What is Vacation Home Insurance?
Vacation homes in Massachusetts offer relaxing places to get away and play, but these properties come with certain risks that should be protected against. If you own a cabin in the woods, house in the mountains or cottage on the shore, vacation home insurance can help protect your second (or third) home from a variety of covered perils.
Vacation home insurance is a special type of property insurance that’s specifically designed to protect second homes. In order to protect these properties from multiple potential perils, most vacation home policies are package policies that come with several coverages. Policyholders can often adjust the coverages in their policy to suit their property’s particular needs.
Who in Massachusetts Needs Second Home Insurance?
Broadly speaking, anyone who owns a second home in Massachusetts can likely benefit from the protections that second home insurance affords. This includes both people who have summer homes and those who have winter homes, and it includes everything from houses on the coastline to cottages in the country.
Vacation home owners who have a loan on their second mortgage are often required by the terms of their mortgage to carry insurance on the property, and even those who don’t have any such requirement generally should still have insurance in place. Losing a second home or even having items stolen from it could be devastating, and few people could afford to recover from a major disaster without incurring a substantial financial setback.
Moreover, out-of-state residents who own a vacation home within the state usually still need to procure second home insurance through a Massachusetts agency. Insurance is largely governed on a state-by-state basis, and property policies typically have to be issued by an insurer that operates in the state where the insured property is located.