Vacation Homes, Under-Insurance, and Personal Accomplishments
Don't Forget The Lake House: Those of you who own vacation homes need to remember the contents you keep there when it comes to your home inventory protection. As a matter of fact, Matt MacMillan of the Hutchison (MN) Leader says you should keep a separate inventory for that residence. The article has some good insurance tips for owners of secondary residences. If your secondary home or vacation home has a mortgage, your lender may require homeowners insurance just as it would for your primary residence. However, there may be additional stipulations in the policy because you only reside in the home for part of the year. Like with your primary homeowners insurance, it is important to review the policy for your secondary home every year and keep an up-to-date home inventory in case you would need to file a claim following a loss. [emphasis added] Under-Insurance Conundrum: Karen Telleen-Lawton has an interesting article dealing with the problem of homeowners under-insurance. ...