A Guide to Buying a Second Home

Posted on: May 4, 2016 by Javier iSure

While interest rates are still at a historic low and the housing market continues to flourish, now is a great time to take the plunge into buying a second home. However, before doing so, take the following into consideration to ensure you are prepared to buy the most luxurious second home for you and your family. More importantly, however, is protecting your hard-earned investment with a comprehensive Miami High-Value Homeowners insurance policy, crafted specifically for luxury homeowners like you.

Scout the market.

Enlist the help of a professional real estate agent to help you determine which area is the best fit for you. Especially in an exclusive community, you want to know the ins and outs of the association, requirements, regulations, local schools, shops, restaurants, etc. Bankrate states that an agent, with an eye to the long-term value of the property, could fill you in on historical prices and how comparable sales have fared, as well as resale prospects. Factors that tend to have a positive impact are proximity to a major metropolitan area, ease of access and availability of four-season amenities

Return on your investment.

As this is likely going to be a vacation home, determine the additional factors of maintenance and upkeep since you won’t be there the majority of the time. Depending on the location and its distance from your primary home, it may be a good idea to hire a property management company. Lastly, determine what you bought the house for, what’s average for that area, and evaluate the home’s potential to increase in value over time.

Insurance considerations.

As it is a second home, determine what kinds of coverages are needed to adequately protect it. From flood insurance to specialty umbrella insurance to cover the luxury features of the home, it’s important to consult with your insurance professional to go over your risk profile.


Depending on how often you frequent your second home, there may be additional tax considerations. If you rent it out for more than 14 days out of the year, you need to report that additional income. However, if you don’t, you may be qualified for tax deductions on mortgage payments.

At iSure Brokers, we strive to provide the coverage that reflects the high-value worth of your home. Our protection policies not only offer personal liability but can include family members that live with you as well. We provide your own personal iSure adviser that will work carefully to evaluate resident risks and refer you to a program that best fits your homeowner insurance needs. For more information, call us today at 855.381.6123.

Posted in: Blog High Value Homeowners Insurance