Insuring your South Carolina vacation home
Owning insurance is integral to owning a vacation property and keeping it safe. Everything from natural disasters to common burglaries can drastically change our lives in an instant. What makes vacation homes riskier is that you’re less likely to be in the area if a catastrophe occurs.
But how does vacation home insurance work in South Carolina? Insurance can be overwhelming, but this short guide will break down the different aspects of insurance for your vacation home to help you understand the process.
The basics of vacation home insurance
A majority of homeowners neglect to understand the terms of their insurance. There are many forms of insurance for vacation homes in South Carolina, and many residents are unaware of the fact that they may possess the wrong type of insurance.
You’re exposing yourself to huge risks if you don’t possess the right coverage. If an accident occurs, the wrong coverage will leave your home in shambles, forcing you to pay for repairs out of pocket. Finding the right policy means maximizing your coverage within your budget.
Determining your ideal insurance plan
A wide variety of options are available covering both short-term and long-term rentals. These types of coverage depend on how you use your vacation property and the length of your average stay. The available policies often include the following:
- Seasonal residence. These are homes meant for longer-term stays during off-seasons.
- Rural homes. These are intended to stay vacant for extended periods, increasing the potential risk of theft.
- Second homes. These are homes you stay in for short periods throughout the year.
Review these options with a licensed agent, as some companies do not offer full coverage for short-term rentals. Consult with your insurance advisor to ensure your company can provide the coverage you desire.
Reducing your premium
You can take certain steps as an individual to help reduce your overall premiums. For instance, say you own a vacation home that is closer to the coast, perhaps in the Myrtle Beach area. These homes may encounter more natural disasters, such as hurricanes or tropical storms, than houses that are farther inland.
In this example, you can take preventative measures to help reinforce your home. You may add wind-resistant doors to your garage, replace the windows with reinforced glass, or install a metal roof. Insurance companies will note your fixes and may reduce the rate accordingly as a reward for your foresight.
Unoccupied vs. year-round rates
There are a variety of reasons why unoccupied homes can increase your premiums as opposed to year-round vacation rentals. Catastrophic fires and leaks have a higher chance of occurring in unoccupied homes; thus, insurance companies are less willing to take risks on these properties.
However, as stated above, proofing your home can help appeal to your insurance provider in your absence. This includes installing various foolproof security systems or protective equipment, such as:
- Sprinklers for vulnerable areas
- A fire-resistant roof
- Extra security cameras
- Secure window latches
In addition, always find ways to monitor your home or keep track of its condition. You can take precautions to help minimize the impact of natural disasters or help prevent theft in unoccupied homes. For example, certain hidden cameras can be viewed from applications on your smartphone.
These tips and tricks can help you keep your premiums down while adding necessary protection for your home.
Finding the perfect insurance package
Finding the right insurance is crucial for providing the right safety net for your home. Protecting your home can not only be beneficial in the long run, but it can save you a pretty penny on vacation home premiums. Take your time to find the right insurance policy providing the best coverage for your vacation home in South Carolina.
