Summer is here and many property owners with vacation homes are opening them up or renting them out for another busy season. But before you string up the hammock, make sure all your property and "toys" are fully insured.
Once it's occupied, vacation property must be easily accessible, without potential hazards, and maintained on a regular schedule. This means clearing walkways, maintaining boat docks, and doing whatever else is needed to keep the property safe and preventing the liability risks that can crop up on any property.
While the personal property of the owner is covered, coverage for the property located anywhere other than the owner's primary residence is limited under most homeowner policies to 10 percent of the amount provided on the homeowner's policy. However, customers can buy additional coverage by increasing the amount or endorsing the coverage provided under the separate dwelling policy for the vacation home. Some insurers may write a second homeowners policy to address many of these issues.