If you have more than one home, both properties need insurance. Still, since you must get coverage, how can you do so affordably? Some people make the mistake of thinking they can insure both homes on the same policy. That’s not the case. However, there are other steps that can protect you.
When preparing to insure both houses, talk to your insurance agent. They can guide you through getting coverage. They’ll also help you save along the way.
Can You Insure Two Homes on the Same Homeowners Insurance?
If you own two or more cars, you might have heard of multi-car insurance policies. With this coverage, you can insure multiple cars on the same coverage. That’s a lot of added convenience. You might wonder, since you have two homes, if you can do the same. 
Unfortunately, this is not possible.
You can only insure one home on one insurance policy. Homes create much more unique insurance risks than vehicles. Therefore, they’ll need separate coverage. The reasons for this are numerous.
- Almost every home has a different property cost. You’ll need tailored dwelling and structure protection for this value.
- Newer homes will vary from older homes in terms of their security. For example, updates in newer homes often make them more secure. Therefore, the coverage you need will likely vary.
- You will keep different possessions in each home. Thus, you’ll need separate possessions insurance.
- All properties are at different locations. The safety risks they face will vary. For example, one home might lie in a mountainous, wooded area. Another might sit near a busy highway. Thus, the safety risks present near each property will vary. Coverage will need to address the needs of each home.
- How you use each home will vary as well. For example, one home might be your primary residence. The other might be a vacation home, or a home inherited from a family member that you plan to sell. Occupancy often equal risks. Therefore, some policies will take occupancy into account.
These and other factors mean that you can only insure one home on any given home insurance policy. Even so, you’ll know that by getting separate coverage, you will have targeted protection. The good thing is that you can get multiple insurance policies from the same company. This is a practice called bundling. With a bundle, you will have comprehensive protection, and you’ll also likely be able to save on coverage. Many insurance companies offer discounts for customers who bundle.
Don’t let the thought of getting more than one home insurance policy get you down. You still often have the opportunity for savings and security at once.