- Misclassification– More than likely your Jersey Shore vacation home is furnished. Many owners remove some belongings and take them back to their primary residence during the off season, but if you are taking everything out of your vacation home each year it then becomes a vacant property. Keep in mind that vacant properties require a different kind of insurance, and you want to make sure you are covered.
- Miscalculating Risk– Homes that are considered vacation homes are at a higher risk for being damaged and being burglarized because many times the home owner is not present at all times to oversee the property. Your insurance agent should have taken this into consideration and your policy should reflect that. However, if you hire a property management company to look after your home while you are not there it can lower your risk. Make sure your insurance agent is aware if this is the case so your policy can be adjusted.
- Not buying flood insurance– A standard home insurance policy does not cover flooding. If you are buying a home near a body of water you should always add flood insurance. Not buying flood insurance puts you at a high risk and can cost you greatly down the road.
- Not Being Properly Insured– Many vacation home owners are not properly insured and run the risk of not being covered if something were to occur. If you are conducting any business out of your vacation home such as selling fishing bait, a small store, or even styling hair out, you will need to contact your insurance agent to make sure you are adequately covered.
If you are looking to buy or sell a vacation home on the Jersey Shore let us help. The Ferzoco Group are experts in real estate from Ocean City to Cape May.
If you are looking to buy a new home or sell your existing home, we’d love to hear how we can help you reach your real estate goals. Our job is to make your tomorrow better than today. Contact us today via email or give us a call at 609-264-6762.