Vacation House Insurance Coverage

If you happen to have a part in a share in The Hamptons, renting a vacation house in Cape Cod or a log cabin in The Smoky Mountains, any possessions you take with you are protected while you are on vacation.

If you take a vacation and rent a house during your stay, any of your belongings that you brought with you are covered under a renters or Miami homeowners insurance policy.  Possessions have protection from losses caused by lightning, theft, windstorm, fire or smoke, vandalism, explosion, and water damage (not including water from a flood) anywhere on the planet, minus your deductible.  But, be aware that there are policies that may limit you to 10% of your total coverage for your possessions when you take any of your belongings off-premises (away from home).  For example, if the renters or home insurance policy for your primary residence has $100,000 of coverage for your possessions, you would only have $10,000 of coverage for anything you take with you to your rented vacation home.

On top of being protected while inside your rented home, you will also have protection should anybody steal something that was inside your vehicle.

You may want to purchase a floater (a.k.a. an endorsement), though, if you own items such as musical instruments, sports equipment and/or expensive jewelry.  Doing so would give you a greater amount of insurance and broader coverage.  Many floaters, for example, come with extra coverage for “mysterious disappearance” which means that you should be covered if you lose a covered possession.  On top of that, a floater will cover you throughout the year and not just while you are on vacation.

When looking for a renters or home insurance policy, you have two policy types to consider.  The first is a policy with Actual Cash Value, which will reimburse you the amount of your lost possessions up to your policy limit minus any depreciation.  The second is a policy with Replacement Cost, which will reimburse you the amount of your lost possessions up to your policy limit but there is no deduction for any depreciation.

Before heading out the door for your next vacation, there are some recommended steps to take:

1. Contact your insurance agent.  Ask them about any possible implications there may be when renting a home while on vacation and if you will need any supplemental insurance.  It is much better to ask questions when they come to you than after experiencing a loss.

2.  Create a list of belongings, including photos, to show what you will be taking with you on vacation.  If possible, include a copy of a receipt for any higher-value items such as cameras and computers to have proof of what they cost.

3.  Unless you plan to attend a formal event, it is better to leave your expensive jewelry at home or in a safe deposit box.  In fact, you could spend less when insuring jewelry with “in vault” coverage.  Assuming you only wear it for special occasions, a lot of insurers offer additional coverage when you take your items out of the bank.  Before you do, you are required to inform your insurer in advance.

If or when going on vacation there is always something that we will be taking with us and it may not always be possible or make sense to take any or all of those items with you when you leave the rented house.  Sometimes the best that we can do is to know what is covered and how much coverage we have while on vacation and to not take any more with you than what is necessary.

At Filer Insurance, Inc., we have been providing Home, Auto and Business Insurance in Miami and South Florida since 1919.  We would very much like to have you as one of our customers.  Please give us call or come by our office for a free quote on your insurance.

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