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Pam's Insurance Site

When I bought my first house, I was already going into a lot of debt. I didn't have the money to seriously insure it, so I bought only the bare minimum without consulting an insurance professional. That was a big mistake on my part. It could have turned out alright. That is, if my house hadn't been in the path of a huge storm. Huge gale winds knocked a tree down straight through my roof. My house was practically destroyed, and my minimal policy didn't cover nearly enough. I spent years and years trying to get myself out of that financial mess. Since then, I have always been very cautious in learning about insurance and talking to the real professionals.

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What to Know about Insuring Your New Vacation Home

Buying a home you can go to for long weekends or extended vacations is a great idea if you like traveling and getting away from home on a regular basis. This type of home is often called a vacation home, and you will need to purchase home insurance on it before you actually go through with the purchase. If you are planning on buying a vacation home, here are several things you should know about the insurance you will need for it.

The insurance might cost more than your home insurance

The first thing to understand is that insuring a vacation home might be more costly than you think, but this will depend on several key factors. The first factor is the location of the house. A lot of vacation homes are located in areas that are prone to flooding or earthquakes. If this is the case, you will need to purchase extra coverage for these types of natural hazards. If the house is not in a place with these risks, you may still pay more simply because the house will be vacant a lot. Vacant homes often cost more to insure because they are empty. An empty home can be easier for criminals to vandalize, so you should expect to pay more for this reason.

The costs will also be based on the type of house it is and the amenities it has. The best way to find out how much it would cost for the insurance is by contacting your home insurance company.

There are ways to save money

Paying more for home insurance coverage should not stop you from buying a vacation home, though, if this is what you have always dreamed of and have saved up for. You can, however, find ways to save money on your policy. First of all, you should add the coverage to your existing home insurance policy. By doing this, you could qualify for a bundling discount, which is common among most insurance companies. Secondly, if you have not yet selected a house to buy, try to find one that is in an area with few risks. In other words, do not purchase a house that is in a flood zone, as this will cause you to pay a lot more for coverage.

If you are preparing to buy a vacation house and need insurance for it, you can contact a home insurance company like State Farm Insurance: Kurt Riehl for more information.