Homes That May Require Specialty Homeowner's Insurance Coverage
Some homes are better protected by specialty home insurance coverage rather than standard homeowner's insurance coverage. Here are some examples of such homes:
Vacation Homes
Vacation homes are notorious for the level of risk they face because they are unoccupied most of the time. Here are some of the reasons your vacation home is more likely to trigger an insurance claim than your primary residence:
- Thieves typically target vacation homes because they are less likely to be caught there
- A small malfunctioning that could have been fixed, such as a leaking water pipe, can cause expensive damage because there will be no one around to identify and fix the damage
- It is not easy to maintain a home from afar, and the inadequate maintenance of a vacation home increases the risk of damage
Due to all these heightened risks, vacation homes may not be fully covered by standard homeowner's insurance; you may need a rider to ensure your vacation home is adequately covered. The same analysis can be applied to vacant homes that aren't necessary vacation homes.
Historic Homes
Though the specific aspects that qualify a home to be listed as historic may vary by place, a historic home is generally an old property that is considered important because:
- It captures the essence of the time period in which it was constructed
- Something significant happened in the house in the past
- Someone famous once lived or owned the home
If you own a historic home, you will not be able to renovate or remodel it any way you like. In fact, you will be required to make an application to the registrar of historic homes in your jurisdiction to get your renovation plans approved first (and there is no guarantee on the approval). Add this to the fact that historic homes tend to be very old, which means some of their construction materials may be difficult to find. Considering all these factors, it makes sense that you may need a special kind of coverage to protect your historic home.
Unique Homes
A unique home is a one-of-a-kind home that has construction materials or architectural styles that sets it apart from conventional homes. Here are a few examples of unique homes:
- A home constructed entirely of recycled plastic materials
- A home converted from an old aircraft's fuselage
- A home shaped like an everyday object, for example, a home shaped like a football
Home insurance companies are wary of unique homes because they represent unknown risks. The feature that makes a home unique may also be the same feature making it risky to insure. For example, an odd-shaped home may not be able to withstand wind forces as well as a conventionally-shaped home.
If you think your home may require special coverage, work with a local insurance company like Boone Ritter Insurance.