So, you’ve done it! You’ve found your own place in the Sun, you’ve signed the paperwork and now it’s yours to enjoy or let out – or both! However, whatever you do, don’t underestimate the importance of holiday home insurance.
If you own a holiday property then you must give the type of insurance you buy a lot of consideration.
You should be aware that most standard home buildings and contents insurance policies will not be suitable for either holiday lets or second properties.
This is for two reasons. First of all, standard policies do not provide cover where a property stands empty for a long period of time.
Secondly, they will not cover tenant occupancy. The financial ramifications of getting the wrong type of policy could be huge, so making sure that you get the right holiday home insurance is a must.
When getting insurance quotes, always tell the insurance company what the property will be used for. For example, if the property will stand empty for a lot of time as you will be using it as a second or holiday home, then the insurer will need to know for how long and how often this is likely to be.
However, if you intend to use the property as a holiday let, then you will need a different type of insurance – landlord insurance.
Landlords insurance is used where people have buy-to-let properties and, as more people invest in properties to let, the need for this type of insurance is growing.
So when looking to insure your holiday home, do ensure that you choose the right policy to ensure that you are adequately protected and use a specialist broker.
Finally, do check that your holiday home insurance has extended contents cover and liability cover. This will protect both you and your guests should the unexpected happen.