Consumption and Real Estate
What is the best insurance coverage for the second home condo use for seasoanl rental?
Question : What is the best insurance coverage for the second home condo use for seasoanl rental?
The condo has flood insurance, but I was told to purchase the coveage, I guess liability inside my unit. What is the inexpensive and reasonable coverage?
condo insurance coverage
Best answer:
Answer by alaska
since it is a second home,
check with your first home’s insurance company.
they usually give discounts and sometimes your items are covered under your first insurance
Ok. Here’s how I’d do it:
1.) The condo itself would be covered under the master policy of the condo unitowners association.
2.) You can extend the liability coverage from your primary homeowner policy to cover the condo. I would suggest the max (100,000/300,000 or if your primary homeowner policy offers 1 mill.)
3.) Then add “contents coverage” for another location to your primary homeowner policy (you’ll have to figure out how much in contents you have on your furnished rental).
I really couldn’t tell you the cost because rates vary from state to state so contact a local independent insurance agent in your area for competitive quotes. He/she can also advise you of what will be necessary to suit your needs for your situation. Good luck!