Property Insurance Tips for Tahoe Second Home Owners
Depending on how you will use your Tahoe second home that usage will impact the type of insurance coverage you will need. Here are some property insurance tips for Tahoe second home owners.
If you vacation rent, you should have an insurance policy that covers renters and has the additional liability insurance coverage you will need to protect yourself and your Tahoe home.
If you are not a full time residence, but a second home owner, you need to have a policy that takes that occupancy status into consideration. If this has been a second home, but now you intend to occupy it full time, your policy needs to be updated to reflect that change too.
In addition to what type of coverage you have, if it has been more than two years since you last checked on your Tahoe second home insurance policy it’s probably time to review your policy to make sure you have the right coverage.
Here is a list of Tahoe second home insurance questions to ask yourself. If you answer yes, to any of them, it’s time to call your insurance agent and have a policy review.
- Usage: Has the type of use of your Tahoe second home changed? The home is now having occasional vacation renters in it, or you’ve stopped doing vacation rentals?
- Occupancy: This Tahoe home will be a second home with limited occupancy, or you’re changing from a second home to a primary residence with full-time occupancy.
- Update or Major Renovations: A major update, or renovation to the home has been completed – new kitchen, new bathrooms, flooring, decks, etc…. Will the current insured amount cover the increase in value, or the replacement of these new features and upgrades?
- Wood Shake Shingle Roof: Have you replaced a wood shake shingle roof with a newer metal, or composite roof material? If yes, did you call your insurance agent and let them know you’ve done this work? In the Tahoe area most insurance policies are less expensive for a non-wood shake shingle roof.
- Ownership Change: Has the ownership changed, or has the loan been paid off? Life happens and with those changes mean insurance policies need to be updated to reflect current home ownership, and who may need to be paid in the event of total destruction.
- Property Value: Has the property value increased? It’s been a down market for several years, so many property owners have stopped keeping up on current market valuations, but market conditions have changed, so it’s important to make sure the current insured value is an appropriate value for the property.
- Past Insurance Claims: If you’ve had a past insurance claim on the property, but it’s now been more than 3+ years since that old claim was paid off, you may be entitled to a lower rate.
- Policy Review: An annual policy review is recommended, so if your last insurance policy review for your Tahoe second home was longer than that it’s time for a review!
If you’re looking to buy a Tahoe second home, these property owner tips can help you select the right coverage for your new home.
A quick phone call, or email message to your insurance agent can take care of any questions, or changes you may need to make, but you need to take that action now.
Making sure you have the right type of property insurance for your Tahoe second home is an important part of home ownership. A quick review can make sure you’re covered.
Thinking about making Lake Tahoe, California your second home? Check out the homes that are for sale here:
Want to see what condos are for sale in Lake Tahoe? Here are the current listings:
- Tahoe City Homes for Sale
- Tahoe City Condos for Sale
- Tahoe City Lakefront Homes for Sale
- Lake Tahoe Lakefront Homes for Sale
- North Shore Lake Tahoe Homes for Sale
- West Shore Lake Tahoe Homes for Sale
For all of your Tahoe real estate needs –
Laura A. Allen | 530.414.1260 | Laura@TahoeLaura.com
BROKER ASSOCIATE, Tahoe Real Estate Agent
CalRE# 01473598
Coldwell Banker, Tahoe City, CA CalRE#01908304
All information is deemed reliable, but is subject to change, and/or correction without notice.
Property Insurance Tips for Tahoe Second Home Owners