Whether your condo is your primary residence or a vacation getaway home, you still need condo insurance to protect your investment. Your coverage may vary, however, depending on how your condo is used. At The Insurance Shop USA, we can customize a policy for your Sandpoint, ID vacation condo to provide the protection you need without paying for unnecessary coverage. Here are a few tips on how to save money when insuring a vacation condo getaway.
Reduce Coverage
A vacation condo doesn’t need the exact same coverage as a primary home. As your primary residence is used more often, you’ll want ample dwelling, contents, and liability coverage to protect you against any eventuality. In contrast, a vacation condo is used much less and doesn’t require such extensive coverage.
If your vacation getaway is only for personal use, you can obtain less liability coverage as there’s less risk of accidents to visitors on the property. Rather than replacement cost coverage for personal goods in your vacation getaway, which is more expensive, opt for actual cash value coverage as there’s less risk of goods getting damaged in the limited time you spend in your vacation home.
Opt for "Named-Peril" Coverage
Unlike your primary home which needs coverage from all kinds of perils, you can specify the perils you want coverage for in your vacation condo by opting for “named-peril” coverage. This ensures you’re covered for what you need and not paying extra for unnecessary protection.
Bundle Coverage with Primary Home
Bundling your vacation condo with your primary residence may be able to save you money on insurance costs. By discussing bundling policies with an Insurance Shop USA agent, you can see if this is a viable option.
To learn more about condo insurance options and costs, contact The Insurance Shop USA in Sandpoint, ID.
