However, there are a few things second home owners can do to mitigate their insurance costs. Among them are:
- Choose an area for your second home that is not located in the flood zone (see FEMA maps for identification of these areas), or is not susceptible to frequent/regular hurricanes and/or tornados;
- Consider the security that a ‘gated’ community would offer, with the associated warning to stay out of known high crime areas;
- Rethink your plans to rent your second home for part of the year, which puts you in a sometimes higher risk category with the insurance company…with the associated thought of having a property manager that might help to lessen the perceived risk.
Not to mention more insurance when trying to make your current policy less expensive, but you might want to consider an ‘umbrella’ policy which is designed to offer you greater liability/accident coverage than what you have in your home owner’s policy. Many more people are begining to consider real estate options in other countries to avoid high insurance costs on their second homes. A popular market is Okversilia real estate which is located in a beautiful spot in Italy, and is quite friendly for international home seekers. Use the site to look up homes for sale in Italy, search for land in Mexico, and buy Red Sea property.