Owning a vacation home can be a great investment. It’s like you get two homes in one–a second home that you can use during the summer or whenever you want to spend some time outside of the city. And though it might seem like an insurance and security risk, there are ways to lower your costs–like checking out how Insurance Information Institute can help you maintain coverage for yourself, your home and anything within.

Vacation home insurance is typically determined by a variety of factors, some of which include:

Since the homeowner’s policy for a second home often resembles that of a primary homeowner, your insurance costs are likely to be similar. However, there are several factors that can affect those costs.

Where You Are located: Location is always a factor when it comes to homeowners insurance rates. For example, flood and earthquake-prone areas require different insurance coverage than other parts of the country. Vacation homes are at risk of additional damage from factors that they’re attractive for—such as wildfires, hurricanes, and more hanging on from windstorms or storm surge. In every case, location will impact the price you pay for coverage, and in some cases may even increase your deductible rates.

Property Type: To determine how much your insurance will cost, you need to consider not just the age and kind of home but also whether it is a single family residential or a condo. A single family house near the ocean could have less insurance costs than a condo because homeowners associations are usually responsible for maintaining the entire property including expensive amenities. This condo association generally insures the exterior of the property which is included in monthly maintenance fees.

Amenities: While pools and hot tubs are great for relaxation, they can present certain risks for your second home. If your vacation property features these or any other amenities, you may need to pay a higher insurance premium and consider additional liability protection, which will increase costs.

There are ways you can save:

People often think that owning a second home is expensive. It might be, but it doesn’t have to be. Here are some things to consider when looking for the right home and insurance policy:

Choose a less risky location: For instance, a home further from the beach will be less likely to experience storm surges which could lessen your insurance costs.

If you insure your membership-only social club with the same company that has your personal auto insurance, you may be able to save on premiums.

The key to saving money on your insurance is just one step. Install an alarm system that can both detect fire and break-ins.

Owning a second home, rental property, or vacation home doesn’t have to be complicated. If you plan on renting it out to others, you may need to buy additional coverage and your homeowners’ insurance costs are likely to increase. When renting your house through sites like Airbnb, you will usually want to purchase insurance from them as well. Because renting out your home is riskier, you’ll want to consult with an insurance professional and learn more about the coverages available for people who rent out their homes.

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Integrated Insurance Solutions – 843-444-1155