Asheville Mountain Real Estate Blog

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Location: Mars Hill, NC, United States

A small, highly personalized real estate firm specializing in mountain homes and land in greater Asheville.

Friday, August 17, 2007

Second Homes in Asheville: Insurance Matters

08/17/07

Amy Gunderson, second home specialist at The NY Times, (Registration likely required), has an article up this week on insuring second homes. Her posting starts from the premise that "lining up coverage on a vacation home is not always a straightforward process", and then looks at a few of the nuances involved.

Her advice is that the time to begin thinking about insurance is before the closing, and that a good place to begin is with your current primary carrier. Factors impacting rates include, whether the home is in a gated community or proximity to local fire departments.

If a vacation home is to be rented, then a number of carriers may not offer coverage, in which case interviewing local providers is the suggested course of action, with the following parameters for liability:
a minimum of $1 million dollars in liability coverage and encourages owners to take out personal umbrella liability coverage reflecting an owner’s total net worth. Those policies typically start at $300 a year for the first million dollars and $150 a year for each additional million dollars worth of coverage.
Risk of wildfires, swimming pools, or likelihood of floods can all be new parts of the equation one has not encountered with a primary residence.

Here are some specific second home insurance ideas from Smart Money.

Insurance resources from previous postings on our blog:

Monitor Your Second Home Via The Internet: The power of the web can bring about reductions in premiums.

Collection of Resources on Insurance: Including 12 Tips to Save, 8 tests to see if you are under insured, and tips for empty nesters.

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Black Bear Realty Website
828 689 2055
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Filed Under: Buyers' Info - Homeowners' Info

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