{"id":2071,"date":"2020-10-13T12:34:13","date_gmt":"2020-10-13T12:34:13","guid":{"rendered":"https:\/\/www.homeinsuranceking.com\/blog\/?p=2071"},"modified":"2020-10-13T12:34:15","modified_gmt":"2020-10-13T12:34:15","slug":"top-3-major-expenses-when-buying-a-second-home","status":"publish","type":"post","link":"https:\/\/www.gethomeinsurancequotes.com\/blog\/top-3-major-expenses-when-buying-a-second-home\/","title":{"rendered":"Top 3 Major Expenses When Buying a Second Home"},"content":{"rendered":"\n
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If you are considering a second home, you should be aware of the expenses that come with it. As with your primary home, there are plenty of costs that go well beyond the mortgage payment. While you may have considered (or certainly should have) the cost of homeowners insurance<\/a>, property taxes and even an HOA fee, there are other expenses you need to think about before signing on the dotted line.\u00a0<\/p>\n\n\n\n

Here are three expenses that may come into play when purchasing a vacation house:<\/p>\n\n\n\n

Life insurance and disability insurance coverage<\/strong><\/h2>\n\n\n\n

When purchasing a second home you are more than likely upping your mortgage debt and that should be considered when reviewing your life insurance and disability insurance coverage. If something happens to the primary bread earner in your family, you may need a higher life insurance payout to cover the cost of the mortgages. Upping your coverage levels will lead to a higher premium so make sure you can easily cover this additional expense. <\/p>\n\n\n\n

The same is true for disability insurance which helps cover your bills if you are injured or disabled and unable to work. While this coverage is often offered via your employer, it is usually not enough to cover all of your monthly expenses. This can be especially true if you have two mortgages. <\/p>\n\n\n\n

Consider upping both your life insurance and disability insurance to fully cover your expenses before buying a second home. <\/p>\n\n\n\n

Airbnb comes with expenses<\/strong><\/h2>\n\n\n\n

If you are thinking about renting out your second home<\/a> to help cover the mortgage, it\u2019s important to realize that it is not all profit, renting a home comes with additional expenses.\u00a0<\/p>\n\n\n\n

Just a few costs you should consider when renting out a vacation home:<\/p>\n\n\n\n