Take a look at our quick guide before you shop.
Your lender will want you to at least carry hazard insurance that will cover damage from fire, earthquakes, or severe storms. You should also add liability insurance to protect yourself and your household if any guests get injured on your property and sue. If you want more coverage, you can always increase your limits with a personal umbrella liability policy.
Dwelling Fire Insurance
You might not be able to get standard insurance for a second home because most policies require occupancy. Instead, you can purchase dwelling fire insurance. This type of coverage often insures residential rental or non-owner occupancy property, and that includes vacant homes.
Dwelling fire insurance protects a home and other structures, such as detached sheds and garages, from specific threats. Typically, those perils include damage caused by fire, collapse, lightning strikes, wind, hail, explosions, and smoke. You could also increase this coverage by adding liability and personal property insurance.
Coverage for Rentals
As a landlord, you don’t always control what happens on (or to) your property. Tenant-occupied dwelling insurance will help cover damage, including any caused by fire, storms, burglary, and vandalism. You should note, however, that this policy does not protect your tenant’s personal property.
If you are renting a furnished house or apartment, then let your MTG agent know. You will need advice about additional coverage options and whether to require long-term tenants to carry renters insurance.
Like regular home insurance, you must make sure you have enough coverage to protect all of your assets.
A second house will cost more to insure than your main residence—whether or not you use it as a vacation home or a rental property. The amount of time the house remains unoccupied, its location, and rental liability all factor into your premium.
Contact MTG today to find insurance for a second home. One of our agents will help you identify your needs and select the policy that meets them.