Owning a lake house can be a great way for you to escape from the demands of everyday life and work. East Tennessee is full of beautiful lakes as well as stunning lake houses and lakefront properties. However, before you can sit back and enjoy some much-deserved rest and relaxation at your lake house, you’ll want to be sure that all of the risks and challenges associated with owning a second home are taken care of. Insuring your lake house is a necessary step that protects both your financial investment and your vacations. Let’s explore a few of the risk factors associated with owning a second lakefront home, as well as some of the additional coverages you may want to add to your insurance policy.
Owning a waterfront property comes with many additional risks compared to your first property. You’ll likely want to purchase a second policy for your lake house or see if you’re able to extend your current homeowners’ policy to cover your second property. By purchasing a second policy, you’ll have more freedom to customize your policy based on the unique needs of your lake house property.
When living by the water, you’ll likely want to ensure that your policy includes flood insurance. Even if your lake house isn’t considered to be in a high-risk zone for flooding, bodies of water can back up and flood at any time. Many standard policies don’t include flood insurance, so this is something you’ll want to be sure to add on when purchasing a second policy.
Owning a second property can increase your liability exposures and this is especially true on lakefront properties where there are more potential dangers. Homeowners are responsible for any injuries on their property so it’s advised to purchase an umbrella policy coverage. This way you’ll be protected in the event that someone is injured at your lake house.
As you’re soaking up the sun on the lake and enjoying some rest and relaxation, you want to be sure that all risks are taken care of and that your lake house is properly insured. If you own lakefront property in East Tennessee but live out of state, it can be tricky to know exactly what policies or plans are best for your situation. Collins Insurance Agency specializes in a wide variety of insurance solutions to meet your needs, no matter what they are. As an East Tennessee-based company, we know what policies are best for property in the area. To get started insuring your lake house, visit our website to learn more or contact us with any questions you may have.
