Owning a property in your favourite holiday destination is a dream many of us have; achieving this dream and having your own holiday home is not only a great feeling but can also be a sound investment. Owning a home away from home can however become a sour experience and with many people every year taking out incorrect insurance cover on their holiday home, it’s no surprise that our pockets get punished due to a lack of knowledge or from receiving poor insurance advice.
Doesn’t my normal home insurance cover me?
Unfortunately you cannot cover your holiday home on your standard home insurance; this is a common problem with second home owners who haven’t been given the right advice so If you do own a separate property, this will need to be covered by a separate or specialist policy. We always advise that you seek professional advice as soon as you can to avoid a holiday home insurance nightmare, give your potential insurers as much information as you can and preferably talk to someone face to face or over the phone. To be sure of any changes you should always get a copy of your amended insurance document sent to you too.
What about when my property is empty?
Even if your holiday home is empty you need to have insurance to cover it, some policy’s only cover you if your property is empty for less than 30 days, if it’s empty for longer your insurance could become invalid. You need to check your policy thoroughly to see if you’re insured when your home is empty and if you plan on leaving your holiday home unoccupied for a while check if your insurance still covers you, if not, get insurance that will as soon as you can.
What if I rent my property?
If you plan on renting your holiday home then you will need to inform your insurance company as you will need public liability cover added to your insurance. Policy terms tend to differ between personal insurance and rental cover due to your home being used by third parties so it’s important to let your insurer know before any nasty accidents happen that could leave you uninsured and liable to pay back a third party claim.
Is there anything I should do to protect my policy?
All insurance policies have small print for things you need to do and a holiday home insurance policy will be no different. You should always check your policy thoroughly so you fully understand these and if you’re concerned about anything then speak with your insurers. There are things you can do to make your home less desirable to thieves or accidents however; Make sure the property is tidy, all garden toys and furniture put away when the property is unoccupied, close and lock all doors and windows, drain all water supplies on leaving and turn off any heating systems and water supplies, install a small safe for personal items in the house and note down the contents and how much they’re worth too. We also advise to get extra security if you can afford it and get someone to inspect the property at regular intervals to undertake safety checks and any maintenance.
About the Author
This post was written by Arun Katiyar. Owning a holiday home shouldn’t cause you problems and should be a luxury you can enjoy, sorting out minor details like the insurance properly can prevent you from having a nightmare if anything bad happens. If you need advice on holiday home insurance please ensure you talk to an expert so you can make sure you’re properly covered.