These properties must be insured with separate limits of insurance and disclosure of address even though attached to principal home, condo or apartment. Liability extensions are necessary.
The coverage may be limited to that of basic fire and weather related coverage or that of “all risks” depending on the plan selected . Outbuildings, garages, boathouses or cabins must be declared and limits assigned . Most policies of this nature do not have inclusive limits as might be attached to your principal home. Policies are usually based on actual cash value (not replacement cost) with limits set for each building and its contents. Boats, canoes, motors, and personal watercraft must be insured separately. Consult your principal residence policy. Extensions apply which may give small vessel and motors coverage up to $1,500.00.
Property in rural locations or on islands are usually at great risk of a total loss, therefore it is vital to have insurance in place based on the full value. Even a vacant lot should be listed for inclusion under the third party public liability coverage.