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Factors Influencing the Cost of Your Second Home Insurance

3 Aug by 5280 Insurance

Purchasing a home requires a significant financial commitment. You are fortunate if you already have one. And you are blessed if you are able to buy the second home you have always wanted. 

The majority of Americans desire to acquire a second home in a rural or coastal area. You might use it as a getaway anytime you need a change of scenery if you decide to rent it out, or you could utilize it to earn extra money.

A second home is a significant financial commitment and a duty, much like your first residence. It seems sensible that you want to safeguard your second home and everything inside. 

If you have homeowner’s insurance for your primary residence, second house insurance is unquestionably required for your holiday property.

Insurance for Second Homes

An additional property that is not your primary house is covered by second-home insurance. It provides protection for your possessions against fire, theft, and disaster-related damages and is essentially identical to your primary house insurance. Personal liability insurance also covers injuries brought on by mishaps in your house.

A second house is more vulnerable to fires, burglaries, and other hazards to homes because it is not occupied full-time. Because of this, insuring a second property would be more expensive than insuring your primary residence.

The elements that affect the price of your second house insurance are listed below.


The most crucial element is where your second home is located. You could require extra protection if it’s close to the water or in a flood zone. It is riskier to insure because of the increased threat of storms and storm surges. 

A mountainous area’s property is susceptible to wildfire damage. These places will significantly affect the cost of premiums, and sometimes a greater deductible will be necessary.

Property Type

The price of your premium will also depend on the kind of house you bought. A beachfront home will be more expensive than a resort unit. Even a modest cabin in the woods may be more expensive than an apartment at a resort. 

This is because condominiums may have security thanks to property managers or homeowners organizations.

The Condition and Age

A newer house will be less expensive to insure than an older one that needs less care. The cost of your insurance depends on how frequently you visit your second property and how much time you spend there.


The house’s features have a significant impact on premium costs. You will have to pay more if you want amenities like a sauna, pool, or bathtub because they are all prone to accidents.


You can lower the cost of your insurance for your vacation home in a few different ways. If you buy the policy from the same insurer that sells your other insurance products, you might be qualified for a bundling discount. 

You can also enjoy a discount on your premium if your second property contains security measures like cameras or a security system. Talk to your insurer about any unique security measures your second property has so you can benefit from any discounts they might be able to provide.

If you’re looking for the best home insurance in Colorado, you can’t go wrong with 5280 Insurance. We offer auto insurance, home insurance, motorcycle insurance, umbrella insurance, flood insurance, and more. Call us right away to get started on your loan.

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