If you are one of the lucky people that own a holiday home, you need to make sure that you protect your property just in case anything goes wrong. Insurance, in my opinion and the opinion of experts, is absolutely essential. But what type of insurance policy is needed?
Your holiday home is vulnerable to the risks that your main home faces. For example, the roofing could be damaged by bad storms, flooding could cause extensive damage to the decor, or someone could break in and take some of your possessions. Your holiday home therefore requires both contents and also buildings insurance.
It should be noted that the standard form of house insurance is not sufficient for holiday homes because you will receive no pay out whatsoever if the home is left empty for 30 days or more per year. More often than not it will not include any period of time that you let the property. Good holiday home insurance will include public liability insurance, and also cover the property when it is left unoccupied. One of the best insurers out there at the moment is Schofields; I highly recommend you take a look if you’re in the market for holiday home insurance.
Why Do You Need Holiday Home Insurance?
AS I mentioned above, insurers do not cover holiday homes as standard, this is because the insurance companies consider them too risky. This is for 3 main reasons:
-If the house is empty for a long time there is more chance of a water leak or even a burst pipe.
– The likely hood of theft increases if a property is unoccupied.
– If you let your home, your tenants will not always look after the property as much as you do.
Therefore you need to purchase an insurance policy that is specifically designed for holiday homes.
What Does Holiday Home Insurance Cover?
As standard, insurance for your holiday home should give you cover for all the risks. On top of that, you can expect that cover will include periods of time that the property is empty or has been rented out to tenants. Nearly all companies that offer holiday home insurance will cover properties outside of the UK. In some locations the level of cover offered is restricted due to a history of natural disasters such as earthquakes.
Make sure that you always do your research and don’t go with the first quote you receive. It’s good to get a good price, but the lowest price is not always the best way to go. Another great tip is to improve the security in your holiday home – adding things like alarms and extra locks will make your property much more secure when it is empty. If you can, make sure that you maintain your holiday home as best possible. Keeping it in a good condition will reduce the risk of anything going wrong when you are away. Some people neglect their holiday home and find themselves facing some hefty repair bills when they return.
Do you own a holiday home? I would love to hear all about your experiences tips and stories when it comes to buying holiday home insurance. If you’re looking for a fun quiz about insurance then click here – let me know how you get on guys!