The Summer Breezes Are Blowing

The Summer Breezes Are Blowing

By Dave Reese
The Reese Agency
(Farmers Insurance at Oakmont)
940.387.2181

The summer breezes are blowing, and as they do many of us dream of purchasing a permanent place that you can spend your vacation time that will also produce income while you are away. Whether it is a home on a beach, lake or mountain, Farmers has a policy for you!

Key Features
If you own a vacation property, you can get a specialized policy that provides the coverages you want for your particular situation.

  • Any age home is acceptable
  • High liability limits are available, including Personal Injury
    (in most states)
  • Loss of Rents coverage is available
  • Dwellings valued up to $1,000,000 may be acceptable (where available)Vacation and short-term Rental is defined as a dwelling which is rented for residential purposes and has a lease agreement for less than 12 months (daily, weekly or monthly). The dwelling may also be used by the owner for their own vacation purposes.

Coverage Highlights
If you have a vacation property that you rent out to others, vacation and short-term rental properties are accepted in both the Dwelling Fire One and Dwelling Fire Three programs, which offer different levels of coverage. This allows you to choose the level of coverage you want.

  • Dwelling Fire One provides basic coverage for many common losses such as fire, wind, smoke, hail and other named perils. In the event of the total loss, the loss settlement amount would be the Dwelling amount less any specific deductibles. Partial losses are settled on an Actual Cash Value basis.
  • Dwelling Fire Three provides broader coverage, called Comprehensive coverage. Comprehensive coverage means we would cover most direct, sudden and accidental physical losses that aren’t specifically excluded in your policy. The loss settlement method is similar to the Dwelling Fire One but provides options for Replacement Cost and Extended Replacement Cost.

Discount Highlights
A variety of discounts may apply to help save you money on your policy. Depending on the state, these discounts can include:

  • Newer properties
  • Burglar alarm
  • Masonry construction
  • Discounts specific to Professional Landlords, such as:
  • Tenant Screening
  • Landlord Association
  • Property Management Company
  • Multiple Properties
  • Multi-policy for customers with additional Foremost® or Farmers® policies

Call your friendly Farmers agent at The Dave Reese Agency at Oakmont to help you make the right decision on you vacation and rental home needs.
940-387-2181 or dave@reeseagency.com.


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