It is not uncommon to own multiple properties. Some people have rental properties to generate extra income. Others, have a home on the market that is vacant, or under construction. Tennessee is full of mountains and lakes. Owning a cabin can be an excellent way to destress and unwind on the weekends. Some individuals have vacation homes outside of Memphis, TN, and maybe in other states or jurisdictions. Second-home, rental property insurance, cabin insurance, and vacant property insurance are all options that one must consider when in these situations. Keltner Insurance can assist you if you need assistance obtaining the second property insurance that best fits your needs.

Assisting Multiple Property Owners in the Memphis, TN Area

Second-home, cabin, and vacation home insurance have different needs than a primary residence. As they are unoccupied most of the time, there are additional risk factors. These properties are more susceptible to burglaries, theft, and vandalism. Pipes bursting due to various weather conditions and the possible presence of mold, also contribute to needing additional coverage. A qualified insurance agent in the Memphis, TN area, can assist you with obtaining the correct insurance that fits your needs.

Explaining Vacant Home Insurance

Vacant house insurance is available for properties that may be left unattended more often than a primary residence. There are certain questions to ask yourself to see if this type of insurance is necessary –

Do you have a property that is vacant for a minimum of 90 days and up to 3 years?
Is your second property on the market, or foreclosure?
Do you have a property under renovation?

Some home insurance policies do offer vacation home insurance, dwelling, and second property insurance. It sometimes can be attached to an existing homeowner’s insurance policy. Some insurance providers, however, are wary of the risks involved in adding this type of insurance to your policy.

Rental Property Insurance

When you have a tenant living in a residence that you own, getting rental property insurance can be a wise choice. It can protect you from the various risks that are associated with renting your second property to someone else. There is a high degree of liability involved. You are responsible for the building as well as other possible situational occurrences. A property owner may be liable for any injuries that occur in the residence that your tenant or their guests incur. Damage to belongings is also another reason to get rental property insurance. Contact Keltner Insurance for more information on obtaining insurance for multiple properties.