When you buy a second home, whether it serves as your vacation home or a rental property, you need to insure it. In some cases, you can have one policy that covers everything, but in many cases, you need multiple policies for multiple properties because different building types need a different type of coverage.

Phone or email your insurance agent at Central Lakes Insurance Brokers to talk about your purchase. Each insurance agency handles these matters differently. Some companies require separate policies while others let you combine policies in a master policy. Here are the major types of home insurance you will need to consider:

• Contents only/renter’s: If you purchase a flat or apartment, you can typically skip the building insurance, but you do need to buy coverage for the contents.
• Rental property: When you lease the property you own to another person, you need insurance that protects the structure, but not typically the contents. You do need liability insurance.
• Historical building/Listed building: A home of historical significance that appears on the state or national historical registry requires its own insurance type. This applies whether it is a Grade I, II, or III property. 
• Non-standard home: Any type of home beyond the typical single-family dwelling requires a special type of insurance. This includes the housing types growing in popularity in Edina MN including tiny homes, hay bale homes, thatched-roof homes, timber frame houses, log cabins, etc.
• Holiday/Vacation home: Insurance on this home type may cost a bit more because it exhibits a higher risk since it remains empty for long spurts. 
• Host insurance: Consider a host policy if you only lease the home during one season, but live there or vacation there the other seasons. Host insurance provides coverage for 90 days during which your property gets rented to paying guests.

You have many choices when purchasing home insurance for multiple properties. We serve the Edina, MN area and its surrounding communities. Call Central Lakes Insurance Brokers for more information on covering more than one home with homeowner’s insurance.