Sometimes insuring your vacation residence can be a bit of a challenge. These homes can be viewed as higher risk properties due to their extended periods of vacancy, thus making them more prone to theft. Some cottages are located in remote areas and may be more difficult to reach in the event of a fire. Often times you can get coverage as an extension of your primary home insurance policy, as long as you classify your second residence as a secondary or seasonal property.

Begin your hunt by securing at least three quotes, comparing not only prices, but features and coverage amounts. By combining your regular homeowner policy with your vacation residence, you may pay less of a liability premium as well as being eligible for a reduced multi-policy rate.

The coverage is similar for buildings, content and liability, but you may want to explore additional protection for boathouses, guest cottages, docks or other structures. The types of coverage you may want to explore are fire and extended coverage, named perils and secondary residence - all risks. If you live in an area subject to specific weather conditions, such as earthquakes or hurricanes, you can contact the Federal Emergency Management Agency (FEMA) to find out if special coverage for the specified peril is available. By doing this, you can get insurance exclusive to your needs, thereby lessening the premium on your regular home owner's insurance.

Take measures to reduce the risk of vacant property by investing in fire extinguishers, smoke detectors and deadbolts. An alarm system for burglaries and fire can reduce a premium by as much as 10 or 20%. If your home is located in a gated community, you may be eligible for further discounts.

In the case of rental property you would need fire insurance and if desired additional protection for contents, furnace and landscaping. Liability coverage is also a good idea to protect you against accidents on the property, rent loss, or vandalism.

Insurance for a second home does not have to be a complicated, expensive process; take the time to determine your individual needs and seek out the coverage you require.