Charleston, SC and the surrounding beach areas are perfect for families to take a long weekend, holiday, or summer hiatus. If you are a property owner with a second home or vacation home on Kiawah Island, Isle of Palms or Sullivan’s Island, your insurance needs are unique. Local homeowners trust Charleston’s independent insurance agency, King Street Agency for their home insurance needs. We offer great policies for second home and vacation homes in the area as well.
Coverage Options for Vacation & Second Homes
Each home is unique. Your dedicated insurance agent can assess your situation and help you develop an optimized plan. As a base, you will likely be required to have hazard insurance for your second home. This serves to protect your home against damages from fires, earthquakes and storms. Another coverage option we strongly recommend for these properties is liability insurance. This will provide coverage in case of injury to guests visiting your home and can be enhanced with a property plus liability insurance plan. Finally, an umbrella liability policy is a great option for ensuring extended coverage for your property.
Second / Vacation Home VS Traditional Homeowner Policies
Regular occupancy is a prerequisite for many traditional homeowner insurance policies. Depending on the frequency that you occupy your second home, a traditional policy may or may not be available to you. If you do not frequent your second home, there are still many great supplemental policies to help you protect your property and investment. Dwelling fire insurance, for instance, can be used to insure a rental, non-owner occupancy or vacant property. This policy provides coverage for a range of risks, including but not limited to fire, collapse, lightning, wind, hail, explosions and smoke. Personal property protection can provide further coverage and is a sensible option to combine with dwelling fire insurance. Your King Street Agency insurance agent can assess your situation and recommend the best policies for your vacation home insurance needs.
Renting Out Your Home to Guests
Charleston’s beaches are popular tourist attractions, drawing in thousands of visitors each year. Renting out your property can be a terrific source of income while you are not personally enjoying your time there. Renting out your property poses unique challenges, however, as you cannot always control the damages that may occur. When renting your home to guests, we suggest a tenant-occupied dwelling insurance policy, which provides coverage for damages including fire, storms, burglary and vandalism—but it does not cover damages to tenants’ personal property.
Another consideration when renting out your home is whether or not your property is furnished. With long-term tenants in a furnished property, we recommend that you require them to carry additional renters insurance, which we can happily provide. Personal property protection is also a good idea to cover your belongings.
Vacation and second home insurance policies can be more costly than traditional home insurance policies. Factors that come into play when determining premium levels include how often the property is occupied, where it is located and any liabilities involved in renting out the home. With coastal homes on Kiawah Island, Isle of Palms or Sullivan’s Island, hurricanes and flooding are a concern as well. With an extensive carrier network and a deep understanding of the area, we can provide excellent coverage for these risks at competitive rates.
Request a Second Home Insurance Quote Today
If you are looking to insure a vacation or second home, your insurance needs are unique. King Street Agency can help!