A Homeowners policy covers the homestead you reside. When you purchase a homeowners policy you may be able to add a second home to your coverage, but unfortunately, not every company may offer that option. The possibility that you may need to buy another policy for the second home is also existent. If you Have a home that you rent, it is beneficial for you to ensure that home in a separate policy. Before you are done, check for the bundling option for extra savings.