Most homeowners insurance policies provide limited coverage for personal property at an additional residence. However, if your coverage needs for your vacation home exceed this amount, you’re going to want to fill this gap by purchasing a policy that will cover your vacation home in its entirety. One way to do this is to purchase a dwelling fire policy.
A dwelling fire policy is specially designed for a second home in that it provides coverage for the dwelling itself, along with your personal property. There are three types of dwelling fire policies:
Just like your primary homeowners insurance policy, coverage for certain types of personal property may be limited (e.g., jewelry, money).
Your primary residence’s homeowners policy will provide liability coverage for you at your vacation home. In fact, it will provide liability coverage for you anywhere in the world. However, if you need more liability coverage, you may want to either increase the limits on your primary residence’s policy or purchase an umbrella policy.
A dwelling fire policy is usually less expensive than your primary residence’s homeowners insurance since it usually doesn’t carry liability insurance. However, if your vacation home is located in a high-risk area (e.g., coastline, mountainside), if you rent your vacation home to others, or if you don’t spend a lot of time there, your premiums may be higher. The good news is that you can usually save on your premiums by insuring your vacation home with the same company that provides coverage for your primary residence.
A vacation home is a wonderful luxury. As with any home, it’s important that your investment is properly protected with the right insurance. Consult your insurance agent if you have any questions regarding the type of coverage that you have or to determine if your liability coverage is sufficient.
For more insights and resources, be sure to sign up for our Weekly Market Commentary. Follow our YouTube channel where we regularly post our Epic Market Minute videos. Follow us on LinkedIn, or like us on Facebook. And as always, please don’t hesitate to reach out to a dedicated service professional at Epic Capital.
When developing your estate plan, you can do well by doing good. Leaving money to charity rewards you in many ways. It gives you a sense of personal satisfaction, and it can save you money in estate taxes.
November lived up to its reputation as a strong month for stock market seasonality with the November “Turkey Rally” delivering outsized returns for stocks. Now as we look ahead to December, investors are asking the question: Is the Santa Claus Rally still coming to town?
Key Takeaways: Gold is starting to shine again after confirming support off its rising 200-day moving average last week. A meaningful pullback in interest rates and the dollar underpinned the recovery in the yellow metal. Momentum indicators point to a bullish trend change, while speculator long positions in gold continue to outpace shorts. Central bank … Continue reading “Is Gold a Good Investment?”
Keeping good business records will not only help you stay in business but may also help you increase profits. Your business records let you analyze where your business is and where it’s going. They point out potential trouble spots and serve as a guide to where you want your business to be.
There’s no doubt the last few years have been challenging for fixed income investors. And while 2023 was supposed to be the year for bonds, fixed income returns for most core bond categories have only recently turned positive for the year. That said, despite the recent challenges, we think there are several reasons to be … Continue reading “Five Things We’re Thankful For: Fixed Income Edition”
Epic Capital provides the following comprehensive financial planning and investment management services: Learn More >