This is a more complicated question than it sounds. While your West Chester, PA agent at Keystone State Insurance encourages you to talk to them about your specific situation with a Pennsylvania property, there are a few short answers that may help you start moving toward the right path to protect your property and wealth.
Renting for a Week or Month?
If you are going on vacation, your home insurance policy does provide some liability protection. If you should damage the rental property, you may be protected. The landlord’s insurance would cover the building and also extend some coverage for trip and falls on the property. Every policy is different. Check with your agent before buying extra rental insurance.
Owning a Second Home
If you own the house by the lake, you should be able to extend your original home insurance policy to cover the second property. You will want to discuss protecting outbuildings, furnishings, and any boats or ATVs that stay at the summer house. If you host large parties, make sure that your liability portion is sufficient to cover multiple medical incidents.
Timeshares or Leasing Your Property Out
Perhaps you want to rent out the summer house to friends in the fall or place an ad for weekend rentals. If this is the case, you will need to look at commercial property insurance. Your standard home insurance will not apply in this situation. Your agent may be able to recommend a policy crafted that best works for your budget and use of the house.
No matter if it is a cabin in the woods or a loft in downtown West Chester, PA, the agents at Keystone State Insurance welcome you to give them a call to discuss how your investment can best be protected with a home insurance policy.