Sentences with phrase «insurance than primary residences»

But second and vacation homes need just as much — if not more — insurance than primary residences, since they will likely be vacant more often or have more rental guests.

Not exact matches

While coverage can vary from policy to policy, most homeowners insurance policies provide coverage for covered family members living at a residential premises other than the primary insured's residence - AKA a college dorm or apartment.

If you put less than 20 % down on a residential investment property there is mortgage insurance just like a primary residence, however, the rates for investment properties are typically much higher.

One is that the insurance premium on this program is higher than for mortgages on a primary place of residence (a mortgage on a home that you live in).

Term life insurance is normally purchased for no more than 30 years which covers both raising young children and paying off a single 30 year mortgage on a primary residence.

If you own a second home or a vacation home, your insurance needs for these properties will be a bit different than they will for your primary residence.

Such homes often require different insurance coverage than your primary residence.

For example, vacation homes may have lower contents coverage needs than primary residences, and if you rent out property when you are not using it, you may need to purchase a landlord insurance policy in order to be sure your property is properly covered.

Achtner cautioned that getting insurance for a second home, depending on the location, «may be much more challenging than for a primary residence because of the lack of geographical proximity and the concern of the insurance company that the home will not be properly maintained.»

Getting insurance for a second home may be more challenging than it is for a primary residence.

«Insurance data shows that rental properties have more claims and higher dollar claims than primary residences,» Adams says.