People fortunate enough to own vacation properties likely insure their places just like they do their personal residences. But if they don’t tell the insurance company that their getaway home is not always occupied, they could be in for some surprises.

Holiday homes that are not occupied year-round are a greater insurance risk: Since no one is around for extended periods, there's no one to spot a broken pipe, a leaking roof or any of the other myriad things that can go wrong. If a problem is not caught early and repaired, the damage could be extensive.

That’s why insurers usually charge more for homeowners policies on vacation houses. But if you don’t inform the company up front and then need them to step in later, your claim could be denied. Your policy could even be canceled.

Even if you rent out your place for some of the time, you could run into trouble if you don’t advise your insurer, warns Chris Carter, author of the Florida Real Estate blog. Depending on the circumstances, he says, the company could look the other way, require a rental endorsement or say it won’t cover rentals at all.

That’s why you should be forthright with your insurance agent about your situation and your intentions. Otherwise, you might find yourself in a scenario that impacts coverage of your primary home, according to Richard Rudolph, a research fellow at the Texas Real Estate Research Center (TRERC).

Some carriers have specific underwriting rules about secondary houses, says Rudolph, who warns that it's best to learn about them before you take out a policy.

If not, you'll "certainly learn them after a loss occurs,” writes Rudolph in a recent TRERC article.

Industry expert Mark Friedman recommends obtaining at least three quotes, as costs vary among carriers. But a good place to start is with the same company that insures your main residence. In fact, some carriers will not insure second homes on a stand-alone basis; they want both policies or none at all.

A second reason to give your current carrier an opportunity to bid has to do with liability. While the vacay house is insured for property losses in the same manner as a primary dwelling, liability coverage is somewhat different.

Rather than location, liability coverage is based on the actions of the insured. If you fall off a ladder and are hospitalized for an extended period with a broken back, you’ll be covered. Ditto if a contractor sustains a concussion when a beam falls on their head.

You have liability coverage on your main property, so you don’t really need it on the secondary home. But if you ask the insurers to drop it from your second home's policy, it will “result in a higher premium on the property portion of the policy and less favorable coverage,” Rudolph writes.

Susan Evans of Long and Foster Insurance always recommends carrying liability on both properties, if for no other reason than it simplifies claims, especially if your main policy is with one carrier and your second property is covered by another.

If you are with the same carrier on both properties, the two policies would share the claim. But if two different companies are involved, one may balk, possibly resulting in gaps or overlaps in coverage. These often end in time-consuming disputes -- and maybe even expensive litigation.

If your house is vacant for any period of time, your insurer will want to know. "Vacant," as far as insurance companies are concerned, means that the house will remain empty and unoccupied for some time -- for example, if you leave your Arizona hacienda in May with no plans to return until December.

"Unoccupied," on the other hand, means you plan to return sooner rather than later. Consequently, you leave your personal effects and make sure the utilities are on and fully functional. (If the place is vacant, you might still leave the utilities running to prevent mold, but you’d turn the water off and drain the pipes.)

Your carrier will also want to know if you plan to rent out the place. If so, you could be considered to be operating a business. Indeed, if you rent the place year-round to a single tenant, your place is no longer considered a vacation home: Now it’s an investment property, with a whole different set of rules.

Generally, though, if you are renting periodically and your income from the property exceeds $2,000 in any calendar year, you are operating a business, and Rudolph writes that “an entirely new layer of complexity” comes into play.

In a worst-case scenario, your policy could be all but useless if it is determined that you violated the business exclusion. Or, while you could collect damages to your furnishings, including carpeting and appliances, theft may not be covered. Personal liability may or may not be covered, depending on the policy and how it is interpreted.

That’s why Evans suggests that landlords require renters, even those who only stay for a weekend, to carry a tenants insurance policy -- one with at least $300,000 in liability coverage.

Make it part of your lease, she says. A tenants policy “offsets having to go after individual tenants” who damage your house or injure someone while they're there.

[EDITORS: Lew Sichelman is away this week. Please enjoy this column from 2021.]

Looking for waterfront property, but finding that it's way out of your league? Consider a houseboat.

Floating homes were popular back in the 1960s, but then floated away, so to speak. They’re back, though -- bigger and better than ever.

If you live on one full time as your principal residence, it qualifies as real estate for federal tax purposes. And there may not be any property taxes, depending on where the vessel is moored.

According to the folks at YachtWorld.com, interest in houseboats -- especially high-end ones -- is gaining traction wherever there’s water.

According to statistics provided by Boats Group -- the Miami-based parent company of YachtWorld, BoatTrader.com and boats.com, which together have over 200,000 listings -- the number of people open to the live-aboard lifestyle is on the rise. The group reported that in 2020, inquiries about houseboats rose by 40%.

The number of boat builders introducing more spacious, innovative designs has also grown. Boats Group’s Ryan McVinney says that houseboats are “more houselike and luxurious than ever before.”

Views of houseboat listings are “up dramatically,” McVinney reports. There are numerous reasons for the resurgence. Nostalgia is one: People familiar with yesteryear’s models have fond memories of their experiences and want to recapture those moments with their own families. Folks also like the mobile lifestyle, and the fact that the latest models can accommodate the work-from-home movement.

There’s certainly a lot to look at. Consider, if you will, the Arkup 75 “house yacht,” a 75-foot floating villa. It has 2,700 square feet of indoor space and 4,350 square feet overall, including two decks and five terraces. The Arkup literally plants itself almost anywhere close to a marina or beach, lifting itself above the waterline on 40-foot steel hydraulic spuds. Once lifted, the vessel is completely stable in up to 20 feet of water and is able to withstand most storm surges.

It also features floor-to-ceiling high-impact windows, which offer protection against hurricane-force winds, plus panoramic views. A 2,300-square-foot array of rooftop solar panels generates enough power for all onboard electrical systems and propels the boat at a consistent 2 knots -- as long as the sun is shining. The vessel has four bedroom suites, a laundry room and a system that harvests and purifies rainwater, then stores it in two 4,000-gallon tanks.

The vessel was listed on YachtWorld at $5.5 million, fully furnished and decorated, but you can customize your own model starting at about half that.

Looking for something a little less expensive? How about a 2008 Harbor Home 58 Upper Deck, listed at $209,000? This 58-footer features two bedrooms, a Jack-and-Jill bathroom and a large living area. The kitchen features custom cabinets, granite counters and full-sized appliances. There’s also a four-season sunroom, a rooftop deck and a new HVAC system.

Need something in between those options? There’s a 2017 Sumerset 70 listed at $699,000. It has four staterooms, a lounge and a formal dining area. But my favorite is the futuristic Bravada V-Series, selling for $799,000. This fully customizable vessel features 9-foot ceilings, a waterslide, a hot tub, a theater room and ramps for Jet Skis.

But that’s enough free advertising. The question is, how do you know if boat life is for you?

Living on the water can be a little more complicated than living beside it. Says McVinney: “Living on a boat is a specific type of lifestyle.”

There’s a pretty good overview here: boattrader.com/resources/houseboats-guide-to-float-houses. But here are a few pointers:

-- After you’ve explored the houseboat market, rent one to see if you like it. “Spend some time onboard,” McVinney advises. “Often sellers will lease their houseboats for a month at a time.”

-- You need not be an expert navigator. But if you plan to leave port, do yourself and your family a favor and take a Coast Guard course on boating and boat safety.

-- If you do intend to motor off somewhere, make sure you know your vessel’s draft, beam (width) and height in case you have to go under bridges. If your trip involves large bodies of water, make sure the vessel is seaworthy.

-- Onboard living means close quarters in all but the fanciest models. Be sure there’s enough space for everyone.

-- If you intend to tie up at a marina, you’ll have shore power and water. But if you have to anchor somewhere, your houseboat needs to be self-sustainable and able to hold wastewater and trash.

[EDITORS: Lew Sichelman is away this week. Please enjoy this column from 2022.]

Some 25-odd years ago, I sent the family to the beach for the summer while I, all by my lonesome, refurbished the home manse.

I removed outdated wallpaper. I patched drywall in some places and replaced entire walls in others. I painted practically every room, and replaced every doorknob, lock and hinge in the joint. I had never done this kind of work before, but I managed to do it all without hurting myself.

Turns out, I was lucky. Many do-it-yourselfers, especially rookies like me, aren't as fortunate. In 2020, according to research, more than 290,000 people were treated in emergency rooms for injuries resulting from home improvement projects. And some 24,500 ended up being admitted.

In other words, while doing the work yourself can save money and stimulate your creative juices, it can also be dangerous. You can quickly lose a finger if your circular saw runs amok, get a traumatic brain injury if you fall off a ladder, or end up on crutches for a while if you drop a gallon of paint on your big toe.

The study -- published by insurance comparison company Clearsurance and based on data collected from the Consumer Product Safety Commission's National Electronic Injury Surveillance System -- found that 3% of all ER visits were the unintended result of working around the house. Lacerations were by far the most common injury, followed by fractures, then contusions and abrasions. Fingers, hands and eyes were the most commonly wounded body parts.

More than 9,000 injuries chronicled in 2020 resulted in amputations, while nearly 7,500 were injuries to internal organs. Poisonings numbered more than 2,500.

Of course, there's nothing wrong with tackling projects at home. But you should know what you are getting yourself into. If you have no experience, then look online for how-to videos that offer basic instructions. As an alternative, purchase a book or manual that you can refer to as your work progresses, or take one of the many classes offered by hardware stores and home improvement chains.

Before you start, you should have a rudimentary knowledge of the tools you'll be using -- especially if power tools are involved. Make sure you have the appropriate safety gear on hand, including gloves, eye protection and a face shield. Hard-toed safety shoes are a must, while flip-flops and fabric sneakers are verboten. And wear long pants and a long-sleeved shirt to help protect your skin from flying debris, even if it's too hot for them under ordinary circumstances. Remember Ben Franklin's advice: an ounce of prevention ...

Speaking of prevention, if you are going to use a ladder, even a relatively short six-footer, check it first for loose or broken joints and steps. Only use it on level surfaces, and be aware of your surroundings in case you fall off or have to jump.

If at any point you realize you're in over your head, step back and reconsider. More than a few hapless homeowners have spent more to have a professional come straighten out their mistakes than they would have spent had they gone the pro route in the first place. For example, if your replacement door or window isn't hung properly, water intrusion could result in costly damage to your walls, floors and insulation. Ditto for roof shingles.

If you wind up hiring someone, make sure they are licensed, bonded and insured. Even the pros are not immune to accidents.

Finally, make sure you have insurance and that your coverage is up to date. In the Clearsurance report, insurance attorney Anastasia Allmon advises do-it-yourselfers to make sure their insurance will cover them if they get hurt.

"There are a lot of insurance companies (that) will consider making your own home improvements as a kind of reckless endangerment, and you could possibly find yourself uncovered in the event of an emergency," says Allmon.

Check to make sure you are covered before you start. If you're not, it may be worthwhile to pay a premium to add coverage. "That's definitely going to be your best option, no matter how safe you try to be," the attorney says.

Even the perils that are covered could come with limits. So be aware that the concept of willful endangerment could put you over that limit.