Many people took advantage of low mortgage and interest rates during the pandemic to purchase a second home. According to Pacaso's Second Home Market Report, second-home transactions peaked in the summer of 2020 and spring of 2021 — ultimately reaching a high of 103.7% year-over-year growth in the fall of 2020 — before cooling to levels that are still higher than seen before the pandemic. While it’s believed that two-thirds of wealthy Americans own a second home as a vacation residence or a place to escape the stress of everyday life, many average homeowners see value in acquiring a second home as a powerful investment opportunity.

Second properties are a commitment; if something goes wrong while you’re away, you could return to a damaged home and significant repair bills. Winter weather can devastate your home, with freezing temperatures giving rise to burst pipes and water damage.

If you took advantage of economic conditions to secure your first-ever second home, or already own one, here are some tips to help you protect your investment and winterize your property:

  • Minimize the risk of water damage – Two words can strike fear into the heart of any homeowner: water damage. The number one cause of home damage, leaks can cause significant damage to your home — averaging about $55,000 — harming irreplicable items and your enjoyment of the property. This winter, protect your second home by:
    • Turning off the water and draining pipes — If the property will be vacant throughout the winter, turn off the main water supply and drain the pipes to prevent leaky or broken pipes. Once you turn off the water, open the faucet on every fixture and appliance in your home, such as sinks, tubs, water heaters and more. Plummeting winter temperatures can cause the water inside to freeze, expanding the water and causing costly damage. Consider adding antifreeze that's safe for home plumbing systems, such as RV antifreeze, to your toilet's water tank, bathtubs and shower drains if your property regularly experiences significant cold weather events.
    • Weatherizing outdoor water sources – If your summer home or investment property is in an area prone to freezing, you must turn off all sprinkler systems and disconnect the hoses. While draining the pipes in step one, empty all outdoor spigots as well. If you have an outdoor water feature such as a fountain or pond, Backyard Reflections has tips on how to get it ready for winter.
    • Purchasing a water sensor – Water sensors are valuable devices that can alert your smartphone if a leak is detected. Some models even allow you to turn off your home’s water supply with the push of a button, halting the leak before too much damage occurs. As a Gallagher client, you can save on StreamLabs® water leak detection devices. The StreamLabs Monitor is capable of alerting you instantly if a leak is detected anywhere in your home, while the SteamLabs Control gives you the power to turn off the water remotely. Visit Gallagher Perks to learn more.
    • Contacting a plumber – Is this your first time preparing a second home for winter? The idea of leaving it vacant for months can be anxiety-inducing. For peace of mind, consider contacting a professional to assist or advise you or your property manager during this process. Share your home's location and age so they can provide any site-specific recommendations.
    • Know the environmental needs of your property – While too much water can result in costly damage for many properties, too little moisture can also spell trouble. In dryer, mountainous climates, dry air can pull moisture from wood elements like frames and doors, resulting in shifted walls and door jambs. This can make opening doors difficult and create gaps between ceilings and walls. In Arizona, it's common to leave water receptacles throughout the home to ensure moisture in the air.
  • Lock up – Shuttering the windows, securing the garage and locking all the doors behind you as you close up your vacation home might seem like simple common sense, but doing so can help you lower your risk of being burgled by 30%, according to Stay Safe. While home burglary rates are lower in the winter — about 11% lower, according to home security provider ADT — criminals can target your home any time of the year. A security system can help you keep an eye on your property no matter where you are, with a live monitoring option via smartphone or a third party. A third-party monitored system can ensure a rapid response no matter the time of day, whereas doing so yourself can make you vulnerable to missed notifications.
  • Reduce fire risk – It should be no surprise that house fires are more common in winter, as homeowners rely more on their furnaces and heaters. Safeguard your vacation home from being reduced to a pile of embers by removing the common fire sources, such as appliances that won't be in use and electronic devices. Test your smoke detectors, give them fresh batteries and make sure your home security system is up-to-date. Depending on your model or system, some smart home systems can now monitor for environmental threats, such as fire and smoke. They can even alert the authorities on your behalf during a fire.
  • Get a house sitter or property manager – If you want someone to check in on your property, consider contracting a trusted house sitter or property manager to do it for you. Give them all pertinent information — such as alarm codes, the location of the water shutoff and how to reach you in an emergency. Sites like TrustedHousesitters™ and Nomador can connect you with house sitters around the country and even globally.

You've worked hard to acquire your second home, and it's important to protect your investment. With the right insurance coverage, you can safeguard your home for the season and quickly correct any issues that may arise. Contact your Gallagher insurance advisor today to ensure your vacation home is protected.