If a 3rd party (such as a mortgage company) requires it. But I'd certainly say that it's still essential. What if you accidently cause a fire which burns down the house/property next to it... you'd have lost your home as well as possibly needing to pay for the home next to it. Can you afford to do this?
Posted: Mon Jun 22, 2009 01:45 pm Post Subject:
What type of vacation home is it? If we are talking a rustic cabin that a family member built 50 years ago...that may be a little different. Otherwise, I can't imagine any reason not to have it insured. Not only will you have to pay to rebuild (or if you don't decide to rebuild you will still have to pay to clean up the mess), but you will also lose all of your personal belongings.
If you own your vacation home outright, and feel that insurance would be a waste...it is entirely up to you. However, I don't think you'll have many people advising you not to carry at least some type of policy! If you are looking to make it very inexpensive, talk to your agent about a very high deductible. Also, if you already have your primary residence insured with a company, you will probably get a discount for a second home.
Posted: Mon Jun 22, 2009 01:02 pm Post Subject:
If a 3rd party (such as a mortgage company) requires it. But I'd certainly say that it's still essential. What if you accidently cause a fire which burns down the house/property next to it... you'd have lost your home as well as possibly needing to pay for the home next to it. Can you afford to do this?
Posted: Mon Jun 22, 2009 01:45 pm Post Subject:
What type of vacation home is it? If we are talking a rustic cabin that a family member built 50 years ago...that may be a little different. Otherwise, I can't imagine any reason not to have it insured. Not only will you have to pay to rebuild (or if you don't decide to rebuild you will still have to pay to clean up the mess), but you will also lose all of your personal belongings.
If you own your vacation home outright, and feel that insurance would be a waste...it is entirely up to you. However, I don't think you'll have many people advising you not to carry at least some type of policy! If you are looking to make it very inexpensive, talk to your agent about a very high deductible. Also, if you already have your primary residence insured with a company, you will probably get a discount for a second home.
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