.
How Does Second Home Insurance Work?
In the event of a loss, second home insurance will provide financial protection. Some common perils include property damage from fire, theft, and certain types of water damage, and bodily injury and liability protection. Without the proper second home insurance policy, you may be forced to pay out-of-pocket for these expenses which can cost hundreds of thousands of dollars, if not more. Additional coverage options are available such as increased personal belongings coverage to provide further protection for your second home. For more details on how second home insurance works, contact the team at Morison Insurance.
Is Second Home Insurance More Expensive Than Primary Home Insurance?
Second home insurance may be more expensive than your primary homeowner's insurance. The reason is the probability of a loss is higher for a residence that isn't occupied full-time. You could potentially not visit your second home for days or weeks, during which you could have suffered a loss and not be aware of it. Typically, these kinds of losses are catastrophic if no one is at the residence to prevent further damage.
Prevention is vital when you own a property that you are unable to occupy daily. Having a home alarm system or, at the very least, having a friend or neighbour monitor your home and notify you of any potential issues are good preventive measures.
How Can I Lower The Cost Of Second Home Insurance?
There are many ways you can lower the cost of second home insurance, including:
Do I Need Second Home Insurance If I Only Use The Property A Few Times a Year?
Even if you only use your second home a few times a year, you require secondary home insurance. Although second home insurance is not legally mandatory, if you have a mortgage on the property, the mortgage lender will likely require you to have insurance. If you don't have coverage and experience a loss, you will be forced to pay for those losses out-of-pocket, which can be extremely expensive.
Does My Primary Home Insurance Policy Cover a Second Home?
Your primary homeowner's insurance policy will not provide coverage for a secondary residence. Many insurance companies do not require a new policy to receive coverage for your second home — the insurance company can add your second home to your existing homeowners insurance policy. It is important to be aware that you cannot purchase better coverage for your secondary residence than you have for your primary residence.
Is Guaranteed Replacement Coverage Available for Second Home Insurance?
Yes. Guaranteed replacement coverage is a highly recommended option. This endorsement allows for the payment in full of the costs of replacing the home even if this amount exceeds the policy limits; a home evaluation will need to be completed to be eligible for this coverage. Note: guaranteed replacement cost differs from purchase price — purchase price reflects location and market comparables, while replacement cost reflects the actual cost of materials, components, and skilled labour to rebuild.
Do I Need to Inform My Insurance Broker If I Do Renovations or Upgrades at My Secondary Home?
Yes. It's essential to make sure your insurance broker knows about any upgrades or renovations to ensure adequate coverage limits. If you have guaranteed replacement coverage and it's not updated following renovations, the cost of the renovations will not be covered.
Can I Rent My Second Home on a Short-Term Basis?
Standard homeowners insurance does not cover rental use of a second home. If you plan to live in your secondary residence part-time and rent it out part-time, you need both second home insurance and Rented Dwelling Insurance or Landlord Insurance. Renting the property puts it at higher risk of damage; all or part of a loss may not be covered by second home insurance alone.
