Maximize Your Savings: Homeowners Insurance for a Second Home

Owning a second home, whether as a vacation getaway or an investment property, is an exciting milestone. However, insuring a second home differs significantly from insuring your primary residence. Standard homeowners insurance policies often lack adequate coverage for secondary homes, leading to gaps in protection or unnecessary costs.

In this guide, we’ll cover everything you need to know about insuring a second home, including the best coverage options, cost-saving tips, and how security enhancements like Kangaroo’s Cam Protect and Complete Protect Plans can help reduce your insurance expenses.

Why Do You Need Specialized Homeowners Insurance for a Second Home?

A second home is often left unoccupied for extended periods, making it more vulnerable to burglary, vandalism, and unnoticed damage. Insurers classify these properties as higher risk, leading to different policy requirements and higher premiums. Having the right coverage ensures financial protection against these risks.

Coverage Options for Second Homes

1. Dwelling Coverage

Protects the physical structure of your second home, covering damage from fire, storms, and vandalism. Ensure your policy includes enough coverage to fully rebuild the home if necessary.

2. Personal Property Coverage

Covers belongings inside the home, such as furniture, appliances, and electronics. This is essential for vacation homes where valuable items may be left unattended for long periods.

3. Liability Coverage

Protects you if someone is injured on your property and decides to sue. This is especially important for rental properties with frequent guest stays.

4. Flood and Earthquake Insurance

Standard policies typically don’t include natural disaster coverage. If your second home is in a high-risk area, consider adding flood or earthquake insurance.

5. Rental Insurance

If you rent out your second home, short-term rental insurance or landlord insurance is necessary to cover tenant-related risks, including property damage and liability.

Key Factors to Consider When Choosing Second Home Insurance

Insurance Costs: Second home insurance is usually more expensive than primary home insurance due to the increased risk of long vacancies. Compare multiple quotes to find the best rate.
Rental Coverage: If you rent your home through platforms like Airbnb, ensure your policy includes short-term rental insurance.
Location-Based Coverage: Homes in coastal or wildfire-prone areas require additional coverage.
Home Security Discounts: Installing security systems like Kangaroo’s Cam Protect can lower your insurance premiums.

How to Lower Your Second Home Insurance Costs

Install Security Systems: Reduce the risk of burglary with smart security systems like Kangaroo's Cam Protect and Complete Protect Plans. Many insurers offer discounts for added security features.
Compare Quotes: Get quotes from multiple insurers to find the best rates.
Increase Your Deductible: Opting for a higher deductible lowers your premium but increases out-of-pocket costs in case of a claim.
Maintain the Property: Regular upkeep reduces risks and insurance costs.

Second Home Insurance vs. Short-Term Rental Insurance: What's the Difference?

Second Home Insurance

Covers owner-occupied properties used seasonally or part-time.
Includes dwelling, personal property, and liability coverage.
Doesn’t typically include protection against tenant-related damages.

Short-Term Rental Insurance

Designed for homes rented out to guests on platforms like Airbnb and Vrbo.
Covers liability risks associated with tenants.
Provides protection for damages caused by guests.

If you plan to rent your second home, choosing short-term rental insurance ensures full coverage and compliance with your insurance provider’s policies.

The Best Security Solutions for Second Homes

Kangaroo’s Cam Protect and Complete Protect Plans

Enhance your home security and insurance savings with Kangaroo's Cam Protect and Complete Protect Plans. These plans offer smart security solutions that can help lower your home insurance cost by reducing the risk of break-ins and damage.

Cam Protect Plan: This budget-friendly option provides core dwell coverage and personal property coverage. It's a great choice for those looking for basic protection at a competitive home insurance cost.
Complete Protect Plan: This plan steps up the coverage with higher limits and additional benefits, including water backup coverage and extended personal property coverage. It's perfect for vacation homes and short-term rentals.

Learn more

By integrating these plans, you can potentially qualify for discounts on your home insurance policy due to the increased security measures.

Why Kangaroo Stands Out for Second Homes

Flexibility: Kangaroo allows you to customize your coverage to match your specific needs and budget.
Affordability: Their plans are designed to be more cost-effective than traditional home insurance policies for secondary homes.
Easy Online Management: Get a home insurance quote, purchase a policy, and manage everything online.
Additional Perks: Kangaroo offers discounts for bundling multiple policies, such as auto insurance, and for installing certain home security systems.

Tips to Save on Second Home Insurance

Bundle Policies: Combining your primary and secondary home insurance policies with the same provider can yield significant discounts.
Install Security Systems: Use security systems like Kangaroo's plans to reduce premiums.
Compare Quotes: Always compare quotes from multiple insurance companies to find the best rate and coverage options.
Consider Higher Deductibles: Opting for a higher deductible can lower your premium, but make sure you can afford the out-of-pocket cost if a claim arises.

Final Thoughts

Having the right homeowners insurance for your second home is essential for safeguarding your investment. By choosing the right coverage, bundling policies, and enhancing security with Kangaroo’s Cam Protect and Complete Protect Plans, you can minimize risks and lower your premiums.

Ready to protect your second home and save on insurance? Explore Kangaroo’s security plans today to start maximizing your savings!