Posted: 7/11/2016 2:17:00 PM EDT
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I'm getting insurance quotes right now for a second home in Florida that we plan to use part time. We will not rent the Florida home - personal use only. Our main home is up north where I'm still working. The question I have is that most policies include Loss of Use coverage ranging from $40K to $100K. If a hurricane were to hit and damage the Florida home, we would simply stay up north with the exception of brief trips to meet the restoration company and monitor the repairs. My point is that we wouldn't use $40K much less $100K staying somewhere else in Florida. It might even be impossible to find a place to stay if a lot of true Floridians are displaced.
I should probably be asking this in the Ohio, New York, etc. pages since you guys don't fit my situation. In any event, has anyone dealt with this? Thoughts? |
| I have the quote based upon $25K loss of use. That should cover any trips we would take to check on the place, etc. A friend of mine has a seven figure home and his loss of use coverage is something like $350,000. He is in the same boat I am, his main home is up north. The insurance companies seem to base initial quotes on percentages of the value of the home. Most people probably don't look at it. |