Protecting Your Getaway
Many people dream of owning a holiday home, and it can bring years of happiness if you are able to afford one. A second home is an investment worth protecting, and it’s advisable to take out a holiday home insurance policy. If you had to replace the roof after a storm, would you have funds available to do so? If the answer is no, you need to arrange appropriate insurance for your property. Before you start searching for house insurance quotes, you need to understand the correct way to insure a holiday property.
A standard home insurance policy isn’t suitable for covering a holiday home. Most home insurance companies will not insure properties which are left unoccupied for periods of thirty days or more. This is generally the case with holiday homes, so you need to look for a policy designed to cover these. If you let your holiday home you may find that restrictions are imposed to cover, such as a higher policy excess or no cover for accidental damage.
A Different Risk
Insurance companies regard holiday homes as a different type of risk, and they are underwritten on a different basis than your main home. Properties which are left unoccupied for long periods have a great risk of theft and malicious damage. Damage to a property caused by storm or burst pipes can be far greater if it isn’t spotted and dealt with quickly, and it could be weeks before the owners of a holiday home are aware of what’s happened.
What You Need to be Covered
There are two main types of insurance for protecting a holiday home. Buildings insurance covers the actual structure of a property, including the walls, roof and permanents fixtures and fittings. Any property purchased with a mortgage will usually have to be covered by a buildings insurance policy under the terms of the loan. Many people make the mistake of insuring a property for its market value. The correct level of insurance is the cost to rebuild a property. If in doubt about the amount to insure your holiday home for, take professional advice. Review your buildings insurance on a regular basis, and make sure that any building extensions or improvements are covered under your policy.
Contents insurance is optional. You may only keep a limited amount of furniture and other items at your property, but the cost to replace these things can soon add up. Take a walk around your property and make an inventory of items. Adding up the total to replace these is the correct basis of your contents insurance. Remember to include outdoor furniture and items in your garden, as these can also be insured.
Home Emergency Cover
Home emergency cover is another type of insurance worth considering for your property. In the event of an unexpected emergency like a boiler breakdown or bathroom leak, a home emergency policy will cover the call out charge of a plumber or other tradesman. A loss of rent policy is worth considering if you use your holiday home to generate rental income.
Finding the Best Deals
Shop around to find the best deals on holiday home insurance. Some online comparison sites include products designed for second homes, but make sure that any premium quoted isn’t just for a standard home insurance policy. Check the documentation carefully when comparing quotes, and look out for high excess levels and policy exclusions. Comparing cover and premiums is just as easy as obtaining normal house insurance quotes, and it only takes a few minutes to answer the questions required. If there’s anything you aren’t clear about, pick up the phone and speak to someone. If your insurance cover isn’t arranged on the correct basis, you could experience problems when you need to make a claim.
Dealing with a claim on this type of insurance policy can be difficult, as the property may be some distance from where you live. It’s a good idea to have some plans in place, and this brings peace of mind when something unexpected happens. Having a person who lives near the property ready to help can make a big difference. Insurance companies will usually send a loss adjuster to deal with an insurance claim, and they will need access to the property at short notice.
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